Fixed Deposit Details
Bank Name
Karur Vysya Bank
Eligibility
60 Years For the age group
Interest Rate
Up to 8.00%
Tenure
1 year to 10 years
Fixed Deposit Type
Senior Citizens
Senior Citizen Deposits
Tax Benefits
Credit Ratings
[ICRA]A+
Interest Payment Frequency
(Half-yearly / Quarterly / Monthly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
Resident Indians who have completed 60 years of age are eligible to deposit. Both cumulative and non-cumulative options are available. Deposits are eligible for preferential interest rates for maturity period of one & above and up to five years. Loan available on deposit. Premature closure is allowed, subject to the applicable norms.
Minimum Investment Amount
The minimum amount that can be invested is Rs. 100/- and there is no restriction on the maximum amount.
Features & Benefits
Pros
- Both cumulative and non-cumulative options are available.
- Deposits are eligible for preferential interest rates for maturity period of one & above and up to five years.
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms.
Cons
- Lower Liquidity
Pros & Cons
How to Open?
You can open one by visiting your nearest Karur Vysya Bank branch
Product Review
About this content
Public source: Original MyRupaya page
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