KVB to launch multi-city savings scheme

By Staff
|
Google Oneindia News

Tiruchirapalli, June 20: The private sector Karur Vysya Bank (KVB) will launch 'Savings Bank Freedom Account', a scheme enabling depositors to operate their accounts in any of the select cities, across the country without incurring additional charges.

Speaking to reporters here today, KVB Chairman P T Kuppuswamy said the multi-city savings deposit scheme would be introduced in 20 select cities before July 15, in the first phase.

The scheme also includes waiver of service charges for collection of local and outstation cheques, dividend warrants, issuance of demand drafts, besides free funds transfer within KVB account holder.

He said 'Spouse Senior Citizen Scheme', a deposit scheme launched recently for senior citizens tagged with an insurance coverage for the couple, had evoked good response. Under the scheme, the account holder enjoys 10.5 per cent rate of interest and in the event of the death of one of the spouses, the other is eligible for an enhanced interest rate of 11.5 per cent.

The bank would open a new Divisional Office at the national capital for administrative reasons, branches at Jalandhar, Ahmednagar, Sriperumpudur and two additional branches each at Hyderabad and Bangalore during this financial year, he added.

UNI

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