The Karnatak Vikas Grameena Bank has introduced a deposit scheme called 'Suvidha Flexi Deposit' on the eve of 2006. | |
| According to KVGB chairman B S Surendra, the deposit scheme is quite different and much more flexible than other common deposit schemes. |
| |
| Surendra said that in case of unforeseen eventualities necessitating an urgent need for funds, the depositor can withdraw a portion of the amount deposited without closing the account. |
| |
| A minimum of Rs 10,000, and thereafter in multiples of Rs 1,000, will be accepted. There will be no restriction on frequency of withdrawals during the contracted period. |
| |
| Contracted interest will continue for the rest of the amount even after a partial withdrawal and there will be no penal interest or service charges. Interest applicable to the scheme is the same as applicable to other term deposits. |
| |
| Surendra said that the scheme will be ideal for individuals especially pensioners, institutions, trusts and government departments. |
| |
|
| |
