Mangalore, April 08: The interest rate being offered under the scheme is 6.20p.c. for Senior Citizens and 5.70 p.c. for general public
Karnataka Vikas Grameena Bank (KVGB), Chairman Mr.PGopi Krishna, launched a new deposit scheme ‘VikasSiri Sampat-1111” on Friday .
Addressing the gathering, he said that the scheme is of a tenor of 1111 days with interest rate of 5.70% for general public and 6.20 % for Senior citizens. It alsooffers the highest rate of annualized return of 6.03 per cent for general public and 6.60 per cent for Senior citizens. Prospective customers of the scheme would earn higher interest and it is the highest rate offered among the Government and Nationalised Banks he added. He also said that the aim of the bank, besides propping up deposits, was to encourage the habit of savings among the people. Under the scheme, a minimum of Rs. 10,000/- and maximum of Rs.2crorecan be deposited .
He said that the Bank has a network of 629 branches with total business of Rs. 30750crorecomprising of Rs17647 croreDeposits and Rs13103 crore Advances .Many Senior citizens have expressed happiness over the rise in interest rate and the Bank is expecting good amount of deposits through this product in this fiscal Mr. Gopi Krishna added. The scheme is applicable to all segments of depositors, including Sr. citizens, Institutions etc. He revealed that the schemeis open for a limited period only andhence to reap the benefit of a better rate of interest.
General Manager of the Bank P SrinivasRao, Sateesha R, Malachi Punith, ShrikantHegdeand others were present. Ullas Gunaga, CM, Marketing welcoming the gathering explained the key features of the Scheme. S SManur, CM,PDD, proposed vote of thanks