Rainbow Savings Account of KVB

Rainbow Savings A/c  of Karur Vysya Bank is actually consists of one savings A/c and many linked Fixed Deposits.   This gives high liquidity with maximum returns. It is not merely a Savings account but also have built in fixed deposit facility. Minimum balance for opening a Rainbow savings is account is Rs.3000/-. The surplus (in multiples of Rs.5000) over and above the minimum balance would be transferred to Rainbow Fixed deposit ( one year tenure) account automatically and fetches you higher interest . Automatic reverse transfer (in multiples of Rs.1000) from Rainbow Fixed Deposit account to your SB A/c whenever required. For Example if you deposit Rs.18000 in your Rainbow Savings A/c, on the next Monday the bank automatically create a Fixed Deposit of Rs.15000 which would fetch you 9.25% per annum ( Interest rate vary with RBI rates) and Rs.3000 in your SB A/c would fetch you 3.5% per annum.  After one month (even next day) if you withdraw Rs.6000 from SB A/c only Rs. 3000 from your FD would be reverse transferred in to your SB  A/c and remaining Rs.12000 would be untouched and earning higher interest.

Most of the private sector banks offer this facility for a minimum balance of Rs.10000 (KVB it is Rs.3000) and the surplus in multiples of Rs 5000 or Rs.10000 (KVB it is Rs.5000) over and above the minimum balance would be transferred to Fixed deposit ( For KVB it is one year tenure but other banks giving many options to choose) account. But the real advantage of KVB's Rainbow Savings A/c  is Automatic reverse transfer,in multiples of Rs.1000 ( other bank it is in multiples of Rs.5000 or Rs.10000) from Rainbow Fixed Deposit account to your SB A/c whenever required.  Also collection of dividend / interest warrant without charges at par is available for the account holders.

I really like the features of this service.

0 comments:

Post a Comment

All comments are moderated. Please post no spam

Disclaimer & Privacy Policies

(c) Mrs. Ruby Christy. This site and contents are owned by Mrs. Ruby Christy;
Use of this website and/or services offered by us indicates your acceptance of our Disclaimer& Privacy Policies.

Information and opinions provided on this website (www.investchips.com) has been independently obtained from sources believed to be reliable. However, such information may include inaccuracies, errors or omissions. Investchips.com and its affiliates, information providers or content providers and R.John Christy and his Family shall have no liability to you or third parties for the accuracy, completeness, timeliness or correct sequencing of information available on this website or feeds, or for any decision made or action taken by you in reliance upon such information, or for the delay or interruption of such information. Investchips.com,its affiliates, information providers ,content providers and R. John Christy and his Family shall have no liability for investment decisions or other actions taken or made by you based on the information provided on this website. Any action you choose to take in the markets is totally your own responsibility. Investchips.com and R. John Christy and his Family will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the securities mentioned herein. Opinions expressed by R. John Christy are his own and not of his past, present and future employers.
The DoubleClick DART cookie is used by Google in the ads served on this websites displaying AdSense for content ads. When users visit this website and either view or click on an ad, a cookie may be dropped on that end user's browser.
  • Google, as a third party vendor, uses cookies to serve ads on this site.
  • Google's use of the DART cookie enables it to serve ads to your users based on their visit to this site and other sites on the Internet.
  • Users may opt out of the use of the DART cookie by visiting the Google ad and content network privacy policy.
  • www.investchips.com never collects any personal information of visitors.