The Hindu Business Line : KVB’s spouse senior citizen scheme draws good response

Karur Vysya Bank is upbeat over the response to its ‘Spouse Senior Citizen Scheme’. The scheme introduced just over a month ago has managed to attract deposits to the tune of over Rs 55 crore.

The bank is confident of garnering good support for this scheme, which is aimed at supporting senior citizens financially.

Special camp

From the response that it drew during the 3-day special camp organised across 75 of its branches last week, the bank is certain that this scheme has caught the attention of the target group.

“We were able to mop up about Rs 15 crore during this Senior Citizen Special Camp. We would be extending it to all our branches by end-September. It is an open-ended scheme,” its Chairman, Mr Kuppuswamy, told Business Line.

While the investments made in this scheme would attract the same rate of interest as applicable to senior citizens deposit scheme (10.25 per cent for 1-2 years and 10.5 per cent for tenure between 2 and 3 years), the feature that seemed to have caught the attention of senior citizens is the additional 1 per cent interest that the surviving spouse would be eligible to get in the event of the death of either of the depositors, from the date of the deposit till its maturity.

Bank sources said that senior citizens, who had hitherto pocketed their savings in post offices, had started to withdraw the sum and deposit the same with KVB. Asked if the bank could afford to pay such high rates and for how long, Mr Kuppuswamy said: “it will not be as costly as it appears.”

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