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Kerala Transport Development Finance Corporation (KTDFC) has launched the ‘Salute’ deposit scheme for children.
‘Salute’ stands for ‘symbol of affection, love, understanding, trust and emotion’ of children towards their parents, says Ushadevi B., managing director, KTDFC.
The scheme enables children to make a one-time investment in the name of their parents.
A deposit can be made in multiples of Rs 25,000 jointly or severally in favour of one or both parents.
The depositor can opt for a five-year of 10-year lock-in (growth) period. Later, KTDFC will start issuing monthly payouts the remaining deposit period.
It offers a monthly cumulative interest rate of 10.5 per cent.
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