Guaranteed by the Government of Kerala, customers are offered with two distinct KTDFC fixed deposit schemes by Kerala Transport Development Finance Corporation Ltd. These schemes provide investment solutions to safeguard customers’ money while multiplying it further. Senior citizens are offered with preferential KTDFC FD rates making these FD schemes all the more alluring to investors.
KTDFC Fixed Deposit Rates, 2020
Data as on 20th July 2020.
Types of KTDFC Fixed Deposit Schemes
Kerala Transport Development Finance Corporation forwards two types of FD schemes for customers to choose from, viz.:
Under Money Multiplier Scheme (MMS), the deposit amount along with interest accruing periodically, subject to the deduction of applicable taxes including TDS, if any, shall be paid at the end of the deposit period.
Under Periodic Interest Payment Schemes (PIPS), the deposit amount after the payment of interest at the opted intervals subject to the deduction of applicable taxes including TDS if any will be paid at the end of the deposit period.
KTDFC Fixed Deposits – Features
|Tenure||1 – 5 years|
|Min. Deposit Amount||Rs. 10,000|
|Interest Treatment||PIPS: Compounded monthly/quarterly; paid monthly/quarterly, respectively|
MMS: Compounded monthly; paid on maturity
|Rates for Senior Citizens||Additional 0.25% rate of interest|
|Loan against FD||Available; up to 75% of the deposit amount|
KTDFC FD – Premature Withdrawal Facility
The company allows its customers to exercise the option of premature withdrawal. The following points should be considered to better comprehend the terms and conditions of KTDFC premature withdrawal:
- Withdrawals can be made after 3 months from the date of opening the fixed deposit
- Notice of withdrawal is to be submitted 30 days before for deposits above Rs. 1 lakh
- 15 days’ notice shall be applicable for deposits below Rs. 1 lakh
- Interest shall be paid as mentioned in the table below:
Time of Withdrawal
Rate of Interest
|After 3 months but before 6 months from the date of deposit||No interest shall be paid|
|After 6 months but before the date of maturity||2% lower than the agreed KTDFC FD interest rates|
- In case of death of the depositor, the company shall pay the entire fund value to the assigned nominee, irrespective of the lock-in period; nominee can request to continue the FD account by informing the company about the same in writing
KTDFC Loan against FD
KTDFC provides its customers with the option of availing loan against their fixed deposits with the company. Refer to the points mentioned below for further clarification about the topic:
- This facility is applicable to individuals only
- Loan for up to 75% of the deposit amount can be taken
- There is a lock-in period of 3 months from the date of opening after which loans can be applied for
- Interest shall be charged at 2% plus the payable interest rate
- Interest on loan shall be adjusted against the interest payable under PIPS scheme
- Under the MMS scheme, interest on loan taken shall be compounded monthly and adjusted against the maturity amount
- Customers have the option to close the loan by repaying the loan in lump sum with interest before maturity or get it adjusted against the maturity value at the time of maturity or premature withdrawal
Documents Required to Apply for KTDFC FD Schemes
Documents to be submitted for successful application of KTDFC fixed deposit scheme are as follows:
- KYC documents for identification and residence verification purpose (Passport, PAN Card with address proof, Voter’s ID Card or Driving License)
- Photograph of the first depositor (in case of individuals)
- In case of a change in address from the one mentioned in the documents above, any of the following is to be produced:
- Recent utility bill (telephone or electricity bill)
- Ration card
- Bank A/c statement or Passbook
- Letter from a recognized public authority
- Letter from employer
How to Apply for KTDFC FD Schemes
There are two methods of opening a fixed deposit account with KTDFC as mentioned further:
Make sure to carry the KYC documents, suggestively with photocopies. Post this, you need to visit the branch office of KTDFC and request for the opening of the FD.
- Via Post
This method is ideal for those living outside Kerala. Download the Fixed Deposit Application Form available on the website of KTDFC under the ‘Downloads’ section. Print and fill out the same properly. Send the filled-in form along with cheque or DD to the office of KTDFC. Company shall send back confirmation of the post along with the receipt of payment within the stipulated period of time.
Are there any extra benefits for senior citizens for KTDFC FD schemes?
Yes. The company provides extra 0.25% of interest over the regular KTDFC FD rates.
For how long can a customer stay invested in KTDFC FD?
Customers can invest for a maximum of 5 years and longer by renewing the deposit.
Will the previous rate provided at the time of renewal of fixed deposit scheme?
No. Prevailing KTDFC interest rates shall be applicable for renewals.
Can people apply online for KTDFC fixed deposits?
The company provides the option to apply via post or by visiting the branch.