KVG Bank Launches Deposit Scheme With a Term Of 1,111 Days

The Karnataka Vikas Grameena Bank (KVGB), a Dharwad-based regional rural bank, has launched a 1,111-day deposit scheme.

While launching the ‘Vikas Siri Sampat-1111’ scheme in Dharwad on Friday, P Gopi Krishna, Chairman, said the 1,111-day deposit gives 5.70 percent interest to the general public and 6.20 percent to senior persons. A minimum of ten thousand rupees and a maximum of two crore rupees can be placed under the scheme.

Gopi Krishna advised customers to take advantage of the improved interest rate because it is only available for a short time.

The bank's goal, he added, is to encourage people to save, and he expects a solid reaction throughout the current fiscal year.

The bank has 629 branches in the Karnataka districts of Dharwad, Gadag, Haveri, Belagavi, Bagalkot, Vijayapura, Uttara Kannada, Udupi, and Dakshina Kannada.

During 2021-22, the bank's overall business was Rs 30,750 crore. Deposits totalled Rs 17,647 crore, with advances totalling Rs 13,103 crore.

In the past, Karnataka Vikas Grameen Bank (KVGB) had also launched an overdraft (OD) facility for the farmers. The farmers were given the OD scheme dependent on the estimated value of the land. The maximum is set at a limit of 1.5 lakh for every acre of farming land and 1 lakh for every acre of dry land.

About Karnataka Vikas Grameen Bank (KVGB)

The Karnataka Vikas Grameena Bank, an Indian Regional Rural Bank sponsored by Canara Bank. It is under the ownership of the Ministry of Finance, Government of India. The bank provides retail banking services to rural users and has 628 branches in areas of Karnataka, around North and Western Karnataka.