KVB Bank Term Deposit Opening Form for Existing customer From Download

This document is the Term Deposit Account Opening Form (M-318) designed specifically for individuals who already hold a Savings Bank (SB) or Current Account with Karur Vysya Bank (KVB).

Here are the key points and options detailed within this form:

• Target Audience: Existing individual, joint, or sole proprietorship account holders.
• Mandatory Identifiers: Requires your existing CASA Account Number, Customer ID, PAN, and Aadhaar ID or CKYC ID.
• Senior Citizens: A dedicated checkbox is available to claim higher interest benefits, though proof of birth is mandatory if not already updated in the bank’s records.

• Fixed Deposits: Standard Fixed Deposits or the Fixed Deposit TTT (Reinvestment) scheme.
• Recurring Deposits: Named the Manimala (Recurring Deposit) scheme, featuring an explicit mandate allowing the bank to automatically debit the monthly installment amount directly from your linked savings or current account.

• Interest Frequencies: Can be paid out Monthly (which is subject to a discounted interest rate), Quarterly, Half-Yearly, or Yearly.
• Payout Destinations: Can be collected as Cash, credited directly to your KVB account, sent via Demand Draft (DD)/Pay Order (PO), or routed to an external bank using NEFT/RTGS.
• TDS & Tax Exemption: Tax is automatically deducted at source (TDS) unless the customer attaches Form 15G or Form 15H (for senior citizens) at the start of each financial year.
• Maturity Routing: Offers auto-renewal (Principal + Interest or Principal only for a designated tenure) or auto-closure where funds are directly sent back to your CASA account. If no option is selected, the bank will automatically renew it for a similar term to prevent interest loss.

• In-built Re-KYC Check: Features a declaration box allowing you to instantly use this form as a KYC re-verification if your address and mobile details haven’t changed. If they have changed, an overlay section allows you to submit new address proofs.
• Premature Deceased Rule: Legally establishes that if a joint holder passes away, KVB is discharged from liability by paying out the proceeds prematurely to the remaining survivors, subject to standard pre-closure penalties.
• Nomination: Customers can either opt-out by signing a refusal clause or opt-in by submitting a separate Nominee Form.

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