Karur Vysya plans multi-city savings deposit scheme

The Karur Vysya Bank (KVB) a leading private sector bank in south India, will launch a new multi-city savings deposit scheme that will enable account holders operate accounts in any select city without incurring additional charges. The bank chairman PT Kuppuswamy said the scheme - sb freedom account, would be made operational before July 15 in 20 select cities in the first phase and subsequently extended to more cities. Waiver of bank charges for collection of local and outstation cheques, cheques and dividend warrants, issuance of demand drafts without commission rates, free funds transfer within KVB accounts were some of the key features of the scheme, he said. Kuppusamy said KVB planned to open 25 branches before the end of this fiscal.