KTDFC Fixed Deposit
The Kerala Transport Development Finance Corporation LTD (KTDFC) is a Non-Banking Financial Company registered under the Reserve Bank of India and fully owned by the government of Kerala. The Fixed Deposit (FD) options offered by KTDFC are safe with guaranteed returns through attractive KTDFC FD interest rates.
For deposits under any scheme, the minimum amount accepted will be Rs.10,000 and in the multiples of Rs.1,000 subsequently.
KTDFC accepts fixed deposits, the payment of which (Principal and Interest payable thereon) is fully guaranteed by Government of Kerala up to Rs.2,000 Crores, at present.
The minimum period of deposit is one year and maximum period is five years.
Features and Benefits of KTDFC Fixed Deposit Schemes
The following are the salient features of the KTDFC fixed deposit scheme:
- 0.25% additional interest for senior citizens.
- The deposit shall not be repaid before the expiry of 3 months from the date of deposit.
- No lien on deposits will be recognised.
- Fixed deposit may be in the names of not exceeding three joint applicants.
- The fixed deposits are safe investment options since they are guaranteed by the Government of Kerala.
Eligibility Criteria to Open KTDFC Fixed Deposit
The following are eligible to open KTDFC FD:
- Resident individual
- Government firm
- Hindu Undivided Family (HUF)
- Private companies
- Societies
- Trust
Documents Needed to Apply for KTDFC Fixed Deposit
The following are the documents needed to apply for KTDFC fixed deposit:
- Permanent Account Number (PAN) card
- Aadhar card
- Passport
- Voter ID card
- Two passport size photographs
KTDFC Fixed Deposit Schemes
KTDFC accepts fixed deposits under the following two schemes:
- Periodic Interest Payment Scheme (PIPS): Interest will be paid monthly or quarterly with monthly rests.
- Money Multiplier Scheme (MMS): Interest will be compounded monthly and paid on maturity.
How to Apply for a fixed deposit account at KTDFC
The different modes through which KTDFC receives an application for Fixed Deposit are as follows:
- Applications submitted directly to different KTDFC offices.
- Applications received through authorized fund arrangers/agents who were appointed by KTDFC.
Cheques drawn in favour of Kerala Transport Development Finance Corporation Ltd, payable at Thiruvananthapuram can be deposited at HDFC / IDBI banks in any branches in India, through Cash Management Services (CMS) facility as per the details given under:
If through HDFC Bank, use the following details:
Client Code | KTDEVFIN |
Client Name | Kerala Transport Development Finance Corporation Ltd |
Account No | 00630350000068 |
Bank | HDFC Bank Vazhuthacaud, Thiruvananthapuram |
RTGS/IFS Code | HDFC0000063 |
If through IDBI Bank, use the following details:
Client Code | KTDEVFIN |
Client Name | Kerala Transport Development Finance Corporation Ltd |
Account No | 0046102000015604 |
Bank | IDBI Bank Vazhuthacaud, Thiruvananthapuram |
RTGS/IFS Code | IBKL0000046 |
Premature Withdrawal Facility
KTFDC also provides its customers premature withdrawal facility. The following points cover the terms and conditions of KTDFC fixed deposit premature withdrawal:
- Customers can withdraw their money after three months from the date of opening their fixed deposit account.
- Notice period applicable:
- Below Rs.1 lakh: 15 days
- Above Rs.1 lakh: 30 days
Let us have a look at the rate of interest paid by KTDFC to its customers at the time of withdrawal:
Time of Withdrawal | Interest Rate |
After six months but before the maturity date | 2% less than the actual KTDFC fixed deposit interest rate |
After three months but before six months from the deposit date | 0% |
In case of the unfortunate death of the depositor, the organization will pay the complete fund value to the nominee, irrespective of the lock-in period. However, the nominee can also request to continue the fixed deposit account by applying for the same in writing.
FAQs on KTDFC Fixed Deposit
- What is the maximum investment tenure of KTDFC FD?
Customer can invest their money in KTDFC for a maximum of five years. If they wish to invest for a longer duration, they should renew their FD accounts.
- Are FD accounts with KTDFC taxable?
Yes, the interest income from FD accounts is taxable under the law.
- Does KTDFC offer senior citizens special rates on their fixed deposits?
Yes, KTDFC offers an additional 0.25% interest rate on fixed deposits for senior citizens.
- Are loans provided against FDs at KTDFC?
Yes, loans are provided against FD but only up to 75% of the deposit amount under both KTDFC FD schemes after three months from the date of deposit with interest charged at 2% above the interest payable.
- Can (Non-Resident Indians) NRIs open a fixed deposit with KTDFC?
No, NRI fixed deposits are not offered by KTDFC.
- Are premature withdrawals allowed under KTDFC fixed deposits?
Yes, premature withdrawals are allowed after three months and before six months of the date of deposit with no interest given. After six months but before the maturity date, premature withdrawals are permitted with interest being paid at 2% below the contracted interest rate.
- Can I apply for KTDFC fixed deposit online?
No. You have to apply for KTDFC fixed deposit either by visiting the nearest branch or via post.
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