KERALA

KPFC to mobilise Rs. 100 cr.

THIRUVANANTHAPURAM JULY 3. The Kerala Power Finance Corporation (KPFC), a State-owned public limited company promoted by the Government and the KSEB, will mobilise deposits to the tune of Rs. 100 crores from the public for financing the power sector of Kerala.

The Electricity Minister, Kadavoor Sivadasan, told presspersons here that the fixed deposit schemes, to be formally launched on July 4, will have State Government guarantee up to Rs. 15 crores for a period of 10 years. Although the initial target is to mobilise Rs. 100 crores, he said, the company will accept if it receives more deposits from the public.

Mr. Sivadasan said the fixed deposit packages of the KPFC are currently available in two schemes. The regular income deposit scheme will accept minimum of Rs. 10,000 for one year to five years duration. The annual interest rate for one year will be 9.5 per cent, 10 per cent for two years and 10.5 per cent for three years and above. Interest will be paid on monthly, quarterly, half-yearly or annually on proportionate basis.

Under the KPFC cumulative deposit package, a yield of 9.84 per cent is on offer for those depositing a minimum of Rs. 10,000 for the initial year. Assured yield for the subsequent years will be 10.72 per cent, 12.16 per cent, 12.84 per cent and 13.58 per cent for 24, 36, 48 and 60 months respectively, he said.

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