Para banking Disclosures
As per RBI Circular, RBI/2009-10/225 dated November 16th, 2009, following are the details of commission percentage earned by The Karur Vysya Bank Ltd.
(1) From the General Insurance (Non-Life) product distribution:-
(% of Net effective Premium)
| Product Category | Commission |
|---|---|
| Motor | 10% |
| Health | 15% |
| Property | 10% |
| Marine & Hull | 10% |
| Others | 15% |
(2) From the Life Insurance product distribution:-
| Premium Payment Term | Commission * |
|---|---|
| 1 year | 0% - 2% |
| 3 years - 5 years | 8% - 10% |
| 10 years - 20 years | 10% - 20% |
| Marine & Hull | 20% - 35% |
| Renewal Year Commission | |
| 2nd & 3rd Year Renewal | 5% - 7.50 % |
| 4th year onwards | 4% - 5% |
| Top Up | 2% |
(*) The commission rate differs from product to product and term to term as a percentage of net premium.
KVB could also get reimbursement towards promotion and marketing related activities conducted by the KVB on behalf of Insurance companies. These reimbursements are event-based and the same may or may not be received by the bank from insurers in a particular period. This reimbursement amount cannot be attributed to any specific scheme being offered by insurers.
(3) From the Mutual Fund product distribution:-
| Fund Schemes | Upfront Brokerage/Upfront Commission | Trail year 1 | Trail year 2 onwards |
|---|---|---|---|
| Equity and Balanced | 0% to 1.25% | 0% to 1% | 0% to 1% |
| Index | 0% to 1% | 0% to 0.75% | 0% to 0.50% |
| ELSS | 0% to 2.75% | 0% to 0.75% | 0% to 0.75% |
| Asset Allocation | 0% to 1.25% | 0% to 0.75% | 0% to 0.50% |
| Arbitrage Funds | 0% to 0.80% | 0% to 0.80% | 0% to 0.50% |
| Monthly Income Plans | 0% to 1.5% | 0% to 1% | 0% to 0.60% |
| Gilt | 0% to 1% | 0% to 1% | 0.10% to 0.60% |
| Income | 0% to 1.25% | 0% to 1.25% | 0.05% to 1% |
| Short Term | 0% to 0.05% | 0% to 0.60% | 0.1% to 0.5% |
| Liquid & Floating Rate | 0% to 0.05% | 0% to 0.55% | 0% to 0.40% |
This is on a best effort basis and rates are updated as and when it is changed by the partners.
