With around 100+ years of history, Karur Vysya Bank (KVB) is an Indian commercial bank headquartered in Karur, Tamil Nadu. This bank has around 799 branches spread across different states and Union Territories. It offers a range of financial products for personal, business, and NRIs.
Investing in Karur Vysya fixed deposits can give you decent returns without dealing with market fluctuations. The bank offers different types of deposit schemes providing attractive KVB FD interest rates and ensuring your financial security. The following guide will help you get a brief idea about the KVB Fixed Deposit Interest Rates.
| Minimum Deposit | ₹100 |
| Maximum Deposit | No upper limit specified |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 4% – 7.70% p.a. (including senior citizens) |
| Lock-in Period | 5 years (For KVB’s Tax Saving Deposits) |
| Senior Citizens | 5.9% – 7.5% p.a. (for deposits below ₹2 crores) |
| General Citizens | 4% – 7.2% p.a. (for deposits below ₹2 crores) |
KVB Fixed Deposit Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of KVB Fixed Deposits
Here is a list of important features and benefits of KVB FDs:
- Senior citizens get an additional 0.5% p.a. interest rate from KVB FDs compared to regular citizens.
- You have the option of flexible interest payments, i.e. monthly, quarterly, and half-yearly.
- Early closure of a fixed deposit account is permitted.
- The nomination facility is available across all FD schemes.
- Loan facility available on selected FD schemes.
- Attractive and competitive interest rate is applicable to different FD schemes.
How to Book KVB Bank FD?
To book a KVB FD account, you can do it either through online or offline mode based on your convenience. Below are the detailed steps on how to book your FD account with Karur Vysya Bank:
Online
You can open your FD account either through online banking or the KVB DLite & Mobile Banking App.
1. Internet Banking
Here are the steps that you need to follow to book a KVB fixed deposit account using internet banking:
- Step 1: Visit the official website of Karur Vysya Bank and log in using your KVB net banking account.
- Step 2: On the navigation menu, click on ‘Personal’ and select the category of fixed deposit account in which you want to invest.
- Step 3: Click on the ‘Apply Now’ option.
- Step 4: Enter all the required details, including the nomination information, investment amount, and maturity date.
- Step 5: After verifying the details, select ‘Submit’. Upon successful creation of your FD account, you will be notified by the bank.
2. Mobile Banking App
To open an FD account via the KVB DLite Mobile App, you need to perform the following steps:
- Step 1: Log in to your KVB mobile banking account.
- Step 2: Click on ‘Service’ and choose ‘Deposits’.
- Step 3: Select the desired type of deposit account you want to open.
- Step 4: Enter all the required details, including the maturity date, investment amount, and interest payout frequency.
- Step 5: Double-check the information and press ‘Submit’.
Once the processing is completed, you will receive a notification.
Offline
To open your FD account via the offline mode, follow the steps mentioned below:
- Step 1: Visit a KVB branch near your location to open a KVB FD account in person.
- Step 2: Complete the FD application form of KVB and gather all required documents.
- Step 3: Submit the duly filled application form, the necessary documents, and the deposit amount at the branch.
- Step 4: After processing your application successfully, Karur Vysya Bank will issue a fixed deposit receipt to you.
Documents Required to Open a KVB FD
You need to present different types of documents to book an FD account with Karur Vysya Bank. Below is the list of documents that you need to produce at the bank.
- Application form for KVB fixed deposit
- Identity proof – PAN card, Passport, voter ID card, driving licence, senior citizen ID card, or any other government ID card.
- Address proof – Utility bills, passport, Aadhaar card, bank statement, etc.
- Passport size photographs
- Age proof – Birth certificate, Aadhaar card, etc.
- PAN card or Form 60/61
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open a KVB FD
To avail of the current Karur Vysya Bank FD rates, you need to meet the required eligibility criteria and open an account. The following entities can book an FD:
- Applicant type: All resident individuals, Non-Resident Individuals (NRIs), Hindu Undivided Families (HUFs), Partnership firms, Companies, and Trusts.
- Age (in case of individual applicants): 18 years or more.
Types of KVB FD Schemes
The Karur Vysya Bank interest rates vary as per the scheme you choose. Here is a list of the different types of fixed deposit schemes for you to choose from based on your financial goals and needs.
1. KVB 333 Special Deposit Scheme
This special scheme is valid for 333 days and provides both cumulative and interest payout options. Moreover, this scheme provides premature withdrawal of the deposit amount, but you will be charged with a 1% penalty.
- Minimum Deposit: ₹1,000
- Maximum Deposit: ₹1,99,99,999
- Tenure: 333 days
- Interest Rate: 7.10% p.a. (general citizens) and 7.50% p.a. (senior citizens)
- Eligibility Criteria: Indian residents
2. KVB 444 Special Deposit Scheme
KVB 444 Special Deposit Scheme has a maturity period of 444 days. The FD provides nomination and auto-renewal facilities. Furthermore, this scheme provides loan facilities according to the regular term deposit norms.
- Minimum Deposit: ₹1,000
- Maximum Deposit: ₹1,99,99,999
- Tenure: 444 days
- Interest Rate: 7.20% p.a. (general citizens) and 7.70% p.a. (senior citizens)
- Eligibility Criteria: Indian residents
3. Double Delight Scheme
KVB Double Delight allows you to invest in odd sums and receive the accrued sum in rounded digits after maturity while benefiting from free hospital insurance coverage. The Double Delight term deposit is designed to be repaid along with accumulated interest following an agreed fixed duration.
- Minimum Deposit: ₹1 lakh
- Maximum Deposit: ₹5 lakhs
- Tenure: 1 year to 10 years
- Interest Rate: 5.25% to 7.2% p.a. (general citizens), 5.9% to 7.7% p.a. (senior citizens)
- Eligibility Criteria: Individuals
4. Reinvestment Plans
KVB Reinvestment Plan, also known as the Tirumagal Tirumana Thittam (TTT), serves as a valuable tool for long-term financial objectives. With this scheme, you can prepare for future financial requirements like your child’s education and wedding. Interest from this account is reinvested to ensure the maximum benefits from compounding.
- Minimum Deposit: ₹100
- Maximum Deposit: No maximum limit specified
- Tenure: 6 months to 10 years
- Interest Rate: 6.00% to 7.20% p.a.
- Eligibility Criteria: Indian residents, HUFs, companies, trusts, etc.
5. Fixed Deposits
The regular FD scheme from Karur Vysya Bank provides you with interest at regular intervals – monthly, quarterly, or half-yearly. This makes it an ideal choice for individuals who rely on consistent interest income. However, please note that the deposit accrues only simple interest.
- Minimum Deposit: ₹100
- Maximum Deposit: No maximum limit specified
- Tenure: 7 days to 10 years
- Interest Rate: 4% to 7.20% p.a.
- Eligibility Criteria: Indian residents, companies, trusts, associations, etc.
6. Senior Citizen Deposits
If you are a senior citizen, you have the opportunity to choose between cumulative and non-cumulative options within the Senior Citizens Deposit Scheme. You will enjoy the benefit of a higher KVB fixed deposit interest rate which is more favourable to you.
- Minimum Deposit: No limit specified
- Maximum Deposit: ₹3 crores
- Tenure: 1 to 5 years
- Interest Rate: 5.90% to 7.70% p.a.
- Eligibility Criteria: Indian residents above 60 years old
7. KVB Tax Saving Deposits
You can benefit from tax savings under Section 80C of the Income Tax Act by investing in tax-saving fixed deposits. You have the opportunity to enjoy maximum tax deductions of up to ₹1.5 lakhs for a financial year. This scheme provides you with choices between cumulative and non-cumulative deposit options.
- Minimum Deposit: ₹100 and multiples of ₹100 thereafter
- Maximum Deposit: ₹1.5 lakhs
- Tenure: 5 years
- Interest Rate: 5.90 p.a.
- Eligibility Criteria: Indian residents
8. NRE Deposits
You have the option to open an NRE fixed deposit account jointly with KVB. With this scheme, you can earn income in foreign currency abroad and convert it into Indian currency. The advantage of this account is that both the principal amount and the interest earned can be fully repatriated.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 to 10 years
- Interest Rate: 6.25% to 7.20% p.a.
- Eligibility Criteria: NRIs
9. NRO Deposits
For non-residents, the NRO Deposits serve as a fixed deposit plan allowing you to earn at par with a resident. Moreover, you have the opportunity to utilise the deposit as collateral and avail a loan of up to 90% of the deposit amount.
- Minimum Deposit: No lower limit specified
- Maximum Deposit: USD 1 million
- Tenure: 10 years
- Interest Rate: 4% to 7.20% p.a.
- Eligibility Criteria: NRIs
10. FCNR / RFC Deposit Rates
These deposits allow you to keep your funds in six different foreign currencies USD, EUR, GBP, JPY, CAD and AUD. By opting for an FCNR deposit, you can protect your deposit from potential concerns related to currency conversion and fluctuations in foreign exchange rates.
- Minimum Deposit: No lower limit specified
- Maximum Deposit: No upper limit specified
- Tenure: 1 to 5 years
- Interest Rate: 4.81% to 5.81% p.a. (on deposits in USD)
- Eligibility Criteria: NRIs
Before investing your money in any of the above schemes, verify the latest KVB FD Interest rates offered by the bank. The KVB FD interest rates in 2024 are subject to change, and therefore, you must make an informed decision by considering your financial goals and requirements.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
