Karur Vysya Bank Recurring Deposit Interest Rates
Karur Vysya Bank Recurring Deposit
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.
Advantages to opening an RD account:
- Interest Rate earned is generally equal to that of an FD
- Safe and secure form of investment
- Secure from fluctuations and volatility
- Ideal for starters
- Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
- Can be opened with small minimum amount.
- Lump sum received at maturity, including the interest
- The rate of interest is higher as compared to an ordinary saving bank account
- Flexible tenures to suit the budget of the individual
- Recurring Deposit Interest rate is fixed so you are assured of a fixed return
- Loan / overdraft facility available with some banks.
Karur Vysya Recurring Deposit
An RD in Karur Vysya Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Karur Vysya Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Key Features of Karur Vysya Bank RD Account
- Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment.
- Quick liquidity options and access to your funds when you need it at nominal penal charges.
Types of Recurring Deposits Offered by Karur Vysya Bank:
A Monthly Deposit scheme meant for the persons who wish to invest a fixed sum of money every month with an intention to get a lump sum amount on the maturity of the deposit. Manimala Deposit Scheme is mainly designed to encourage and help the depositors having regular monthly income to accumulate their savings.
- Eligibility: Can be opened by Individuals, Minors, HUF, Trust, Partnership firms, Companies, Associations etc.
- No TDS
- Nomination facility available
- Loan against deposit available.
- Premature closure is allowed, subject to the applicable norms
- Minimum Amount to be invested is Rs.100 and in multiples of Rs.25 thereafter.
- Tenure: Minimum 6 months and in multiples of 3 months thereafter to a maximum of 120 months.
- Neither the amount of monthly instalment nor the total number of instalments decided at the time of booking the RD can be varied or altered.
- For delay in payment of instalments, penalty will be applicable
KVB Money Mala Plus
- A flexible Recurring Deposit scheme with an option to remit funds in excess of the decided core money.
- Eligibility: Can be opened by Individuals, Minors, Proprietorship concerns, Partnership firms, HUF, Companies, Institutions, Trusts, Associations, Societies, Clubs
- Up to 10 times the core amount can be remitted, subject to a maximum of Rs. 2.00 lakhs
- No penalty charges for delayed payments
- Interest compounded on a quarterly basis
- Pre-closure and loan facilities available; for premature withdrawal, the ROI shall be 1% below the rate applicable for the period the deposit has remained with the bank
- Minimum amount: Rs. 1000 and in multiples of Rs. 1000 thereafter. No ceiling on the maximum amount
- Flexible portion remittance should also be made in multiples of Rs. 1000 only
- Tenure of the deposit: 12, 24 and 36 months
- This scheme matures four months from the date of the remittance of the last installment.
- If 4 consecutive core installments remain unpaid, the account will automatically be closed by applying applicable interest along with penalty and the proceeds will be credited to account specified at the time of booking of the account
- Loan against deposit available.
KVB Tirumagal Tirumana Thittam (TTT)
- Eligibility: Can be opened by Individuals, HUF, Trust, Partnership firms, Companies, Associations etc.
- The principal along with interest is payable upon maturity.
- Compound interest is calculated on cumulative balance.
- Interest is re-invested along with principal.
- Nomination facility available
- Loan available against deposit
- Premature closure is allowed, subject to the applicable norms and penalty
- Minimum Amount to be invested is Rs.100. There is no ceiling on the maximum amount.
- The reinvestment of interest is subject to TDS.
- Tenure: Minimum 6 months and in multiples of 3 months subject to a maximum of 10 years.
Karur Vysya Recurring Deposit Interest Rates
Karur Vysya Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Karur Vysya Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Karur Vysya Bank RD interest rates including Karur Vysya Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in KVB, it is advisable to check with the bank directly.
Karur Vysya Bank recurring deposit interest rates 2015 – 2016
The current RD Interest rate ranges from 4% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.
Karur Vysya Bank Senior Citizen RD Interest Rates
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
Karur Vysya Bank RD FAQs
What is the minimum and maximum amount required to open an RD with Karur Vysya Bank?
The minimum amount to be invested is Rs.100 and in multiples of Rs.25 thereafter.
What is the minimum deposit period?
The minimum deposit period is 6 months and in multiples of 3 months thereafter to a maximum of 120 months.
How do I apply for a regular recurring deposit?
If you are a new customer, you can start with opening a savings account, which can be linked with an RD account.
Alternately, you can visit your nearest branch and submit the Deposit Account form.
What is the documentation required to open an RD account?
You will require the following documents:
- Filled-in application form
- Passport size photograph
- Proof of residence, PAN Card, ID Proof
- Any other KYC documents as required by the bank