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Karur Vysya Bank Savings Account

Karur Vysya Bank like all other banks offers the standard set of products and services which includes deposits in the form of savings account, current account, fixed deposit account etc., and loans or advances which includes education loan, personal loan, car loan, loan against property, home loan etc. There are various types of savings account deposit, which can be chosen by the customers based on suitability.

What is a Savings Account?

Karur Vysya Bank Savings Account

Savings bank account deposit is the most basic type of deposit account offered by all banks. Any savings bank account will earn very nominal interest. It is considered as the next best thing to ‘cash in hand’ in terms of accessibility. Individuals may choose to park the excess cash in hand or at home, which may not be required for daily household expenses. The savings bank account’s key features include very nominal interest rate, high flexibility in terms of fund accessibility and withdrawal, etc.

Advantages of Karur Vysya Bank Savings Accounts

  • Safety and security for excess cash in hand
  • Additional cash in hand earns nominal interest
  • Offers liquidity and maximum flexibility in terms of fund accessibility
  • Facilitates savings for consistent and disciplined investment

Disadvantages of Karur Vysya Bank Savings Accounts

  • High liquidity leads to higher spend
  • Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit

Features and Benefits of Karur Vysya Bank Savings Account

Karur Vysya Bank savings account offers a range of options, the features are customized as per the client’s requirements. There is a basic eligibility criteria and minimum balance requirement which must be fulfilled by the client to open the required type of savings bank account. Every type of account has its own set of features and benefits.

Types of Karur Vysya Bank Savings Accounts

The types of savings accounts in Karur Vysya Bank are categorized as –

1. KVB Shakthi for Women

KVB Shakthi for Women is a unique savings account product that provides the triple benefits of a savings bank account, loan eligibility and insurance coverage, all rolled into one. This is specifically designed for modern day women.

Features and benefits

  • Savings portfolio is coupled with loan component and insurance coverage
  • Monthly average balance of Rs.5,000/-
  • Free cheque book – 25 leaves per year
  • Free Demat Account (first year)
  • Free Anywhere Banking, Net Banking and Mobile Banking
  • DD/PO/RTGS/NEFT: Free limit of upto Rs.1,00,000/- per month above which normal Charges shall apply
  • Free accidental death insurance cover of Rs.1.00 lakh
  • Free Debit/ATM card for the first year
  • Rs.500/-Processing charges on loans – flat & irrespective of the limit for Personal Loans linked to this account

2. Jumbo Savings for Kids

Jumbo Savings for Kids is designed for children, the account can be opened in the name of the child below 12 years of age.

Benefits and Features

  • For children upto the age of 12 years
  • Account opened in the name of the child with the natural guardian as the authorized signatory
  • No minimum balance requirement
  • Free Visa backed ATM Card
  • Free attractive Jumbo Doll

3. Prestige Savings for HNIs

This savings account is designed for HNIs (High Networth Individuals), the services can be accessed from any of the network branches of Karur Vysya Bank. The best in class technology is employed to provide superior banking experience for the account holders.

Benefits and Features

  • Free Personalized at par Cheque
  • Free Internet and Mobile Banking
  • At par funds transfer through NEFT / RTGS / DD / PO / Inter branch fund transfers
  • Free collection of outstation Cheque on KVB branch centers
  • Free accidental death and disability insurance up to Rs. 2.00 lakhs and treatment on hospitalization due to accident up to Rs. 20,000/-
  • Gateway for enrollment to Pride programme
  • Personalized service across KVB Branches

4. Freedom Savings for Professionals

Freedom Savings Account is a unique account which is designed to keep money deposited secure while giving the maximum technology benefits at an affordable minimum average balance.

Features and Benefits

  • Free Cheque book – 25 leaves per year
  • Debit Card with the account will be provided
  • Internet banking and mobile banking
  • Free use KVB ATMs and 5 transactions free in the ATMs under VISA and NFS cluster
  • Monthly financial statement via e-mail
  • Standing instructions to the Manimala deposit scheme at no extra cost
  • The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
  • A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

5. Student Savings

This is designed for students who intend to use the account for their higher studies. Account opening process is simple; an existing KVB account holder can be the introducer for the student who intends to open the account or the head of the educational institution where the applicant is studying can provide letter of introduction to the bank.

Features and benefits

  • Free use of Karur Vysya Bank ATMs and 5 transactions free in the ATMs under VISA and NFS cluster
  • Top-up facility for mobile phone at any Karur Vysya Bank ATM subject to charges applicable from time to time
  • Periodic e-statement of accounts as per requirement
  • Receive credits through a standing instruction given by parent to the bank
  • The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
  • A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

6. Regular Savings

Regular savings accounts enable habit of savings and setting aside a portion for one’s earnings for future needs.

Features and benefits

  • Can be opened in the names of individuals singly / jointly / with either or survivor options
  • VISA Debit cards, Internet Banking, Mobile Banking facilities are available.
  • Nomination facility available
  • Cash remittance at base branch 
  • Free up to Rs. 3 lakh per month, after which Rs. 2.25 per 1000/- Min – Rs.10
  • Cash Withdrawal for self cheque is free without any limit for both base and non-base branches
  • Cash Withdrawal for third party cheque is Rs. 50,000 per day per party
  • Outstation Cheque collection charges as per the service charges tariff
  • Free 25 cheque leaves per annum
  • The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
  • A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

Terms and conditions

  • Penalty of Rs.200/- will be levied for non-maintenance of minimum balance
  • Customers should provide satisfactory introduction, address and ID proof in order to comply with KYC norms
  • Sufficient balance should be maintained in the account at the time of issuing cheques

7. Rainbow Savings – Sweep In / Sweep Out

Rainbow Savings Bank Scheme (RBSB Account) is a perfect blend of all the good features of a savings bank account and a fixed deposit account that offers "High liquidity with maximum returns"

Features and benefits

  • Can be opened in the names of individuals singly / jointly / with either or survivor options with a minimum balance of Rs.3000/-
  • After retaining a balance of Rs. 15000/- in the SB portion of the account, amounts in multiples of Rs. 5000/- will be swept out to FD portion for a period of 91 days at EOD every Sunday.
  • Sweep in from the fixed deposit portion of the RBSB account into the savings portion of the RBSB account will be done in case if it is found that a debit to the savings portion of the RBSB account will take the balance in the savings portion below the minimum balance which at present is Rs.3,000.The sweep in into the savings portion of the RBSB account will be done in units of Rs. 5000/- in LIFO (Last In First Out) method. The latest Rainbow fixed deposit will be closed first to meet out the shortfall followed by the next in descending order of the deposit creation date and so on.
  • Free Accident Insurance (death) coverage of Rs.1.00 lakhs
  • At par collection of Dividend and Interest Warrants
  • VISA Debit cards, Internet Banking, Mobile Banking facilities are available.
  • Nomination facility available

Terms and conditions

  • Minimum balance to be maintained in Rainbow SB Account is Rs. 3000/-. Penalty of Rs.100/- plus service tax will be levied for non-maintenance of minimum balance.
  • Sweep out to FD portion will be only in multiples of Rs. 5000/- accumulated over the balance of Rs. 15000/- at EOD every Sunday.
  • Period of deposit will be 91 days only and only simple interest at rates applicable on date of sweep out will be payable.
  • Customers should provide satisfactory introduction, address and ID proof in order to comply with KYC norms.
  • Upto 14 days -Nil
  • If closed within 1 year-Rs.125, If closed at 1 year & after 1 year -Nil (As per BCSBI guidelines)

8. YuvaShakti Savings for Youth

Yuva Shakti savings bank account is for youth of today who are either students or have embarked on their first job or have just set-up their venture. With Internet banking, Payable at Par multi-city cheques and a host of features, KVB offers cutting-edge solutions for the new generation.

Features and benefits

  • Zero balance to open the account
  • International VISA Debit card comes along with the account
  • E-commerce facilities at no extra cost including e-ticketing, e-shopping, utility bill payment
  • Top-up facility for mobile phone at any KVB ATM
  • Payable at Par multicity cheque facility without any limit
  • Inter-bank transfer of funds without any limit
  • Free Cheque book – 25 leaves per year
  • Free use KVB ATMs and 5 transactions free in the ATMs under VISA and NFS cluster
  • Mobile banking inquiries free for the first year
  • A DEMAT account can be opened with the bank account at no extra cost
  • Free Internet banking facility
  • A monthly statement of accounts at no charge
  • Periodic e-statement of accounts as per the request of the customer at no charge
  • The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
  • A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

Interest rates on Karur Vysya Bank Savings Account

Karur Vysya Bank saving account interest rate is 4% per annum which is calculated on the daily end of the day balance.

Karur Vysya Bank Savings Account: FAQs

1. How to open Karur Vysya Bank savings account?

Step 1 – Fill the savings account eligibility form online, the form once submitted will be checked for eligibility of applicant and personalized savings account options

Step 2 – Applicant can compare the various savings account options available and choose the one that is most suitable

Step 3 – Concerned staff gets in touch with the customer for collection of documents to open the account as chosen by the customer

Step 4 – receive account opening kit and make necessary deposits for maintenance of minimum balance

2. What are the typical interest rates offered by Karur Vysya Bank on their savings account deposits?

The interest rate on Karur Vysya Bank savings account deposits is 4% per annum which is calculated on the daily end of the day balance.

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