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4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
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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.
About 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.
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.
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
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
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.
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
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.
6. Regular Savings
Regular savings accounts enable habit of savings and setting aside a portion for one’s earnings for future needs.
Terms and conditions
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"
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.
Karur Vysya Bank saving account interest rate is 4% per annum which is calculated on the daily end of the day balance.
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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