A term deposit/ fixed deposit is a scheme where you can invest huge amounts for a pre-fixed tenure, and you can earn interest at the rates applicable on the day you open the fixed deposit.
Karur Vysya Bank offers Fixed Deposit offers fixed deposits at many tenures at a very competitive interest rates. There may be a lot of cases where you can close a fixed deposit- either prematurely or close it once the term is over, instead of renewing it.
You can have deposits for 7 days (minimum) to ten years (maximum). You can have deposits in the name of minors that can be placed for more than ten years.
You can collect interest every quarter or the discounted value at monthly rests or also get quarterly compounding benefits. The method in which your interest payment is done will be mentioned when you open the fixed deposit.
KVB will give you a higher interest rate for those deposits that are of high value.
Yes, changes can be made in interest rates from time to time, but this will not affect the interest that is paid on your existing deposits.
Yes, you will have to pay penalty if you close a fixed deposit before maturity.
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