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.
Step 1: Fill in the account closure form/fixed deposit liquidation form
Step 2: Attach your KYC documents
Step 3: Submit your Fixed Deposit Certificate or the Fixed Deposit Receipt
What is the minimum tenure for which I can keep a fixed deposit with the bank?
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.
Is the interest that is paid on my fixed deposits a variable element?
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.
Will the interest that is paid on my deposits be different if my deposit value is higher, like more than 15 lakh?
KVB will give you a higher interest rate for those deposits that are of high value.
How will the interest be paid on my deposits?
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.
Will I have to pay any penalty if I close a fixed deposit before maturity?
Yes, you will have to pay penalty if you close a fixed deposit before maturity.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.