Established in 1916, Karur Vyasa Bank(KVB) is one among the trusted banks in India. Apart from offering various products, the bank also offers fixed deposit schemes. With competitive interest rates of interest and a wide range of options for payout, KVB has a lot to offer.
Karur Vyasa Bank offers various types of fixed deposits such as KVB Tax Shield fixed deposit, regular FD and also term deposits for senior citizens. The highest rate of interest offered by KVB fixed deposits for regular citizens is 6.00% per annum and for senior citizens, the interest rate is 0.50% higher.
Customers can apply for a fixed deposit by visiting the branch of the bank or can also do through internet or mobile banking.
| Tenure range | General FD rates p.a.(in %) | Senior Citizen FD rates (in %) |
|---|---|---|
| 7 days to 14 days | 3.50% | N/A |
| Above 14 days to 1 month | 3.75% | N/A |
| Above 1 month to 45 days | 4.25% | N/A |
| Above 45 days to 3 months | 4.75% | N/A |
| Above 3 months to 6 months | 5.45% | N/A |
| Above 6 months to 9 months | 5.45% | N/A |
| Above 9 months to 12 months | 5.45% | N/A |
| 12 months to 24 months | 5.80% | 6.30% |
| 24 months to 36 months | 5.85% | 6.35% |
| 36 months and above | 6.00% | 6.50% |
*The Karur Vysya Bank FD rates are subject to change at the discretion of the bank. The interest rates given in the table are applicable as of 1 June 2020.
| Tenure range | Rs. 2 Cr to Rs. 5 Cr | Rs. 5 Cr to Rs. 10 Cr | Rs. 10 Cr to Rs. 25 Cr | Rs. 25 Cr and Above |
|---|---|---|---|---|
| 7 Days to 14 days | 3.00% | 3.00% | 3.00% | 3.00% |
| 15 Days to 45 days | 3.00% | 3.00% | 3.00% | 3.00% |
| 46 Days to 90 days | 3.00% | 3.00% | 3.00% | 3.00% |
| 91 Days to 180 Days | 3.25% | 3.25% | 3.25% | 3.25% |
| 181 Days to 270 days | 3.75% | 3.75% | 3.75% | 3.75% |
| 271 Days to less than 1 year | 3.75% | 3.75% | 3.75% | 3.75% |
| 1 year to less than 2 years | 4.25% | 4.25% | 4.25% | 4.25% |
| 2 years to less than 3 years | 4.50% | 4.50% | 4.50% | 4.50% |
| 3 years to 5 years | 4.50% | 4.50% | 4.50% | 4.50% |
*The Karur Vysya Bank FD rates are subject to change at the discretion of the bank. The interest rates given in the table are applicable as of 5 June 2020.
Under this type of fixed deposit offered by KVB, the deposits made will be qualified for tax benefits under Section 80C of the Income Tax Act. A sum upto Rs.1.50 lakh can be exempted under this tax benefit.
This scheme is available for a fixed period of 5 years and the minimum amount required for the account is Rs.100. Maximum amount is Rs.1.50 lakh.
| Tenure | Rate of interest(regular citizens) p.a. | Rate of interest(Senior citizens) p.a. |
|---|---|---|
| 5 years | 6.05% | 6.05% |
*The KVB Tax Shield FD rates are subject to change at the discretion of the bank. The interest rates given in the table are applicable as of 1 June 2020.
This type of term deposit is for a fixed period of 300 days and also a fixed rate of interest of 4.00% per annum as of 1 June 2020.
| Deposit amount | Penal interest rate (in %) |
|---|---|
| Up to Rs.1 crore | 1.00% |
Karur Vyasa Bank also offers fixed deposit schemes for Non Resident Indians who want to opt for saving their earnings abroad and also avail the higher interest rates offered in the country.
The minimum tenure for a NRE term deposit is 1 year and can go above 3 years.
| Maturity band | Regular NRE FD rates p.a. |
|---|---|
| 1 year to less than 2 years | 5.80% |
| 2 years to less than 3 years | 5.85% |
| 3 years and above | 6.00% |
*The Karur Vysya NRE FD rates are subject to change at the discretion of the bank. The interest rates are valid as of 1 June 2020.
Karur Vyasa Bank also offers fixed deposits for foreign currencies. The minimum tenure is 1 year and the maximum is 5 years. The currencies accepted are United States Dollar, Australian Dollar, Great Britain Pound, Japanese Yen and Canadian Dollar.
| Tenure | GBP | AUD | USD | EUR | CAD | JPY |
|---|---|---|---|---|---|---|
| 12 months to 24 months | 0.95% | 0.68% | 1.56% | 0.78% | 1.35% | 0.76% |
| 24 months to 36 months | 1.02% | 0.74% | 1.38% | 0.71% | 1.09% | 0.73% |
| 36 months to 48 months | 0.76% | 1.04% | 1.69% | 0.70% | 1.40% | 0.72% |
| 48 months to 60 months | 0.77% | 1.15% | 1.58% | 0.71% | 1.47% | 0.71% |
| Only 60 months | 0.80% | 1.23% | 1.63% | 0.73% | 1.53% | 0.71% |
*The Karur Vysya FCNR (B) Term Deposit rates are subject to change at the discretion of the bank. The interest rates are for the period from 1 June 2020 to 30 June 2020.
Apart from term deposits for regular and senior citizens, NRE deposits as well as FCNR deposits, there are other types of fixed deposits to choose from.
Some of them are bulk deposits which offer a tenure from 7 days to 1 year and one can deposit an amount more than Rs.1 crore and upto Rs.10 crore and earn a wide range of interest.
Apart from bulk deposits, a person can also opt for a Rainbow Deposit which is a combination of a savings account and an fixed deposit account. This type of fixed deposit ensures higher liquidity assurance than a regular fixed deposit.
Karur Vysya has short-term fixed deposits that have a period of 7-14 days and fetch an attractive interest rate of 6% per annum. This is more than compared to the rates that other competitor banks are offering.
The interest rates on term deposits less than Rs. 1 crore for regular and senior citizens, with effect from November 23, 2015, have been revised. The current rate of interest has been slashed by 0.25% and is 7.50% as against the previous rate of 7.75% for the tenor of 271 days to less than 1 year. There are four different slabs for tenors between 1 year and above 3 years - 1 year to less than 2 years; 2 years to less than 3 years; 3 years and above. The interest rates have been slashed from 8% to 7.75%. Even for the KVB tax shield, the rate has been reduced to 7.75% from the previous 8%.
Term deposits for senior citizens have also undergone interest rate cuts. In the tenor slab of 1 year to less than 2 years; 2 years to less than 3 years; 3 years to 5 years, the rate of interest has been slashed from 8.50% to the current rate of 8.25%. The rates KVB Tax Shield Deposits have also got rate cuts from 8.25% to 8%.
23 November 2015
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