Established in 1916, Karur Vyasa Bank 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 7.00% per annum and for senior citizens, the rate is much higher.
Customers can apply for a fixed deposit by visiting the branch of the bank or can also do through internet or mobile banking.
Domestic Term deposit by KVB
KVB’s fixed deposit scheme can be opened by individuals, partnership firms, trusts as well as various companies.
The fixed deposit has the feature of nomination.
Interest on term deposits will be calculated on a quarterly, half-yearly or yearly basis depending on the depositor.
The minimum amount to open a fixed deposit is Rs.100.
Tenure of a fixed deposit account is a minimum of 15 days and a maximum of 10 years.
Amount earned on interest will be taxed.
Given below are the updated interest rates on Karur Vysya Bank (KVB) fixed deposits, for Regular and Senior Citizen fixed deposits:
Rate of interest for KVB fixed deposits for deposits below Rs.1 crore:
Tenure
Rate of interest(% p.a.)
1 week to 2 weeks
5.00%
15 days to 1 month
5.00%
31 days to 45 days
5.50%
46 days to 3 months
6.00%
More than 3 months upto 6 months
6.90%
More than 6 months upto 9 months
6.75%
More than 9 months upto 1 year
6.75%
1 year upto 2 years
7.00%
2 years to less than 3 years
7.00%
3 years and more
7.00%
Short-term deposits
For short-term deposits, which is from 7 days to 1 year, the rate of interest ranges from 5% per annum to 6.75% per annum.
The minimum rate of interest gained on a short-term deposit is 5.00% per annum for a tenure of 7 days to 14 days.
The maximum interest rate earned is 6.75% per annum on a short-term tenure, which is for 9 months to 1 year.
Medium-term deposits
The tenure for medium-term deposits lasts from 1 year to less than 3 years.
Rate of interest is 7.00% per annum which is earned for a tenure of more than 1 year to less than 3 years.
Long-term fixed deposit
For a deposit tenure of 3 years and more, the rate of interest earned is 7.00% per annum.
Fixed deposits for senior citizens:
For senior citizens, the rate of interest is only applicable for tenures of more than 1 yea r(12 months).
Customers applying for fixed deposits for senior citizens should be 60 years of age according to their government-issued ID.
Nomination for fixed deposit is compulsory.
The interest earned on the deposit will be subjected to TDS.
Rate of interest earned on fixed deposits of less than Rs.1 crore for senior citizens are:
Tenure
Rate of interest(% p.a.)
Tenure
Rate of interest(% p.a.)
12 months to less than 24 months
7.50%
24 months to less than 36 months
7.50%
36 months to 60 months
7.50%
The maximum limit for a fixed deposit for senior citizens is Rs.3 crore.
Interest rate are constant for any tenure of a fixed deposit.
Karur Vyasa Bank Tax-Shield Fixed Deposit
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.
The rate of interest for tax-shield fixed deposit are:
Tenure
Rate of interest(regular citizens) % p.a.
Rate of interest(Senior citizens) % p.a.
5 years
7.00%
7.00%
Karur Vyasa Bank Flexi-term deposits
This type of term deposit is for a fixed period of 300 days and also a fixed rate of interest of 6.50% per annum.
NRE Term Deposits by KVB
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.
The rate of interest for NRE deposits which are less than Rs.1 crore are:
Tenure
Rate of interest(% p.a)
12 months to less than 24 months
7.00%
24 months to less than 36 months
7.00%
36 months and above
7.00%
KVB FCNR (Foreign Currency Non-Resident) deposits
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.
The rates for FCNR deposits from 1 October 2018 to 31 October 2018 are:
Tenure/Currency
EUR
CAD
JPY
USD
AUD
GBP
12 months and less than 24 months
0.76%
2.90%
0.80%
4.04%
2.47%
1.69%
24 months and less than 36 months
0.90%
3.03%
0.82%
4.09%
2.55%
1.90%
36 months and less than 48 months
1.09%
3.36%
0.85%
4.41%
2.89%
1.78%
48 months and less than 60 months
1.24%
3.40%
0.87%
4.27%
3.15%
1.87%
Only 60 months(5 years)
1.39%
3.43%
0.91%
4.30%
3.25%
1.94%
Other types of Term Deposits offered by Karur Vyasa Bank
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.
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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%.
Karur Vysya gave me the 9.2% of interest rate for the period of three years, I have deposited the amount around Rs.1.5 lakh. There is no procession fee for the FD account. I went to bank for FD within two hours they opened the service. I could see the transaction through online. I got good benefits from them.
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4
VENUMADHUKUMAR SRAVANAM
, hyderabad
Reviewed on Nov 20, 2018
I opened the fixed deposit in KVB which is located in my native, interest rate is same like other banks. Customer service is not userfriendly, when I forgot the password to log in my account, I called to the customer care but they didn't give any solution they asked me to visit home branch. But I was living in different location but they did not understand that, they dont have any other option to reset my password. Hence I had withdraw Rs. 2 lakhs from FD account, remaining Rs. 1 lakh was left there.
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1
ABINAYA PARTHIBAN
, chennai
Reviewed on Sep 07, 2017
I am having the fixed deposit account with the Karur Vysya bank and the account got opened within one to two days of time. Tenure is for five years of time and after that it will be get matured. Rate of interest was around 8.5% to 9% on that time with the tax redemption.
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3
MADHURI DODDU
, hyderabad
Reviewed on May 23, 2017
Primarily , I was holding a savings account with KVB, based on which I had opened a fixed deposit. The interest rate offered by them was very reasonable which was 8.5% and it may extend to 9%. I had visited the branch to open this FD and I carried by ID proof and address proof along with me for the same purpose. I did not get any sort of correspondence regarding this FD but the amount would be credited to my account every month automatically.
I prefer investing in KARUR VYSYA BANK as the interest rate is on the higher side. The rate of interest offered was around 11.75% as interest rate and the customer service was good. I had deposited for a period of three years of time and I dint face any issues with them. They used to work all the days.
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8
KUMARASWAMI RAMACHANDRAN
, chennai
Reviewed on Jun 09, 2016
I had taken a Fixed deposit scheme with Karur Vysya Bank for a year. The benefit with their scheme is that I can break the deposit at any time and its calculated on the prevailing rate and no deductions are imposed. They also pay the TDS. I had paid around Rs.1.5Lakh for an interest rate of 8.5% which was getting transferred to my savings account.
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7
BALAMURUGAN MURUGAN
, tiruchirapalli
Reviewed on May 04, 2016
I got the fixed deposit account with the Karur Vysya Bank. They are providing good rate of interest to the customers. The services are not much fine with them like they are not moving in the customer friendly manner. Responsiveness is also not so good. Minimum lockin period ranges from seven days to seven years of time.
I put the fixed deposit for seven years. Interest rate was good I guess at Karuru Vysya bank for the fixed deposit. At the time of maturity they give almost double and very glad on that. Service is not hat satisfactory but they done the best. They have to improve on service and they have to process the loan quickly.
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3
BALASUBRAMANIAN G
, chennai
Reviewed on Feb 23, 2016
I do have the fixed deposit account with the Karur Vysya Bank and I can say that I used to do lot of transaction with the Karur Vysya Bank. The interest rate is good with them and the processing charges were nil with them. Interest rate is good with them for my deposit.
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14
ADHIYAMAAN ORI
, bangalore
Reviewed on Feb 03, 2016
I have the fixed deposit with the Karur Vysya Bank and I have it from the last one year of time. The rate of interest is around 8.5% and the services are very good because they are giving the best customer service and the response. From the point of view with the customers they are very good.
I had the fixed deposit account with the Karur Vysya Bank for the rate of interest as 9.5% for the one year of time which is the best on that time. There is no minimum lock in period with them like whenever I want I can withdraw the money but they will debit 1% returns from the interest.
I do have the fixed deposit account with the Karur Vysya bank for the rate of interest which made me happy. Minimum lock in period is optional which is up to us, I used to have around couple of years. Charges are nothing much and I can say that they are transparent to the customers.
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2
RADHA KRISHNA GUDURI
, hyderabad
Reviewed on Sep 25, 2015
Like the services of Karur Vysya bank as the employees are reverting immediately and customer service is awesome so I got this fixed deposit. Rate of interest is competitive for FD in comparison to other banks. Actually Karur Vysya is not prolonging any kind of process as they are very fast. Payment option can be chosen by customer as we can chose quarterly, half yearly and yearly mode.
Good bank, nice response, Caring. Offering good interest rate. Most secured. Had joint a/c more than 3 years. No issues so far. Employees are more caring. They will remind us regularly if any form is not submit ex: 15G and happy to associate with this bank.
KVB offers better interests in private sector banks. But they also have higher service charges when compared to banks or institutes in private sector. Karur Vaisya Bank doesn't have enough branches available for convinience/easy availability as & when needed.
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4
Nelson Philipangel
, bangalore
Reviewed on Jun 02, 2015
I deposited one lakh in Karur Vysya bank for fixed deposit in the name of my kid and on quarterly basis the interest accumulates to my account. Employees of the bank are very good. Interest rate is between 8.6%-8.75%, I guess, government banks will provide higher rate than this. I preferred Karur Vysya bank for FD because the process was smooth when compared to government banks. Pre-matured charges are high where Karur Vysya is cutting down the charges.
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5
SHANMUGAM NADAR VIJAY GANESH S
, chennai
Reviewed on Apr 28, 2015
I have a fixed deposit with Karur Vyasa bank. The experience was so good and the customer support executive advised me with all the benefits. The response from them was very prompt. The deposit can be taken any time we require money for which there is deduction in the interest rates. They provided me proper follow ups and also excellent services.
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1
AASHISH ASHOKBHAI NAWARE
, gandhidham
Reviewed on Nov 27, 2014
If we have Fixed deposit, we can pull cash out in emergency cases. In comparison to other banks, Karur Vysya bank is giving high rate in respect to FD but when I availed the rate was 8.25% but now it increased. Opened FD for tenure of 2 years so I am getting simple interest. Karur Vysya is wonderful in customer service. Branch is very near by my place so it is very convenient to visit branch for any assistance.
I would recommend Karur Vysya bank strongly to my friends as they are not like normal banks and they are somewhat different. They are giving offers like nationalized banks and they wonâ??t charge anything extra. For senior citizen they are offering rate of interest above 10% on fixed deposit but I would say it as moderate rate. I would they are doing good but they can enhance more than what they are giving now. Overall, my experience is really good.
I already had FD, and I was planning for another FD but suddenly the rates got slashed to 9%.
Looks like Bankbazar missed this update.
Flexi RD is also missing from KVB.
I am in need of them.
I like their Sunday Banking which is in residential area of our locality.
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.
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