Karur Vysya Bank Fixed Deposit (FD)
Karur Vysya Bank offers fixed deposits at attractive interest rates that are payable at regular intervals for tenures ranging from 7 days to 10 years.
Loans can also be availed against the fixed deposits. As of 16 August 2023, interest rates range from 4.00% to 7.20% p.a.
The interest rates for senior citizens range up to 7.70% p.a. for tenures ranging from 1 year to 5 years. You can also avail tax benefits with the KVB Tax Shield with 5-year tenure at an interest rate of 5.90%.
Karur Vysya Bank Fixed Deposit Features
The feature that you can expect to see associated with KVB fixed deposits are:
- Nomination facilities
- Loans against fixed deposits
- Special interest rates for senior citizens
- Tax benefits under section 80C
- Free accidental/death insurance of Rs. 1 Lakh
Fixed Deposit Schemes Offered By Karur Vysya Bank
Karur Vysya Bank offers its customers a wide variety of fixed deposit schemes to choose from which have been designed to provide investors with FD's that suit their individual needs. Some of these schemes are:
- Thirumagal Thirumana Thittam - The Thirumagal Thirumana Thittam scheme, also known as TTT, is a scheme that is aimed at letting you invest today so as to have finances ready to take care of future needs like education or weddings. In this scheme you can invest a minimum of Rs. 100. There is no limit on how much you can invest under this scheme. This deposit needs to be opened for a minimum of 6 months and a maximum tenure of 10 years. Under this scheme the tenure must always be in multiples of 3 months.
- Fixed Deposits - As the name suggests, this is a regular fixed deposit which can be started with as little as Rs. 100. The tenure for such deposits ranges from 15 days to 10 years. The interest earned on such a deposit is payable on a monthly/quarterly/half-yearly/ annual basis however payments made on a monthly basis will be done at discounted rates.
- Senior Citizen Deposits - This is a scheme that has been designed to help senior citizens invest their money. Under this scheme depositors are entitled to special interest rates if the deposit is made for 1 year to 5 years. However, the maximum ceiling for senior citizens deposit is up to Rs.3 crore.
- One condition that this deposit has is that proof of age must be submitted at the time of opening this fixed deposit account.
- KVB Manimala - If depositors are unable to make lump-sum deposits then this is the ideal scheme for them because this one allows for monthly deposits to be made. The minimum deposit must be of Rs. 100 and any further investment must be done in multiples of Rs. 25.
- The minimum tenure of such a deposit is 6 months and the maximum is 10 years. If the depositor fails to pay a monthly deposit then they may have to pay a penalty.
- KVB Tax-Shield - For those who are looking for tax benefits on their fixed deposits, this is the ideal scheme. The tenure of this scheme is 5 years. The investment amount needs to be a minimum of Rs. 100 and a maximum of Rs. 1.5 lakh in a year.
- Payments made towards this scheme can be shown under section 80C for tax benefits. This deposit does not allow for early withdrawal or loans against the FD.
- Rainbow Savings -Sweep In/Sweep Out - This fixed deposit comes attached to savings bank account and has all the attributes of both fixed deposits and savings accounts. It also comes with free accidental/death insurance cover of Rs. 1 lakh.
- The tenure of this deposit is 90 days and senior citizens won't be able to avail special interests under this scheme. The applicant will be required to maintain a minimum balance of Rs.3,000 in their bank account to avail the Rainbow Savings facility.
- KVB Double Delight - You can open an account in the names of different individuals. The applicant can earn maturity ranging between Rs.1 lakh and Rs.5 lakh. The tenure offered is between 1 year and 5 years.
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Karur Vysya Bank Fixed Deposits Interest Rates
The KVB fixed deposit interest rates may vary from scheme to scheme. It will also depend on the duration of the term deposit and the amount that is being deposited. In general, the lowest interest rate offered by them is 4.00% p.a. and the highest is 7.20% p.a. In the case the TVB Flexi Term Deposit, which requires a minimum of Rs. 1 Cr, the interest rate offered is 4.00% p.a. Senior citizens are entitled to claim a special interest rate of up to 7.70% p.a.
KVB Tax Saver Fixed Deposits
KVB offer tax saver fixed deposit schemes. It is known as the KVB Tax-Shield and allows investors to invest a minimum of Rs. 100 and a maximum of Rs. 1.5 lakhs. The tenure is fixed at 5 years and in case of joint account, tax benefits are extended only to the primary holder. The interest rate is fixed at 5.90% p.a.
Karur Vysya Bank FD Eligibility
Like most financial institutions, any person who is a resident of India or a HUF can apply to open a fixed deposit with KVB. Trusts, partnership firms, companies, clubs, societies, etc. can also open fixed deposits with KVB.
How to Open Karur Vysya Bank Fixed Deposit Account
If you want to open a fixed deposit with Karur Vysya Bank then all you have to do is to visit the BankBazaar website. There you will be provided with a calculator that will help you decide on the amount and tenure of the fixed deposit and also show you the amount you'll get at the time of maturity.
Once you have decided on all of this, you can download the FD form from the site, fill it up and submit it at any branch of KVB. You will also be required to submit relevant supporting documents like address proof and identity proof.
FAQs on Karur Vysya Bank FD
- What is the minimum amount required to open an FD account with KVB?
The minimum amount required to open an FD with Karur Vysya Bank depends on the type of fixed deposit that you want to open. For most schemes the minimum amount required is Rs.100 but in the case of the KVB Flexi Term Deposit, the minimum amount required is Rs.1 crore.
- What is the maximum amount that can be deposited in a KVB FD account?
There is no limit on how much amount can be put in a fixed deposit with KVB, however deposits made in excess of Rs.1 crore may require clearance from the bank. The only place where there is an actual limit on the amount that can be invested is for senior citizens. In their case the limit is Rs.3 crore. and is linked to the Senior Citizens Deposit scheme.
- What is the minimum / maximum period for which funds can be held in as fixed deposits with Karur Vysya Bank?
The minimum and maximum time periods for which funds can be held in an FD may differ from one scheme to another. The absolute minimum is 15 days and the maximum is 10 years or 120 months. In the case of the Tax Shield scheme the tenure is fixed at 5 years with no premature closure permitted.
- Are FD accounts with KVB taxable?
Yes. The interest earned on fixed deposits with Karur Vysya Bank are taxable under relevant laws however, if a person does not fall under a tax bracket and has furnished forms 15G and 15H then they may be exempted from tax deductions. The tax on interest earned is generally deducted at source by the bank.
It must be noted that the feature of each FD scheme may vary as per the scheme selected.
- Are loans provided against FDs at Karur Vysya Bank?
Yes. KVB does provide loans against FD's maintained with them. The amount of the loan will be a predefined percentage of the deposited amount and may vary from scheme to scheme. There may also be some schemes under which loans against FD's may not be permitted.
- Does Karur Vysya Bank offer term deposits for NRIs?
Yes, the bank does offer NRE and FCNR term deposits. The interest you earn on an NRE deposit from 5.50% per annum for deposits held for 1 or 2 years to 5.65% per annum for deposits held between 3 years to 5 years and 5.75% per annum for deposits held for more than 5 years.
In the case of FCNR deposits, the deposit can be created in USD, Euro, JPY, GBP, CAD and AUD. The interest rates offered will depend on the currency in which you open the deposit and the duration will range from 1 year to 5 years.
- Does KVB offer senior citizens special rates on their fixed deposits?
Yes, KVB does offer senior citizens special interest rate. These rates range from 6.00% to 6.15% p.a. and are subject to the time period for which the deposit is being held.
- Does KVB issue credit cards against fixed deposits held at Karur Vysya Bank?
No, Karur Vysya Bank does not offer credit cards against fixed deposits held with them.
- What happens if the fixed deposit is closed prematurely?
In case your FD is opened under the KVB Tax-Shield scheme there is no option to close it prematurely since it comes with a lock-in period of 5 years. For all other fixed deposits, premature withdrawals are permitted. If the FD is closed within 8 days, no interest will be paid to the depositor.
For NRE deposits, there is no penalty applied for premature withdrawals provided the deposit amount is more than Rs. 15 lakhs and the deposit has stayed with the bank for at least 1 year.
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