Karur Vysya Bank (KVB) offers term deposits at an additional interest rate to all Indian citizens who have attained the age of 60 years. This bank comes with both cumulative and non-cumulative term deposits. The interest rate for senior citizens ranges between 5.65% p.a. and 5.75% p.a.
Features of Karur Vysya Bank Senior Citizen Fixed Deposits
- Term deposits can be availed in cumulative and non-cumulative options.
- Loans can be availed on deposits.
- Premature closure of fixed deposits is permitted.
- Tenure ranges from 1 year to 5 years.
- Nomination is mandatory.
Karur Vysya Bank Senior Citizen Fixed Deposit Rates
Given below are the Karur Vysya Bank fixed deposit rates for senior citizens.
| Tenure | Senior Citizens Rates p.a |
|---|---|
| 1 year - less than 2 years | 5.65% |
| 2 years - less than 3 years | 5.75% |
| 3 years - 5 years | 5.75% |
| KVB - Tax Shield Deposits | 5.75% |
FAQs on Karur Vysya Bank Senior Citizen FD Rates
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What is the interest rate offered on senior citizen fixed deposits by Karur Vysya Bank?
The interest rate offered by Karur Vysya Bank on senior citizen fixed deposits ranges between 5.65% p.a. and 5.75% p.a.
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What are the types of fixed deposits available for senior citizens?
Karur Vysya Bank offers both cumulative and non-cumulative options to senior citizens.
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Is nomination mandatory?
Yes, nomination is mandatory.
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Is premature closure allowed?
Yes, premature closure is allowed.
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What is the penalty for premature closure?
For deposits up to Rs.2 crore, a penalty of 1% will be charged. Deposits more than Rs.2 crore will be subject to pre-closure penalty norms.
