The Karur Vysya Bank is a private bank with its headquarters in Karur, Tamil Nadu. It was established in the year 1916 by M.A Chettiar and A. K. Chettiar. One of the biggest banks in south India, the bank was set up to cater to the banking needs of the trading community in the town of Karur. The bank has expanded its reach, now operating through 657 branches and 1652 ATMs throughout the country.
The bank has been a pioneer when it comes to implementation of banking technology, through its Cash Deposit Machines. All of its branches are registered on the NEFT network, enabling its customers to transfer funds through the NEFT and RTGS online platforms.
The bank also has a number of saving account schemes designed to cater to the needs of its diverse customer base. These savings accounts not only carry attractive interest rates, but also come with a number of benefits and privileges.
Opening a Savings Account with Karur Vysya Bank
Opening a Savings Account with Karur Vysya Bank is a convenient and simple process thanks to their online account opening option. You can make an online account opening request by visiting the bank’s website. Click on the “Online Account Opening Request” tab for details on applying online. Once you have filled up the form and checked the required documents against the checklist prepared by the bank, a representative will contact you and collect the documents. Once these have been verified, you will receive the Starter Kit and can begin saving through the account.
You could also choose to open an account by visiting the bank branch and filling out the application form there. You would have to submit the filled out form along with the required documents. After the bank verifies these you would receive the Starter Kit and your account would be operational.
Minimum Balance Requirements for Karur Vysya Bank Savings Accounts
The Karur Vysya Bank has stipulated certain minimum balance amounts for its savings accounts, dependant on the type of account, etc. Given below are the minimum balance requirements:
|Type of Savings Account||Monthly Average Balance|
|Shakthi Savings Account||Rs. 5, 000|
|Jumbo Kids Savings Account||Nil|
|Prestige Savings Account||Rs. 1, 00, 000|
|Freedom Savings Account||Rs. 5, 000|
|Student Savings Account||Nil|
|Rainbow Savings Account||Rs. 3, 000|
|Yuvashakti SB Savings Account||Nil|
|Regular Savings Account||Rs. 1, 000|
|Smart Savings Account||Nil|
|Basic Savings Bank Account||Nil|
Types of Karur Vysya Bank Savings Accounts
KVB Shakthi Savings Account: An account designed exclusively for women, this savings account comes with benefits such as 60 free cheque leaves a year and unlimited access to internet and mobile banking free of charge. Account holders can also enjoy free NEFT/RTGS transfers or Demand Draft/Pay Order transactions amounting to Rs.1, 00, 000 a month. They will also receive a discount of 25% on the processing fee amount for retail loans and allied products.
Jumbo Kids Savings Account: Introduced to inculcate a saving habit in children, this account can be opened in the child’s name by a parent or guardian. This zero balance account come with features such as an ATM/Debit card free of cost as well as a free doll on opening the account.
Prestige Savings Account: This account, designed for high net worth individuals, comes packed with special privileges and features like free personalised cheque books and internet banking facility. Account holders will also receive an international Debit card with card charges waived and a withdrawal limit of Rs. 50, 000 a day. Money transfers through NEFT/RTGS will be free of charge.
Freedom Savings Account: This account provides holders with the benefits of a premier account without needing to maintain a high balance. The account provides holders with free cash remittance at base branches and 40 cheque leaves free every year. Demand Draft issue will be free up to Rs. 25, 000 a month.
Student Savings Account: This savings account has been designed for students, to help them get into the habit of saving and thus secure their future financially. The account comes with benefits such as a low minimum balance and Debit card (for holders over 12 years of age). They can also make ATM transactions free of charge at any Karur Vysya Bank ATMs, in addition to 90 free transactions in a year.
Rainbow Savings Bank Scheme Account: This account combines the benefits of a fixed deposit with the features of a savings account to provide account holders with an opportunity to earn attractive interest on their savings. Once the account balance reaches Rs. 15, 000, 91 day fixed deposits will be swept out in multiples of Rs. 5, 000. Holders will receive interest on the amount as per prevailing interest rates. Holders can also avail of internet banking and mobile banking services. They can opt for a Debit card as well.
Yuvashakti SB Savings Account: With the Yuvashakti account, receive the financial boost to kickstart your career. Receive a host of benefits like an International debit card and free e-commerce services such as bill payment and e-ticketing. Also enjoy a personalised cheque book with 50 cheque leaves free every year and internet banking at no charge.
Regular Savings Account: A no frills savings account designed to promote saving, this account comes with 20 free cheque leaves a year and free base branch cash remittance. Holders can also avail of a debit card as well as internet and mobile banking facilities. Holders can also make a total of 90 transactions free of cost each year, after which they will be charged Rs. 2 per transaction.
Smart Savings Bank Account: Designed as a salary account for working professionals, this account comes with features such as a free Debit card (for the first year) and free access to internet banking. Holders will receive their account statements via email at no charge and can avail 3 NEFT transfers every month for no charge. Holders can also avail credit up to 50% of the last salary amount credited.
Basic Savings Bank Account (Kalpatharu Account): The objectives of this account are to ensure all members of society can avail of banking services. This account is designed for those who wish to avail of the basic banking services associated with a savings account. There is no minimum balance requirement for this account, and there are no limits on the number of transactions that can be made.
Documents Required to Open Karur Vysya Bank Savings Account
The Karur Vysya Bank has a set of documents that have to be submitted to open a Savings Account. These documents fall under the Know Your Customer (KYC) norms introduced by RBI. Mentioned below are the documents required:
- Passport sized photographs
- Proof of identity
- Proof of address
Proof of Identity Documents
The following list of documents can be submitted as proof of identity:
- Ration card
- Aadhaar Card
- Voter’s ID card
- Pension card
- Driver’s license
- Permanent Account Number (PAN) card
- Government issued ID card (with photograph)
Proof of Address Documents:
The following list of documents can be submitted as proof of address:
- Ration Card
- Driver’s license
- Aadhaar card
- Pension card
- Utility bills like telephone bill, electricity bill
- Government issued ID card
In the case of minors and senior citizens, proof of age documentation is required when opening the account.
For joint accounts holders, the applicant as well as the co-applicant have to submit the KYC documents.
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