Karur Vysya Bank offers 12 different types of savings accounts. You can earn an interest of up to 3.50% on deposits made towards a savings account. Depending on the type of savings account, the features and benefits will vary.
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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 the documents 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. You must submit the application form along with the relevant documents. After the bank verifies the documents, you would receive the Starter Kit.
The interest rate offered by Karur Vysya Bank on its savings accounts are mentioned in the table below:
|Up to Rs.1 lakh||3.00%|
|Above Rs.1 lakh||3.50%|
Minimum Balance Requirements for Karur Vysya Bank Savings Accounts
The minimum balance that must be maintained in an account depends on the type of savings account that has been opened. Given below are the minimum balance requirements:
|Type of Savings Account||Monthly Average Balance|
|KVB Shakthi for Women||Rs.5,000|
|Jumbo Savings Account for Kids||Nil|
|Prestige Savings for HNIs||Rs.1 lakh|
|Freedom Savings Account for Professionals||Rs.5,000|
|YuvaShakti Savings for Youth||Rs.5,000|
|Regular Savings Account||Contact the bank|
|KVB Prestige Salary Account||Nil|
|KVB Regular Salary Account||Nil|
|KVB Senior Citizens Savings||Nil|
Types of Karur Vysya Bank Savings Accounts
- KVB Shakthi for Women: An account designed exclusively for women, this savings account comes with benefits such as 25 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 Savings for Kids: Children up to the age of 12 years can open an account. 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 for HNIs: 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 for Professionals: 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 25 cheque leaves free every year. Demand Draft issue will be free up to Rs.25,000 a month.
- Student Savings: This savings account has been designed for students, to help them get into the habit of saving and thus secure their future financially. Under this account, no minimum balance needs to be maintained.
- Rainbow Savings - Sweep In/Sweep Out: 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.Holders can also avail of internet banking and mobile banking services. They can opt for a Debit card as well.
- YuvaShakti Savings for Youth: 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. A cheque book with 25 cheque leaves will be provided every year at no additional cost. Internet banking is also provided at no extra charge.
- Regular Savings: A no frills savings account designed to promote saving, this account comes with 25 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.
- KVB Prestige Salary Account: The employee must earn a salary of at least Rs.50,000. A free Demat account can be opened. No minimum balance needs to be maintained. 100 cheque leaves are provided in a year at no additional cost. Free mobile and internet banking facilities are provided as well.
- KVB Regular Salary Account: The average salary of the employee must range between Rs.5,000 and Rs.50,000. A free Demat account can be opened. No minimum balance needs to be maintained. 20 cheque leaves will be provided every year at no additional cost. Mobile and internet banking facilities will be provided at no additional cost.
- KVB Senior Citizens Savings: Individuals above the age of 60 years can open an account. No minimum balance needs to be maintained. 25 cheque leaves will be provided at no additional cost. A free debit card will be given. Free mobile and internet banking will be provided.
- Basic Savings – Zero Balance: 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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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.