| Started On | 1916 |
| Head Quarters | Tamil Nadu |
| CRISIL Rating | NA |
| CEO | Mr. Sakthi Vel |
| Listed on exchange as | Karur Vysya Bank Ltd. |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
This FD plan is ideal for investors who wish to receive a regular income from interest. It gives investors the choice of receiving yield semi-annually, quarterly, or monthly. Individuals, members of the Hindu Undivided Family, corporations, associations, trusts, partnership firms, and so on can participate in the system.
This KVB FD program is specifically intended to meet the investing needs of older persons. A senior citizen is defined as someone above the age of 60.
The KVB tax-saving fixed deposit plan is intended to give taxpayers the option of claiming a deduction under Section 80C. Income tax exemption is available up to a maximum of Rs. 1.5 lakh. More information on the plan is provided below:
The Karur Vysya Bank Thirumagal Thirumana Thittam (TTT) program is designed for investors who want to invest money to fulfill long-term financial goals such as paying for a child's education, marriage, and so on.
The short-term deposit ranges from a period of 7 days to 1 year. The interest rate for general customers is 3.25% to 4.25%, and the same follows for senior citizens.
Medium-term deposit ranges from 1 year to 5 years, and the general interest offered is 5.25% to 5.5% and 5.75% to 6% for senior citizens.
Long-term deposits are for 5 years and above, and the interest rates for general and senior citizens are 5.75%.
| Name | Tenure | Interest rate |
|---|
A Karur Vysya Bank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Karur Vysya Bank FD account via internet banking-
2) Mobile App - KVB DLite & Mobile Banking App
Follow the steps mentioned ahead to open an FD account via KVB DLite & Mobile Banking App-
3) Opening Karur Vysya Bank FD Offline
For opening a Karur Vysya Bank FD account via offline mode, one has to visit the nearest Karur Vysya Bank branch. Fill out the Karur Vysya Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Karur Vysya bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Karur Vysya Bank –
The following documents have to be furnished for opening a Karur Vysya Bank FD –
An investment in Karur Vysya Bank Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Karur Vysya Bank FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Karur Vysya Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Karur Vysya Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Karur Vysya Bank provides loans against their Fixed Deposits. Investors can avail of loans without breaking their KVB Fixed Deposit. Note that the rate of interest for the loan will be 1-2% above the KVB Fixed Deposit rate of interest.
All Karur Vysya Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposit. The penalty of 1% on the contracted interest rate is levied for withdrawing deposits below Rs 2 crore. For deposits above Rs 2 crore, the penalty is levied according to the Karur Vysya Bank terms and conditions.
How does one close an FD in KVB?
Visit a local branch office, preferably the one where the FD account is, and request that the FD be closed.
What is the highest KVB FD interest rate that consumers may get?
KVB - Tax Shield is now available at a rate of 6.00 percent. Please keep in mind that this pricing is subject to change at any moment without notice.
Are there any special rates for Karur Vysya Bank's elderly citizens FD?
Yes, elderly persons receive a greater interest rate on their savings as compared to FD rates. The typical FD rate ranges from 3.25 percent to 5.75 percent. In comparison, Karur Vysya Bank senior citizens’ FDs vary from 3.50 percent to 6.00 percent.
Does the change in KVB FD interest rates affect the bank's existing FD customers?
No. Changes in interest rates have no effect on the bank's existing investors unless the FD runs on a variable interest rate. Rates are only updated for new customers or those who choose to renew.
Can an additional sum be deposited in a KVB tax-saving deposit?
No. Because it is a fixed deposit, the deposit can only be made once. In the event of KVB recurring deposits, an additional sum might be placed.