Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
Basic Savings - Zero Balance
Account Type
Savings Account
Interest Rate
Balance up to Rs.5 Lakh-2.25%. Balance above Rs.5 Lakh up to Rs.10 Lakh-2.50%. Balance above Rs.10 Lakh to less than Rs. 1 Crore-3.00%.
Free Debit Card
Yes, RuPay debit card.
Account Opening Fees
INR 0
Annual Maintenance Fees
INR 0
Minimum Account Balance
INR 0
Debit Card Charges
Nil.
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
Free - Up to INR 1,000/-. Beyond INR 1,000: INR 5.
Fees and Charges
Basic Savings - Zero Balance
Special Features
The Basic SB account can be opened with zero balance.
Eligibility Criteria
The eligibility criteria for opening a Karur Vysya Bank (KVB) Basic Savings Account are quite straightforward and accessible:
1. Age: You must be at least 18 years old to open this account.
2. Indian Residency: You must be a resident of India with valid proof of address.
3. Minimum Balance: There is no minimum balance requirement for this account. However, maintaining a minimum balance of INR 1,000 will prevent service charges for non-maintenance.
4. Documentation: You will need to submit standard KYC documents for opening the account:
Proof of Identity: Aadhaar Card, Voter ID, PAN Card, Driver's License, Passport, etc.
Proof of Address: Aadhaar Card, Ration Card, Utility Bills, Passport, etc.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
The account can be opened with 0 balance.
No restriction in respect to the number of transactions in this account.
No charges are debited by the KVB for not maintaining a minimum balance in this account.
Free RuPay debit card facility.
Cons
This account will not be eligible for cheque book facility
Low interest rate.
The balance at any point time should not exceed Rs. 50,000.
The aggregate of all withdrawals and transfer in a month should not exceed Rs. 10,000.
KVB Basic Savings - Zero Balance Account Review
The bank account is a basic savings account from KVB. It does not provide any kind of value add benefits to its users.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Opening a KVB Basic Savings Account is a straightforward process and you have several convenient options:
Online:
Website: Visit the Karur Vysya Bank website (https://www.kvb.co.in/personal/accounts/savings-account/basic-savings-zero-balance/: https://www.kvb.co.in/personal/accounts/savings-account/basic-savings-zero-balance/). Navigate to the specific KVB Basic Savings Account you're interested in and find the "Open Account" button.
Mobile App: If you already have a KVB account, download the AU 0101 app and log in. Go to the "Open New Account" section and choose the appropriate Basic Savings Account option.
Offline:
Branch Visit: Visit your nearest KVB branch and express your interest in opening a Basic Savings Account. A bank representative will guide you through the process, assist you with the application form, and collect your documents.
Call Customer Care: Contact KVB customer care at 1800-1200-1200 or 0141 7141000 (if calling from outside India). The customer care representative can explain the steps involved, eligibility criteria, and answer your questions.
Documents Required:
Proof of Identity: Aadhaar Card, Voter ID, PAN Card, Driver's License, Passport, etc.
Proof of Address: Aadhaar Card, Ration Card, Utility Bills, Passport, etc.
Some variants might require additional documents based on individual circumstances or specific account features.