Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
Freedom Savings for Professionals
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.
Account Opening Fees
INR 0
Annual Maintenance Fees
INR 0
Minimum Account Balance
INR 5,000
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
Freedom Savings for Professionals
Special Features
Free Cheque book - 25 leaves per year.
Eligibility Criteria
The KVB Freedom Savings Account for Professionals is designed for, as the name suggests, professionals. This means eligibility is based on your occupation and income. Here's a breakdown of the criteria:
Occupation:
You must be employed in a recognized profession. This typically includes doctors, lawyers, engineers, accountants, architects, chartered financial analysts, IT professionals, and other salaried individuals with similar qualifications and income levels.
Self-employed professionals like doctors running their own clinic or lawyers with their own practice might also be eligible, but additional documentation of income and financial stability might be required.
Income:
You must have a minimum annual income of Rs. 3 lakhs or above. This can be salaried income or income from your professional practice if self-employed.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free Cheque book - 25 leaves per year.
Free Debit card, Internet Banking, KVB Dlite Mobile banking facilities.
Cons
No premium value add feature provided with this account.
Low interest rate.
Limited branch network.
Limited number of ATMs.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
Opening a KVB Freedom Savings Account for Professionals is relatively straightforward, with options to suit your convenience:
Online:
Visit the KVB website: https://www.kvb.co.in/
Navigate to the "Personal" section, then "Accounts" -> "Savings Accounts".
Select "KVB Freedom Savings for Professionals" and click "Open Now".
Fill out the online application form, providing details like name, contact information, PAN number, proof of identity and address, and income documents.
Submit the application. You'll receive a reference number and further instructions via email.
Complete KYC verification through video call or visit a branch for physical verification.
Upon successful verification, your account will be activated and you'll receive welcome materials.
At a branch:
Locate your nearest KVB branch: https://www.kvb.co.in/locate-us/
Visit the branch with your KYC documents (proof of identity, address, and income).
Inform the representative you want to open a KVB Freedom Savings for Professionals account.
They will assist you with filling out the physical application form and guide you through required paperwork.
KYC verification might happen at the branch or through a video call later.
Once all steps are completed, your account will be activated and you'll receive welcome materials.