Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
KVB Prestige salary account is a special account designed to meet the needs of employees whose salary is above INR 50,000 rupees per month.
Account Type
Salary 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 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
KVB Prestige Salary Account
Special Features
Anmol Rewards Program: Anmol Rewards is a debit card loyalty program offered by Karur Vysya Bank (KVB). It rewards debit cardholders for their everyday spending with points that can be redeemed for various benefits. Here's a breakdown of the program:
Earning Points:
You earn Anmol Points on every swipe of your KVB debit card at point-of-sale (POS) terminals or online transactions.
The point earning rate varies depending on the type of debit card you have. Some cards offer higher point accrual rates for specific categories like fuel, grocery, or dining.
Eligibility Criteria
To be eligible for KVB Prestige Salary Account, you need to meet certain criteria regarding your employment and salary amount:
1. Employment:
You must be a salaried employee receiving your salary through your employer into your KVB Prestige Salary Account.
This applies to employees working in both private and public sectors.
2. Minimum Salary:
The minimum monthly salary requirement for opening a KVB Prestige Salary Account is usually INR 50,000 per month.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Here are some of the key advantages you can enjoy:
Anml Rewards Program: Anmol Rewards is a debit card loyalty program offered by Karur Vysya Bank (KVB). It rewards debit cardholders for their everyday spending with points that can be redeemed for various benefits. Here's a breakdown of the program: (A)You earn Anmol Points on every swipe of your KVB debit card at point-of-sale (POS) terminals or online transactions, (B)The point earning rate varies depending on the type of debit card you have. Some cards offer higher point accrual rates for specific categories like fuel, grocery, or dining.
Nil non-maintenance charges.
Free Demat account opening.
Free debit card.
Cons
No premium value add feature provided with this account.
Low interest rate.
Limited branch network.
Limited number of ATMs.
KVB Prestige Salary Account Review
The bank account does not offer the kind of value add benefits offered by other private banks' salaried accounts. Interest is also low. Overall this account should be avoided.
Abhijeet Saxena
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Product Review
Account Opening and Procedure
How to open an Account?
There are 2 ways to open a Prestige Salary account with Karur Vysya Bank (KVB):
1. Online through App:
Download the KVB DLite app from the app store.
Select the option to open an Prestige Salary Account.
Fill out an online form and submit the necessary documents electronically.
2. Offline at KVB branch:
Visit your nearby Karur Vysya Bank branch.
Request for a Prestige Salary account application form.
Fill the account opening form completely and accurately.
Submit the form along with the necessary documents. These documents typically include:Passport-sized photographs.
Proof of identity (Aadhaar card, Passport, Voter's ID, etc.)
Proof of address (Utility bills, Rental agreement, etc.)