Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
KVB Regular Salary Account
Account Type
Salary 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 Regular Salary Account
Special Features
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:
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 between INR 5,000 to 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 Regular Salary Account KVB Bank Review
The account comes with low interest rate. The card offers certain perks such as free debit card, free demat account opening, nil non-minimum balance maintenance charges. The bank also offers reward points on debit card spending. Overall the only major con with this card is its low interest rate, which limits its appeal.
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?
There are two ways to open a KVB student savings account, depending on your preference and the student's age:
Online:
Visit the KVB website: https://www.kvb.co.in/
Go to the "Personal" section and choose "Accounts" then "Savings Accounts".
Select the appropriate student savings account based on the student's age:
Click on "Open Now" and fill in the online application form.
Provide details like the student's name, date of birth, contact information, and KYC documents (proof of identity and address). For KVB Jumbo Savings for Kids, the guardian's KYC documents are also required.
Submit the application. You will 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 using the branch locator on the KVB website: https://www.kvb.co.in/locate-us/
Visit the branch with the student's and (if applicable) guardian's KYC documents.
Inform the representative that you want to open a KVB student savings account.
They will assist you with filling out the physical application form and guide you through the 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.