Product Details
Bank Name
Karur Vysya Bank
Eligibility
Individuals, Individuals jointly with other Individuals, Minors, HUF, Sole Proprietary concerns, Trusts, Associations, Clubs & Societies, Partnership Firms ,Joint stock companies and
Any other entity not prohibited by RBI
Interest Rate
7.60% to 8.10% per annum.
Tenure
760 Days
Fixed Deposit Type
Regular
KVB 760 Deposit Scheme
Tax Benefits
None
Credit Ratings
[ICRA]A+
Interest Payment Frequency
monthly, quarterly, half-yearly, yearly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
Flexible interest payout options.
Loan facility is available.
Additional concession in interest rates for senior citizens.
Minimum Investment Amount
1,000
Features & Benefits
Pros
Flexible interest payout options.
Competitive interest rates.
Nomination Facility
Cons
No flexibility in tenure.
Pros & Cons
Account Opening Procedure
How to Open?
Visit your nearest Karur Vysya Bank branch: This is the traditional method and allows for personalized assistance from a bank representative. Here's what to expect:Carry your KYC documents: These typically include proof of identity (PAN Card, Aadhaar Card, etc.), address proof (utility bills, rental agreement), and possibly a passport-sized photograph.
Fill out the application form: The bank representative will guide you through the application process.
Deposit the initial amount: You'll need to deposit at least the minimum amount required to open the FD (check with the bank for current minimums).
Choose your interest payout option: KVB offers both cumulative and non-cumulative interest payout options.
Nominate a beneficiary: This ensures someone you designate receives the funds in case of your passing.
Online account holders can potentially open through Netbanking (limitations apply): While KVB's website doesn't explicitly mention opening Tax Saving Deposits online, it does allow opening Fixed Deposits through Netbanking for existing account holders, with some limitations.
Application Procedure
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