Karur Vysya Bank Savings Account

What is a Savings Account?

Savings bank account deposit is the most basic type of deposit account offered by all banks. Any savings bank account will earn very nominal interest. It is considered as the next best thing to ‘cash in hand’ in terms of accessibility. Individuals may choose to park the excess cash in hand or at home, which may not be required for daily household expenses. The savings bank account’s key features include very nominal interest rate, high flexibility in terms of fund accessibility and withdrawal.

Advantages of Savings Accounts

• Safety and security for excess cash in hand
• Additional cash in hand earns nominal interest
• Offers liquidity and maximum flexibility in terms of fund accessibility
• Facilitates savings for consistent and disciplined investment

Disadvantages of Savings Accounts

• High liquidity leads to higher spend
• Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit

Advantages of Karur Vysya Bank Savings Accounts

• Safety and security for excess cash in hand
• Additional cash in hand earns nominal interest
• Offers liquidity and maximum flexibility in terms of fund accessibility
• Facilitates savings for consistent and disciplined investment

Disadvantages of Karur Vysya Bank Savings Accounts

• High liquidity leads to higher spend
• Low interest rates as compared to other similar instruments such as treasure bills and certificate of deposit

Features and Benefits of Karur Vysya Bank Savings Account

Karur Vysya Bank savings account offers a range of options, the features are customized as per the client’s requirements. There is a basic eligibility criteria and minimum balance requirement which must be fulfilled by the client to open the required type of savings bank account. Every type of account has its own set of features and benefits.

Types of Karur Vysya Bank Savings Accounts

The types of savings accounts in Karur Vysya Bank are categorized as –

1. KVB Shakthi for Women

KVB Shakthi for Women is a unique savings account product that provides the triple benefits of a savings bank account, loan eligibility and insurance coverage, all rolled into one. This is specifically designed for modern day women.

Features and benefits

• Savings portfolio is coupled with loan component and insurance coverage
• Monthly average balance of Rs.5,000/-
• Free cheque book – 25 leaves per year

• Free Demat Account (first year)
• Free Anywhere Banking, Net Banking and Mobile Banking
• DD/PO/RTGS/NEFT: Free limit of up to Rs.1,00,000/- per month above which normal Charges shall apply
• Free accidental death insurance cover of Rs.1,00,000
• Free Debit/ATM card for the first year
• Rs.500/-Processing charges on loans – flat & irrespective of the limit for Personal Loans linked to this account

2. Jumbo Savings for Kids

Jumbo Savings for Kids is designed for children, the account can be opened in the name of the child below 12 years of age.

• Benefits and Features
• For children upto the age of 12 years
• Account opened in the name of the child with the natural guardian as the authorized signatory
• No minimum balance requirement
• Free Visa backed ATM Card
• Free attractive Jumbo Doll

3. Prestige Savings for HNIs

This savings account is designed for HNIs (High Networth Individuals), the services can be accessed from any of the network branches of Karur Vysya Bank. The best in class technology is employed to provide superior banking experience for the account holders.

Benefits and Features

• Free Personalized at par Cheque
• Free Internet and Mobile Banking
• At par funds transfer through NEFT / RTGS / DD / PO / Inter branch fund transfers
• Free collection of outstation Cheque on KVB branch centers
• Free accidental death and disability insurance up to Rs. 2,00,000 and treatment on hospitalization due to accident up to Rs. 20,000/-
• Gateway for enrollment to Pride programme
• Personalized service across KVB Branches

4. Freedom Savings for Professionals

Freedom Savings Account is a unique account which is designed to keep money deposited secure while giving the maximum technology benefits at an affordable minimum average balance.

Features and Benefits

• Free Cheque book – 25 leaves per year
• Debit Card with the account will be provided
• Internet banking and mobile banking
• Free use KVB ATMs and 5 transactions free in the ATMs under VISA and NFS cluster
• Monthly financial statement via e-mail
• Standing instructions to the Manimala deposit scheme at no extra cost
• The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
• A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

5. Student Savings

This is designed for students who intend to use the account for their higher studies. Account opening process is simple; an existing KVB account holder can be the introducer for the student who intends to open the account or the head of the educational institution where the applicant is studying can provide letter of introduction to the bank.

Features and benefits

• Free use of Karur Vysya Bank ATMs and 5 transactions free in the ATMs under VISA and NFS cluster
• Top-up facility for mobile phone at any Karur Vysya Bank ATM subject to charges applicable from time to time
• Periodic e-statement of accounts as per requirement
• Receive credits through a standing instruction given by parent to the bank
• The number of all debit transactions including ATM transactions in the account will be limited to 90 transactions for each half year for all the accounts mapped to a single customer ID put together
• A service charge of Rs.2.25/- inclusive of GST will be levied for each transaction in excess of 90 transactions

About Karur Vysya Bank Savings Account

Karur Vysya Bank like all other banks offers the standard set of products and services which includes deposits in the form of savings account, current account, fixed deposit account etc., and loans or advances which includes education loan, personal loan, car loan, loan against property, home loan etc. There are various types of savings account deposit, which can be chosen by the customers based on suitability.

Interest rates on Karur Vysya Bank Savings Account

Karur Vysya Bank saving account interest rate is 4% per annum which is calculated on the daily end of the day balance.

Karur Vysya Bank Savings Account FAQ