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Product Details
Bank Name

Karur Vysya Bank Limited

Account Name

KVB Basic Savings Account is a zero balance no frill account from KVB.

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, RuPay debit card.

Basic Savings - Zero Balance
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
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Basic Savings - Zero Balance

Special Features

The Basic SB account can be opened with zero balance.

Eligibility Criteria

The eligibility criteria for opening a Karur Vysya Bank (KVB) Basic Savings Account are quite straightforward and accessible:

1. Age: You must be at least 18 years old to open this account.

2. Indian Residency: You must be a resident of India with valid proof of address.

3. Minimum Balance: There is no minimum balance requirement for this account. However, maintaining a minimum balance of INR 1,000 will prevent service charges for non-maintenance.

4. Documentation: You will need to submit standard KYC documents for opening the account:

  • Proof of Identity: Aadhaar Card, Voter ID, PAN Card, Driver's License, Passport, etc.

  • Proof of Address: Aadhaar Card, Ration Card, Utility Bills, Passport, etc.

Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
  • The account can be opened with 0 balance.

  • No restriction in respect to the number of transactions in this account.

  • No charges are debited by the KVB for not maintaining a minimum balance in this account.

  • Free RuPay debit card facility.

Cons
  • This account will not be eligible for cheque book facility 

  • Low interest rate.

  • The balance at any point time should not exceed Rs. 50,000.

  • The aggregate of all withdrawals and transfer in a month should not exceed Rs. 10,000.

Application Procedure

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Product Review
Account Opening and Procedure
How to open an Account?

Opening a KVB Basic Savings Account is a straightforward process and you have several convenient options:

Online:

  1. Website: Visit the Karur Vysya Bank website (https://www.kvb.co.in/personal/accounts/savings-account/basic-savings-zero-balance/: https://www.kvb.co.in/personal/accounts/savings-account/basic-savings-zero-balance/). Navigate to the specific KVB Basic Savings Account you're interested in and find the "Open Account" button.

  2. Mobile App: If you already have a KVB account, download the AU 0101 app and log in. Go to the "Open New Account" section and choose the appropriate Basic Savings Account option.

Offline:

  1. Branch Visit: Visit your nearest KVB branch and express your interest in opening a Basic Savings Account. A bank representative will guide you through the process, assist you with the application form, and collect your documents.

  2. Call Customer Care: Contact KVB customer care at 1800-1200-1200 or 0141 7141000 (if calling from outside India). The customer care representative can explain the steps involved, eligibility criteria, and answer your questions.

Documents Required:

  • Proof of Identity: Aadhaar Card, Voter ID, PAN Card, Driver's License, Passport, etc.

  • Proof of Address: Aadhaar Card, Ration Card, Utility Bills, Passport, etc.

  • Some variants might require additional documents based on individual circumstances or specific account features.

Application Procedure
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