Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
KVB Jumbo Kids Savings Account For Kids account is a special account designed to meet the needs of children.
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.
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
Jumbo Savings for Kids
Special Features
No minimum balance requirement.
Eligibility Criteria
There are two KVB Jumbo savings accounts offered by Karur Vysya Bank, each with its own eligibility criteria:
1. KVB Jumbo Savings for Kids:
This account is specifically designed for children up to 12 years of age.
The account can be opened in the name of the child with a natural guardian (parent or legal guardian) as the authorized signatory.
There are no minimum balance requirements for this account.
The account is completely free, with no charges for opening, maintaining, or transactions.
2. KVB Jumbo Savings:
This account is open to everyone, regardless of age.
There is no minimum balance requirement for this account.
However, if the monthly average balance falls below Rs. 2,000, a penalty of Rs. 100 will be levied.
There are also charges for certain transactions, such as ATM withdrawals (beyond 5 free transactions per month) and cheque issuance.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Account can be opened for kids upto 12 years.
No minimum balance requirement.
Free Debit card facilities.
Free attractive Jumbo Doll.
Cons
No premium value add feature provided with this account.
Low interest rate.
Limited branch network.
Limited number of ATMs.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
There are two ways to open a KVB Jumbo Savings account, depending on your preference:
1. Online:
Visit the KVB website: https://www.kvb.co.in/
Go to the "Personal" section and choose "Accounts" then "Savings Accounts".
Select the "KVB Jumbo Savings" or "KVB Jumbo Savings for Kids" option, depending on your need.
Click on "Open Now" and fill in the online application form.
You will need to provide details like your name, date of birth, contact information, PAN number, and KYC documents.
Once submitted, you will receive a reference number and further instructions via email.
Upon completion of KYC verification (which might involve a video call), your account will be activated.
2. 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 your KYC documents (proof of identity and address).
Inform a bank representative that you want to open a KVB Jumbo 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.