Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
KVB Senior Citizen Savings
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
Debit Card Charges
Nil
Annual Maintenance Fees
INR 0
NEFT Charges
Free if done through net banking/mobile banking.
Minimum Account Balance
INR 0.
IMPS Charges
Free - Up to INR 1,000/-. Beyond INR 1,000: INR 5.
Fees and Charges of
KVB Senior Citizen Savings
Special Features
Higher rate of interest for term deposits.
Eligibility Criteria
To be eligible for the Karur Vysya Bank Senior Citizen Savings Account, you must meet the following criteria:
Age:
- You must be a resident of India and at least 60 years old.
Minimum Balance:
- There is no minimum balance requirement for this account. However, maintaining a minimum balance of INR 1,000 will ensure you avoid any service charges for non-maintenance.
Documentation:
- You will need to submit standard KYC documents for opening the account. These typically include: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. Proof of Age: Birth Certificate, School Leaving Certificate, Voter ID card showing date of birth, etc.
Benefits
Features, Eligibility and Benefits of
KVB Senior Citizen Savings
Pros & Cons of
Pros
- Free 25 cheque leaves per year.
- Free debit card.
- Zero balance account.
- Higher rate of interest for term deposits.
Cons
- No premium value add feature provided with this account.
- Low interest rate.
- Limited branch network.
- Limited number of ATMs.
KVB Senior Citizen Savings
The account comes with low interest rate and offers average value add features.
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
Review of
KVB Senior Citizen Savings
Account Opening and Procedure of
How to open an Account?
Opening a Karur Vysya Bank Senior Citizen Savings Account is a straightforward process, and you can choose from convenient online and offline options:
Online:
- Website: Visit the Karur Vysya Bank website ( https://www.kvb.co.in/personal/accounts/savings-account/kvb-senior-citizen-savings/ : https://www.kvb.co.in/personal/accounts/savings-account/kvb-senior-citizen-savings/ ) and navigate to the Senior Citizen Savings Account page. Click on "Open Account" and complete the online application form. Provide your personal details, proof of age and address, and choose your preferred account variant. You might need to upload scanned copies of your KYC documents.
- Mobile App: If you already have a Karur Vysya Bank account, download the AU 0101 app and log in. Navigate to the "Open New Account" section and choose the Senior Citizen option. Follow the instructions and provide requested information, including uploading required documents.
Offline:
- Branch Visit: Visit your nearest Karur Vysya Bank branch and express your interest in opening a Senior Citizen Savings Account. A bank representative will guide you through the process, help you fill out the application form, and assist with document submission.
- Call Customer Care: Contact Karur Vysya Bank customer care at 1800-1200-1200 or 0141 7141000 (if calling from outside India). The customer care representative can explain the eligibility criteria, account features, and guide you through the application process. They can also schedule an appointment for you at your preferred branch.
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.
- Proof of Age: Birth Certificate, School Leaving Certificate, Voter ID card showing date of birth, etc.
- Additional documents might be required based on your chosen account variant or specific circumstances.
Application Procedure
KVB Senior Citizen Savings
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Public source: Original MyRupaya page
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