Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
Prestige Savings for HNIs
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 5000.
Debit Card Charges
Nil.
NEFT Charges
Free
IMPS Charges
Free - Up to INR 1,000/-. Beyond INR 1,000: INR 5.
Fees and Charges
Prestige Savings for HNIs
Special Features
Accidental Death and Disability Insurance -INR 2 lakh.
Eligibility Criteria
KVB Prestige HNI (High Net-worth Individual) Account caters to a specific clientele, so the eligibility criteria are stringent and focused on wealth and income levels. Here's a breakdown:
Financial Standing:
Minimum Annual Income: You must have a documented annual income of Rs. 48 lakhs or above for salaried individuals or Rs. 60 lakhs or above for non-salaried individuals.
Investments: Holding significant investments in assets like stocks, bonds, mutual funds, real estate, or other recognized avenues can strengthen your application.
Net Worth: Possessing a substantial net worth, ideally exceeding Rs. 2 crores, is a key factor.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free collection of outstation cheque on KVB branch centres.
Personalized service across KVB branches.
Free accidental death and disability insurance up to INR 2 Lakhs and treatment on hospitalization due to an accident up to Rs. 20,000/-.
Gateway for enrolment to Pride programme.
Cons
No premium value add feature provided with this account.
Low interest rate.
Limited branch network.
Limited number of ATMs.
Prestige Savings for HNIs
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
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
Product Review
Account Opening and Procedure
How to open an Account?
Opening a KVB Prestige HNI account involves a slightly different process compared to regular accounts due to its exclusive nature and stringent eligibility criteria. Here's what you can expect:
Initial Contact:
Branch Visit: Your first step is to visit your nearest KVB branch or contact your existing KVB relationship manager (if you have one).
Expressing Interest: Inform them about your intention to open a KVB Prestige HNI account.
Eligibility Assessment:
Documentation: Be prepared to present comprehensive documentation supporting your income, investments, and net worth. This might include salary slips, income tax returns, investment statements, property documents, etc.
Financial Review: KVB will thoroughly assess your financial standing and background to ensure you meet the eligibility criteria. This might involve discussions about your income sources, investment strategies, and overall financial goals.
Relationship Building: During the assessment, KVB will also focus on building a long-term relationship with you. Be prepared to discuss your banking needs and expectations from the Prestige HNI account.
Account Opening:
Formal Application: Once deemed eligible, you will be provided with a formal application form to complete.
Account Setup: Upon successful completion of the application and any additional formalities, your KVB Prestige HNI account will be set up.
Welcome Kit: You will receive a welcome kit containing your account details, debit/credit cards, personalized cheque book, and information about exclusive benefits and services associated with the Prestige HNI account.