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Product Details
Bank Name

Karur Vysya Bank Limited

Account Name

KVB Prestige Savings For HNI is a special savings account designed to meet the needs of 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

Prestige Savings for HNIs
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
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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.

Application Procedure

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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.

Application Procedure
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