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Product Details
Bank Name

Karur Vysya Bank Limited

Account Name

Rainbow Savings is a sweep in - sweep out account. It gives you the benefit of savings account as well as fixed deposit.

Account Type

Savings Sweep In 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

Rainbow Savings
Account Opening Fees

INR 0

Annual Maintenance Fees

INR 0

Minimum Account Balance

INR 3000

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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Rainbow Savings

Special Features

Accidental insurance coverage of 1 lakh.

Eligibility Criteria
  • Residency: You must be a resident of India to open this account. Additionally, if you're a minor (below 18 years old), a parent or guardian needs to act as the joint account holder for you.

  • Minimum Age: While there's no specific minimum age mentioned, opening a bank account for a very young child might require additional documentation or consent from the parental guardians.

  • Minimum Balance: You need to maintain a minimum monthly balance of INR 3,000 in your Rainbow Savings Account. Non-maintenance of this minimum balance will attract a penalty of INR 200 plus GST.

Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
  • Sweep-in/Sweep-out Facility: This unique feature automatically transfers surplus funds exceeding a set limit (INR 1,00,000) into a linked fixed deposit (FD) in multiples of INR 10,000. This allows you to earn higher returns on the extra amount while maintaining easy access to your funds through the savings account. 90 days will be the period of fixed deposit and you will earn interest at the rate of 6.25%.

  • Free Accident Insurance Cover: The account comes with a complimentary accident insurance cover of up to INR 1 lakh, providing financial protection in case of unforeseen circumstances.

  • Free Debit Card and Mobile Banking: You receive a free debit card for convenient transactions and ATM withdrawals. Additionally, you get free access to mobile banking services for managing your account on the go.

  • 0 charges on online transfer of money through NEFT.

Cons
  • Low interest rate on non fixed deposit amount.

  • Limited branch network.

  • Limited number of ATMs.

  • Limited value add benefits.

Rainbow Savings Account Review

The account although does not provide many value add benefits, however, it still provides decent interest through sweep-in fixed deposit. However, user must note that the fixed deposit, will be opened in multiples of INR 10,000.

Abhijeet Saxena

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

There are 2 ways to open a Rainbow Savings account with Karur Vysya Bank (KVB):


1. Online through App:

  • Download the KVB DLite app from the app store.

  • Select the option to open an - e-Rainbow Digital SB Account. T

  • Fill out an online form and submit the necessary documents electronically.

2. Offline at KVB branch:

  • Visit your nearby Karur Vysya Bank branch.

  • Request for a Rainbow Savings account application form.

  • Fill the account opening form completely and accurately.

  • Submit the form along with the necessary documents. These documents typically include:Passport-sized photographs.
    Proof of identity (Aadhaar card, Passport, Voter's ID, etc.)
    Proof of address (Utility bills, Rental agreement, etc.)

Application Procedure
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