Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
Karur Vysya Student Savings Bank Account
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
Karur Vysya Student Savings Bank Account
Special Features
None.
Eligibility Criteria
Open to students above 12 years of age.
Proof of identity and date of birth required.
Introduction from an existing KVB account holder or educational institution head preferred, but not mandatory.
No minimum balance requirement. for students with maximum age limit of 29 years.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free Debit card.
Cons
No premium value add feature provided with this account.
Low interest rate.
Limited branch network.
Limited number of ATMs.
Karur Vysya Student Savings Bank Account
The account comes with low interest rate and offers minimal 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?
1. KVB Student Savings (for students above 12 years):
Online:
Visit the KVB website: https://www.kvb.co.in/personal/loans/personal-loans/
Navigate to "Personal" > "Accounts" > "Savings Accounts".
Select "KVB Student Savings" and click "Open Now".
Fill out the online application form with details like:Student's name, date of birth, contact information.
KYC documents (proof of identity and address).
Introduction details from an existing KVB account holder or educational institution head (optional).
Submit the application. You'll receive a reference number and further instructions via email.
Complete KYC verification through video call or visit a branch for physical verification.
Upon successful verification, your account will be activated and you'll receive welcome materials.
At a Branch:
Locate your nearest KVB branch using the branch locator: https://www.kvb.co.in/locate-us/
Visit the branch with the student's KYC documents and optional introduction letter.
Inform the representative you want to open a KVB Student Savings account.
They will assist with filling the application form and guide you through 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 and you'll receive welcome materials.