Product Details
Bank Name
Karur Vysya Bank Limited
Account Name
KVB YuvaShakti Savings Account is specifically designed for the youth, with a number of youth centric features.
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
YuvaShakti Savings Account
Special Features
A DEMAT account can be opened with the bank account at no extra cost.
Eligibility Criteria
To open this account, you need to meet the following eligibility criteria:
1. Age: As mentioned before, you must be between the ages of 18 and 30 to be eligible for this account.
2. Residency: You must be a resident of India to open this account.
3. Minimum Balance: There is no minimum balance requirement for the YuvaShakti Savings Account.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free Debit card, Internet Banking, KVB DLite Mobile banking facilities.
E-commerce facilities at no extra cost including e-ticketing, e-shopping, utility bill payment,
Payable at par multicity cheque facility without any limit.
Inter-bank transfer of funds without any limit.
Free Cheque book - 25 leaves per year.
A monthly statement of accounts at no charge.
Periodic e-statement of accounts as per the request of the customer at no charge.
Cons
Low intreast rate.
Limited branch network.
Limited ATM network.
Value add feature for youth are outdated.
YuvaShakti Savings Account Review
Account offers extremely low interest, account offers limited value add benefits. Overall customers should not opt for this account.
Abhijeet Saxena
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Product Review
Account Opening and Procedure
How to open an Account?
Opening a Karur Vysya Bank YuvaShakti Savings Account is convenient and can be done through multiple channels:
Online:
Website: Visit the Karur Vysya Bank website (https://www.kvb.co.in/personal/accounts/savings-account/yuvashakthi-savings-youth/: https://www.kvb.co.in/personal/accounts/savings-account/yuvashakthi-savings-youth/) and navigate to the YuvaShakti Savings Account page. Click on "Open Account" and follow the instructions. You'll need to provide your details, upload KYC documents, and choose your preferred account variant.
Mobile App: If you already have a Karur Vysya Bank account, download their mobile app (AU 0101) and log in. Go to the "Open New Account" section and choose the YuvaShakti option. Complete the application form and upload necessary documents.
Offline:
Branch Visit: Visit your nearest Karur Vysya Bank branch and express your interest in opening a YuvaShakti 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 Date of Birth (if not mentioned in Identity document): Birth Certificate, School Leaving Certificate, etc.
Additional documents might be required based on your chosen account variant (e.g., student ID card for student variants).