Fixed Deposit Details
Bank Name
Karur Vyasa Bank
Eligibility
Individuals Individuals jointly with other Individuals Minors. HUF. Sole Proprietary concerns. Trusts, Associations, Clubs & Societies. Partnership Firms. Joint stock companies. Any other entity not prohibited by RBI.
Interest Rate
7.40 to 7.80%
Tenure
333 Days
Fixed Deposit Type
Regular
KVB 333 Special Deposit Scheme
Tax Benefits
None
Credit Ratings
[ICRA]A+
Interest Payment Frequency
Monthly, quarterly, half-yearly, yearly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
- Flexible interest payout options.
- Loan facility is available.
- Additional concession in interest rates for senior citizens.
Minimum Investment Amount
1,000
Features & Benefits
Pros
- Flexible interest payout options.
- Competitive interest rates.
- Nomination Facility
Cons
- There is no flexibility in tenure.
Pros & Cons
How to Open?
- Visit your nearest Karur Vysya Bank branch: This is the traditional method and allows for personalized assistance from a bank representative. Here's what to expect: Carry your KYC documents: These typically include proof of identity (PAN Card, Aadhaar Card, etc.), address proof (utility bills, rental agreement), and possibly a passport-sized photograph. Fill out the application form: The bank representative will guide you through the application process. Deposit the initial amount: You'll need to deposit at least the minimum amount required to open the FD (check with the bank for current minimums). Choose your interest payout option: KVB offers both cumulative and non-cumulative interest payout options. Nominate a beneficiary: This ensures someone you designate receives the funds in case of your passing.
- Online account holders can potentially open through Netbanking (limitations apply): While KVB's website doesn't explicitly mention opening Tax Saving Deposits online, it does allow opening Fixed Deposits through Netbanking for existing account holders, with some limitations.
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