KVB Tax Saving Deposits |Karur Vysya Bank Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

Fixed Deposit Details

Bank Name

Karur Vysya Bank

Eligibility

Individual/s and also in the name of Kartha of HUF.

Interest Rate

5.90%

Tenure

5 Years Lock-in Period

Fixed Deposit Type

Tax Saving

KVB Tax Saving Deposits

Tax Benefits

Deposits made under KVB's Tax Saving Deposits qualify for tax benefits under Section 80C of the Income Tax act up to a sum of Rs. 1.50 Lakh.

Credit Ratings

[ICRA]A+

Interest Payment Frequency

monthly/quarterly intervals. 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

Deposits Cumulative and Non-cumulative options

Features

Deposits will be accepted both under cumulative and non-cumulative options. Deposits will be accepted in the name of Individual/s and also in the name of Kartha of HUF. The scheme is for a fixed period of 5 years. Nomination facility is available.

Minimum Investment Amount

The minimum amount that can be invested under this scheme is Rs. 100/- and multiples thereof. The maximum amount is restricted Rs. 1.50 Lakh.

Features & Benefits

Pros

• Tax Benefit
• Safe and Guaranteed Returns
• Choice of Interest Payout
• Nomination Facility

Cons

• 5-year lock-in period
• Interest taxable

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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