Product 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
Account Opening Procedure
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.
Application Procedure
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