Fixed Deposit Details
Bank Name
Karur Vyasa Bank
Eligibility
It can be opened by Individuals, HUF, Trust, Partnership firms, Companies, Associations etc.,
Interest Rate
6% to 8% per annum.
Tenure
6 months to 10 years.
Fixed Deposit Type
Reinvestment Deposit
Reinvestment Plans
Tax Benefits
None
Credit Ratings
[ICRA]A+
Interest Payment Frequency
At maturity. 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
Cumulative
Features
- Cumulative interest rates.
- Tenure of up to 10 years.
- Minimum deposit requirement of Rs. 100.
Minimum Investment Amount
100
Features & Benefits
Pros
- Compounding of interest.
- Nomination facility.
- Loan facility can be availed.
Cons
- Payment of interest at the time of maturity only.
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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Public source: Original MyRupaya page
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