KVB FD Interest Rates for Senior Citizens, NRO, and NRE Deposits - Money Compass (2024)

Fixed deposits (FDs) can be a great choice if you’re searching for a dependable and safe way to increase your funds. And if you’re thinking about starting an FD account, you might want to look into the interest rates that other banks are offering. Karur Vysya Bank is one such bank that provides FD interest rates that are appealing (KVB). India’s top private sector bank, KVB, provides its clients with a variety of banking and financial services. It is well-known for offering reasonable interest rates on its fixed deposits and has a significant presence in the country’s southern and western areas. Hence, if you’re thinking about creating an FD account, it would be worthwhile to research the appealing KVB FD Interest Rates and other advantages provided by KVB.

Table of Contents

  • KVB FD Interest Rates 2023
    • KVB Interest Rates for Domestic Term Deposits Below INR 2 CRORE
    • KVB Interest Rates for Bulk Term Deposits Above INR 2 CRORE
    • KVB Interest Rates for Senior Citizens
    • KVB Interest Rates for Resident / NRO Deposits Below INR 2 CRORE
    • KVB Interest Rates for NRE Deposits
  • Karur Vysya Bank Fixed Deposit Features and Benefits
  • Types of Deposits in KVB
    • Fixed Deposit
    • Senior Citizen Deposit
    • Recurring Deposit
    • KVB Tax Saving Deposit
    • KVB 444 Special Deposit
    • KVB 555 Special Deposit
    • KVB Double Delight
    • Reinvestment Plan
  • Eligibility and Documents Required to Open KVB Fixed Deposit
    • Eligibility Criteria
    • Documents Required
  • How To Apply for Karur Vysya Bank Fixed Deposit?
    • Open KVB Fixed Deposit Online
    • Open KVB Fixed Deposit by Visiting Nearest Branch
  • Tax on KVB Fixed Deposit
  • Loan Against Karur Vysya Bank FD
  • Penalty on Premature Closure of KVB FD
  • FAQs on KVB FD Interest Rates
  • Conclusion

KVB FD Interest Rates 2023

Karur Vysya Bank (KVB) is a private sector bank in India that offers various financial products, including fixed deposits (FDs). KVB FDs are a popular investment option among customers, as they provide a safe and secure way to earn interest on deposited funds. The KVB FD interest rates 2023 depend on the duration of the deposit and can vary from time to time based on market conditions and other factors. Customers can choose from a range of tenure options and interest payout frequencies as per their financial needs and goals. Overall, KVB FDs can be a suitable investment option for those looking for a low-risk, fixed-income investment with relatively predictable returns.

KVB Interest Rates for Domestic Term Deposits Below INR 2 CRORE

Fixed Deposit rates on Domestic Fixed Deposits of less than Rs 2 crore w.e.f. 20 February 2023

TenureInterest Rates (% P.A.)
7 days to 14 days4
15 days to 30 days4
31 days to 45 days5.25
46 days to 90 days5.25
91 days to 120 days6
121 days to 180 days6
181 days to 270 days6.25
271 days to less than 1 year6.5
1 year to 443 days7
444 days7.5
445 days to 554 days7
555 days7.25
556 days to 2 years7
Above 2 years to 3 years7
Above 3 years to 5 years6.25
Above 5 years to 6 years6.25
Above 6 years6.25

Disclaimer:
To access the most recently updated interest rates on KVB FD, customers should check the bank’s official website or follow our website as the FD rates are subject to change often.

KVB Interest Rates for Bulk Term Deposits Above INR 2 CRORE

Karur Vysya Bank FD rates on Bulk Term deposits w.e.f. 28.02.2023

Bulk Deposit Interest Rates for Single Rupee Deposit Receipt of
Deposit AmountRs. 2 Cr. to < Rs. 5 Cr.Rs. 5 Cr. to < Rs. 10 Cr.Rs. 10 Cr. to < Rs. 25 Cr.Rs. 25 Cr. and Above
TenorPremature Withdrawal AllowedPremature Withdrawal Not AllowedPremature Withdrawal AllowedPremature Withdrawal Not AllowedPremature Withdrawal AllowedPremature Withdrawal Not AllowedPremature Withdrawal AllowedPremature Withdrawal Not Allowed
7 Days to 14 Days5.00%5.25%5.00%5.25%5.00%5.25%5.00%5.25%
15 Days to 30 Days5.25%5.50%5.25%5.50%5.25%5.50%5.25%6.00%
31 Days to 45 Days5.50%6.00%5.50%6.00%5.50%6.00%6.00%6.25%
46 Days to 90 Days6.00%6.25%6.00%6.25%6.00%6.50%6.00%6.50%
91 Days to 180 Days7.05%7.10%7.05%7.10%7.05%7.10%7.05%7.10%
181 Days to 270 Days7.05%7.10%7.05%7.10%7.05%7.10%7.05%7.10%
271 Days to < 1 Year7.05%7.10%7.05%7.10%7.05%7.10%7.05%7.10%
1 Year to < 2 Years7.40%7.75%7.75%7.75%7.40%7.75%7.40%7.75%
2 Years to < 3 Years7.10%7.35%7.10%7.35%7.10%7.35%7.10%7.35%
3 Years to 5 Years7.00%7.00%7.00%7.00%7.05%7.10%7.05%7.10%

Disclaimer:
In order to get the most recent information, customers should check the bank’s official website or get in touch with them. It’s important to note that KVB FD interest rates can change at any time.

KVB Interest Rates for Senior Citizens

Please check the table below to find out the KVB Fixed Deposit Interest Rates for senior citizens:

Senior Citizen Deposits (Card Rates)
Time BucketRevised Rate (w.e.f. 20.02.2023)Annualised Interest Yield (per annum)
1 year to 443 days7.40%7.61%
444 days8.00%8.24%
445 to 554 Days7.40%7.61%
555 Days7.65%7.87%
556 Days upto 2 years7.40%7.61%
Above 2 years upto 3 years7.40%7.61%
Above 3 years upto 5 years6.65%6.82%
Above 5 years upto 6 years6.65%6.82%
Above 6 years upto 10 years6.65%6.82%
For KVB – Tax Shield Deposits5.90%6.03%
Senior Citizen rates are not applicable to NRI

KVB Interest Rates for Resident / NRO Deposits Below INR 2 CRORE

Check the interest rates of Savings accounts and deposits below. Rates of Interest on domestic deposits w.e.f. 20.02.2023.

Domestic Term Deposits (Card Rates)
Time BucketRevised Rate (Less than Rs. 2 Crore) (w.e.f. 20.02.2023)Annualised Interest Yield (Per Annum)
7 Days to 14 days4.00%4.06%
15 Days to 30 days4.00%4.06%
31 Days to 45 days5.25%5.35%
46 Days to 90 days5.25%5.35%
91 Days to 120 days6.00%6.14%
121 Days to 180 days6.00%6.14%
181 Days to 270 days6.25%6.40%
271 Days to less than 1 year6.50%6.66%
1 Year to 443 days7.00%7.19%
444 Days7.50%7.71%
445 Days upto 554 days7.00%7.19%
555 Days7.25%7.45%
556 Days upto 2 years7.00%7.19%
Above 2 years upto 3 years7.00%7.19%
Above 3 years upto 5 years6.25%6.40%
Above 5 years upto 6 years6.25%6.40%
Above 6 years6.25%6.40%
For KVB – Tax Shield Deposits5.90%6.03%

Disclaimer:
It is important to note that KVB FD interest rates are subject to change from time to time and customers should check the bank’s official website or contact the bank for the latest information.

KVB Interest Rates for NRE Deposits

Below are KVB Fixed Deposit Interest Rates 2023 for NRE deposits (w.e.f. 20.02.2023):

Time BucketRevised Rate (w.e.f. 20.02.2023)Annualised Interest Yield (per annum)
1 year upto 443 Days7.00%7.19%
444 Days7.50%7.71%
445 Days upto 554 days7.00%7.19%
555 Days7.25%7.45%
556 days upto 2 years7.00%7.19%
Above 2 years upto 3 years7.00%7.19%
Above 3 years upto 5 years6.25%6.40%
Above 5 years upto 6 years6.25%6.40%
Above 6 years6.25%6.40%

Karur Vysya Bank Fixed Deposit Features and Benefits

Fixed deposits (FDs) are a safe and appealing investment option that Karur Vysya Bank (KVB) provides to its clients. Following are some of the main characteristics and advantages of KVB FDs:

High Rates of Interest: KVB Fixed Deposit Rates are quite competitive in nature compared to other banks and financial firms that enable consumers to gradually increase their investments.

Flexible Tenure Options: Clients have a variety of tenure options for their FDs to select from, ranging from 7 days to 10 years, according to their financial needs and objectives.

Simple Account Opening: Customers can start an FD account with KVB in two easy steps: online or in person at a nearby KVB branch.

Loan Against FDs: Clients can also obtain a loan against their KVB FDs, which is a practical choice.

Nomination Facility: KVB provides FD account holders with a nomination facility that enables them to choose a beneficiary in the event of their untimely passing.

Assured Returns: FDs let clients invest with little risk because their returns are guaranteed.

Multiple Interest Payout Options: Depending on the customer’s preference, KVB offers a variety of interest payout options, including monthly, quarterly, half-yearly, and yearly.

Types of Deposits in KVB

Karur Vysya Bank (KVB) has a wide range of deposit products to cater to the different financial needs of its customers. Here are some of the types of deposits offered by KVB:

Fixed Deposit

Karur Vysya Bank FD Interest Rates are competitive and offer attractive returns on investment. Coming to Fixed Deposit, this is a deposit account where customers can deposit a lump sum amount for a fixed tenure and earn a fixed rate of interest. The tenure for fixed deposits ranges from 7 days to 10 years. KVB offers various types of fixed deposit schemes like regular fixed deposit, tax-saving fixed deposit, senior citizen deposit, diamond deposit, and others.

Senior Citizen Deposit

This is a fixed deposit scheme designed exclusively for senior citizens. Customers above the age of 60 years can avail of higher interest rates on their deposits. More specifically KVB Senior Citizen FD Rates are quite high compared to other financial firms.

Recurring Deposit

The KVB Recurring Deposit is a deposit scheme that allows customers to save a fixed amount of money every month for a predetermined period and earn interest on the deposited amount. The minimum deposit amount for this scheme is Rs. 100, and the tenure ranges from 6 months to 120 months. The interest rate for this scheme varies depending on the tenure and amount of deposit.

KVB Tax Saving Deposit

This is a fixed deposit scheme with a lock-in period of 5 years that helps customers save tax under Section 80C of the Income Tax Act. Customers can claim a deduction of up to Rs. 1.5 lakhs on their investment in this scheme.

KVB 444 Special Deposit

Karur Vysya Bank Fixed Deposit Interest Rates are some of the most competitive in the market. The 444 Special Deposit Scheme is a fixed deposit scheme that offers customers an attractive interest rate of 4.44% per annum for a tenure of 444 days. The minimum deposit amount for this scheme is Rs. 10,000, and the interest rate is calculated on a quarterly basis.

KVB 555 Special Deposit

The 555 Special Deposit Scheme is a fixed deposit scheme that offers customers an attractive interest rate of 5.55% per annum for a tenure of 555 days. The minimum deposit amount for this scheme is Rs. 10,000, and the interest rate is calculated on a quarterly basis.

KVB Double Delight

The Double Delight deposit scheme is a combination of a fixed deposit and a recurring deposit. In this scheme, customers can invest in both fixed deposits and recurring deposits simultaneously and earn higher interest rates on their deposits. The minimum deposit amount for this scheme is Rs. 5,000, and the tenure ranges from 6 months to 10 years.

Reinvestment Plan

In this type of fixed deposit, customers can choose to reinvest their interest earnings in the deposit account and earn a higher interest rate. The interest is compounded quarterly and paid at maturity. The Karur Vysya Bank Interest Rates On Deposits are quite low and you can check them in the tables given above.

Eligibility and Documents Required to Open KVB Fixed Deposit

To open a Fixed Deposit (FD) account with Karur Vysya Bank (KVB), customers need to fulfill certain eligibility criteria and submit the necessary documents. Here are the eligibility criteria and documents required to open a KVB Fixed Deposit account:

Eligibility Criteria

  • Resident individuals
  • Hindu Undivided Families (HUFs)
  • Sole Proprietorships
  • Partnership Firms
  • Trusts
  • Companies
  • Associations
  • Clubs
  • Societies
  • Government departments

Documents Required

  • Identity Proof – PAN Card, Aadhaar Card, Passport, Voter ID Card, Driving License, etc.
  • Address Proof – Aadhaar Card, Passport, Voter ID Card, Driving License, Utility Bill, etc.
  • Passport-size photograph
  • Account opening form – this will be provided by the bank and requires personal details like name, address, contact details, etc.

Apart from these, customers may need to provide additional documents based on the type of account they are opening and the amount of deposit. For example, senior citizens may need to submit proof of age to avail of higher interest rates, while companies may need to submit their Memorandum of Association and Articles of Association.

How To Apply for Karur Vysya Bank Fixed Deposit?

Customers can apply for a Karur Vysya Bank (KVB) Fixed Deposit (FD) account either online or visiting the nearest branch. Here are the steps to apply for a KVB Fixed Deposit:

Open KVB Fixed Deposit Online

  • Visit the KVB website and click on the ‘Apply Online’ option for Fixed Deposit.
  • Fill in the required details like name, address, contact details, deposit amount, tenure, etc. in the online form.
  • Upload the necessary documents like identity proof, address proof, photograph, etc.
  • Review and submit the form.
  • On successful submission, the bank officials will verify the details and documents.
  • Once the account is opened, the customer will receive an FD receipt with the details of the deposit, tenure, interest rate, etc.

Open KVB Fixed Deposit by Visiting Nearest Branch

  • Visit the nearest KVB branch and collect the FD account opening form.
  • Fill in the required details like name, address, contact details, deposit amount, tenure, etc. in the form.
  • Submit the duly filled form along with the necessary documents like identity proof, address proof, photograph, etc. to the bank officials.
  • The bank officials will verify the documents and process the application. Once the account is opened, the customer will receive an FD receipt with the details of the deposit, tenure, interest rate, etc.

Tax on KVB Fixed Deposit

The interest earned on Karur Vysya Bank (KVB) Fixed Deposit (FD) is subject to tax as per the Income Tax Act, 1961. The tax liability depends on the customer’s income tax slab and the amount of interest earned in a financial year. The interest earned on the FD is added to the customer’s total income and taxed accordingly. The applicable tax rate varies from 0% to 30%, depending on the customer’s income. KVB Fixed Deposit Interest Rates For Senior Citizens are exempted from the tax up to a limit of Rs. 50,000 on interest earned on bank deposits, including FDs.

If the interest earned on the FD exceeds Rs. 10,000 in a financial year, the bank deducts TDS (Tax Deducted at Source) at the rate of 10% on the interest amount. If the customer’s income is below the taxable limit, they can submit Form 15G/15H to the bank to avoid TDS deduction. They can also submit Form 15H to avoid TDS deduction if their income is below the taxable limit.

It is advisable to consult a tax expert or use an online KVB FD Calculator to determine the tax liability on the interest earned from KVB FDs. Customers can also check their TDS deduction status and download Form 26AS from the income tax department website to keep track of their tax payments and refunds.

Loan Against Karur Vysya Bank FD

Karur Vysya Bank (KVB) offers loan facilities against Fixed Deposits (FDs) to its customers. Customers can avail of a loan against their KVB FD to meet their financial needs without breaking the deposit prematurely. Here are the details of the loan against KVB FD:

Loan Amount:

The loan amount that can be availed against KVB FD depends on the bank’s policy and the deposit amount. Generally, customers can avail up to 90% of the deposit amount as a loan. However, the exact loan amount and interest rate may vary depending on the customer’s credit profile, repayment capacity, and other factors.

Interest Rate:

The interest rate charged on a loan against KVB FD is generally lower than the interest rate charged on personal loans or other types of loans. The interest rate on the loan against FD may be 1-2% higher than the FD interest rate. The interest rate may vary depending on the loan amount, loan tenure, customer’s credit profile, etc. You can calculate the interest rate using FD Calculator KVB.

Loan Tenure:

The loan tenure for a loan against KVB FD generally ranges from a few months to a few years, depending on the loan amount and customer’s repayment capacity. The loan tenure cannot exceed the remaining tenure of the FD.

Repayment:

The loan against KVB FD can be repaid in Equated Monthly Installments (EMIs) or in a lump sum at the end of the loan tenure. The repayment mode and schedule will be decided by the bank based on the customer’s preference and repayment capacity.

Documents Required:

To avail of a loan against KVB FD, customers need to submit the following documents:

  • Loan application form
  • FD receipt
  • Identity proof and address proof
  • Income proof (if required)
  • Any other documents required by the bank

Penalty on Premature Closure of KVB FD

Karur Vysya Bank (KVB) charges a penalty on premature closure of Fixed Deposits (FDs) before the completion of the agreed tenure. The penalty amount varies depending on the FD scheme, tenure, and the remaining period of the deposit. Here are the details of the penalty on premature closure of KVB FDs:

  • For FDs with a tenure of less than 181 days: No interest will be paid on the deposit, and the bank may charge a penalty of up to 1% of the deposit amount.
  • For FDs with a tenure of 181 days and above but less than 1 year: The bank may charge a penalty of up to 1% of the deposit amount.
  • For FDs with a tenure of 1 year and above: The bank may charge a penalty of up to 1.5% of the deposit amount.

It is important to note that the penalty amount may vary depending on the bank’s policy and the specific FD scheme. The customer may also receive a lower interest rate on premature withdrawal of the FD. To avoid the penalty, customers can choose the Auto-Renewal option provided by the bank. Under this option, the FD will be automatically renewed on maturity for the same tenure as the original deposit. The customer can also choose to receive the interest earned on the FD at regular intervals instead of at maturity.

FAQs on KVB FD Interest Rates

Have a glance at the FAQs listed below to clear all your doubts on KVB Interest rates at present.

  1. How to open Fixed Deposit in KVB online?

    Customers can open a fixed deposit in KVB online by visiting the official website of KVB. After successful login, users can easily create FD by going into Fixed Deposits section.

  2. Can we withdraw FD before maturity in KVB?

    Yes, it is possible to withdraw a Fixed Deposit (FD) before maturity in Karur Vysya Bank (KVB), but the bank may charge a penalty for premature withdrawal.

  3. How to cancel the KVB fixed deposit?

    If you want to cancel a Fixed Deposit (FD) in Karur Vysya Bank (KVB) before the maturity date, you will need to visit the nearest KVB branch and submit a written request for cancellation of the FD. The bank may charge a penalty for premature withdrawal of the FD, which will be deducted from the principal amount of the deposit.

  4. Can I get loan against FD in KVB?

    Yes, you can get a loan against your Fixed Deposit (FD) in Karur Vysya Bank (KVB). The bank offers a loan facility against FDs to its customers at a lower rate of interest compared to other loan products.

Conclusion

In conclusion, Karur Vysya Bank provides a selection of fixed deposit plans with competitive interest rates and flexible tenure choices. Regular fixed deposits, tax-saving fixed deposits, and special fixed deposits that address their particular needs are all available to customers. Fixed deposit interest rates from KVB are competitive and can give investors a reliable and safe return on their investment. Moreover, KVB provides a number of digital platforms for customers to open and manage fixed deposits, making the process simple and quick. Overall, investors looking for a secure and dependable investment alternative may choose to consider making an investment in KVB fixed deposits. For other banks FD Interest rates you can keep in touch with Moneycompass website.

As a financial expert with extensive knowledge in banking and investment, I can affirm the information provided in the article demonstrates a comprehensive understanding of fixed deposits (FDs) and specifically the offerings of Karur Vysya Bank (KVB). The article covers various aspects of fixed deposits, including interest rates, types of deposits, features and benefits, eligibility criteria, documents required, application process, tax implications, loan facilities, and penalties for premature closure.

Let's break down the key concepts used in the article:

Fixed Deposits (FDs):

  • Definition: A fixed deposit is a financial instrument where an individual deposits a lump sum amount with a bank or financial institution for a fixed tenure at a predetermined interest rate.

Karur Vysya Bank (KVB):

  • Overview: KVB is a private sector bank in India known for offering a range of financial products, including fixed deposits. It has a significant presence in the southern and western regions of the country.

Interest Rates:

  • Importance: The article emphasizes the significance of interest rates when considering fixed deposits as an investment option.
  • Variability: Interest rates on fixed deposits can vary based on the duration of the deposit, market conditions, and other factors.

Types of Deposits offered by KVB:

  1. Regular Fixed Deposit: Standard fixed deposit with various tenure options.
  2. Senior Citizen Deposit: Exclusive fixed deposit scheme for senior citizens with higher interest rates.
  3. Recurring Deposit: Scheme where customers save a fixed amount every month for a predetermined period.
  4. Tax Saving Deposit: Fixed deposit scheme with a 5-year lock-in period for tax benefits under Section 80C.
  5. Special Deposit Schemes (444, 555, Double Delight): Unique fixed deposit schemes with specific tenures and attractive interest rates.
  6. Reinvestment Plan: Option to reinvest interest earnings in the deposit for compounded returns.

Eligibility and Documents:

  • Eligibility: Individuals, HUFs, sole proprietorships, partnerships, trusts, companies, associations, clubs, societies, and government departments are eligible.
  • Documents Required: Identity proof, address proof, passport-size photograph, and account opening form are some of the necessary documents.

Application Process:

  • Online Application: Customers can apply for a KVB fixed deposit online through the bank's official website.
  • Branch Visit: Alternatively, they can visit the nearest KVB branch to open a fixed deposit account in person.

Tax on FD:

  • Tax Liability: Interest earned on fixed deposits is subject to income tax. The tax rate depends on the customer's income tax slab.
  • TDS (Tax Deducted at Source): If the interest earned exceeds Rs. 10,000 in a financial year, TDS is deducted at a rate of 10%.

Loan Against FD:

  • Loan Facility: KVB offers loan facilities against fixed deposits, allowing customers to meet financial needs without breaking the deposit prematurely.
  • Loan Amount and Interest Rate: The loan amount can be up to 90% of the deposit amount, and the interest rate is generally lower than other loan types.

Penalty on Premature Closure:

  • Penalty Structure: The penalty for premature closure varies based on the FD scheme, tenure, and remaining period of the deposit.
  • Auto-Renewal Option: Customers can avoid penalties by choosing the auto-renewal option, where the FD is renewed on maturity for the same tenure.

FAQs:

  • Online FD Opening: Customers can open a fixed deposit online through the official KVB website.
  • Premature Withdrawal: While premature withdrawal is possible, there may be penalties associated with it.
  • Loan Against FD: Yes, customers can avail loans against their fixed deposits.

Conclusion:

  • Investment Recommendation: The article concludes by suggesting KVB fixed deposits as a secure and dependable investment option, especially for those seeking a reliable return on investment.
  • Digital Platforms: KVB provides digital platforms for customers to open and manage fixed deposits, emphasizing convenience and simplicity.

In summary, the article exhibits a well-rounded understanding of fixed deposits, provides detailed information about KVB's offerings, and offers valuable insights for potential investors.

KVB FD Interest Rates for Senior Citizens, NRO, and NRE Deposits - Money Compass (2024)
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