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
- Karur Vysya Bank Fixed Deposit Features and Benefits
- Types of Deposits in KVB
- Eligibility and Documents Required to Open KVB Fixed Deposit
- How To Apply for Karur Vysya Bank Fixed Deposit?
- 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
| Tenure | Interest Rates (% P.A.) |
| 7 days to 14 days | 4 |
| 15 days to 30 days | 4 |
| 31 days to 45 days | 5.25 |
| 46 days to 90 days | 5.25 |
| 91 days to 120 days | 6 |
| 121 days to 180 days | 6 |
| 181 days to 270 days | 6.25 |
| 271 days to less than 1 year | 6.5 |
| 1 year to 443 days | 7 |
| 444 days | 7.5 |
| 445 days to 554 days | 7 |
| 555 days | 7.25 |
| 556 days to 2 years | 7 |
| Above 2 years to 3 years | 7 |
| Above 3 years to 5 years | 6.25 |
| Above 5 years to 6 years | 6.25 |
| Above 6 years | 6.25 |
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 Amount | Rs. 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 | ||||
| Tenor | Premature Withdrawal Allowed | Premature Withdrawal Not Allowed | Premature Withdrawal Allowed | Premature Withdrawal Not Allowed | Premature Withdrawal Allowed | Premature Withdrawal Not Allowed | Premature Withdrawal Allowed | Premature Withdrawal Not Allowed |
| 7 Days to 14 Days | 5.00% | 5.25% | 5.00% | 5.25% | 5.00% | 5.25% | 5.00% | 5.25% |
| 15 Days to 30 Days | 5.25% | 5.50% | 5.25% | 5.50% | 5.25% | 5.50% | 5.25% | 6.00% |
| 31 Days to 45 Days | 5.50% | 6.00% | 5.50% | 6.00% | 5.50% | 6.00% | 6.00% | 6.25% |
| 46 Days to 90 Days | 6.00% | 6.25% | 6.00% | 6.25% | 6.00% | 6.50% | 6.00% | 6.50% |
| 91 Days to 180 Days | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% |
| 181 Days to 270 Days | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% |
| 271 Days to < 1 Year | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% | 7.05% | 7.10% |
| 1 Year to < 2 Years | 7.40% | 7.75% | 7.75% | 7.75% | 7.40% | 7.75% | 7.40% | 7.75% |
| 2 Years to < 3 Years | 7.10% | 7.35% | 7.10% | 7.35% | 7.10% | 7.35% | 7.10% | 7.35% |
| 3 Years to 5 Years | 7.00% | 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 Bucket | Revised Rate (w.e.f. 20.02.2023) | Annualised Interest Yield (per annum) |
| 1 year to 443 days | 7.40% | 7.61% |
| 444 days | 8.00% | 8.24% |
| 445 to 554 Days | 7.40% | 7.61% |
| 555 Days | 7.65% | 7.87% |
| 556 Days upto 2 years | 7.40% | 7.61% |
| Above 2 years upto 3 years | 7.40% | 7.61% |
| Above 3 years upto 5 years | 6.65% | 6.82% |
| Above 5 years upto 6 years | 6.65% | 6.82% |
| Above 6 years upto 10 years | 6.65% | 6.82% |
| For KVB – Tax Shield Deposits | 5.90% | 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 Bucket | Revised Rate (Less than Rs. 2 Crore) (w.e.f. 20.02.2023) | Annualised Interest Yield (Per Annum) |
| 7 Days to 14 days | 4.00% | 4.06% |
| 15 Days to 30 days | 4.00% | 4.06% |
| 31 Days to 45 days | 5.25% | 5.35% |
| 46 Days to 90 days | 5.25% | 5.35% |
| 91 Days to 120 days | 6.00% | 6.14% |
| 121 Days to 180 days | 6.00% | 6.14% |
| 181 Days to 270 days | 6.25% | 6.40% |
| 271 Days to less than 1 year | 6.50% | 6.66% |
| 1 Year to 443 days | 7.00% | 7.19% |
| 444 Days | 7.50% | 7.71% |
| 445 Days upto 554 days | 7.00% | 7.19% |
| 555 Days | 7.25% | 7.45% |
| 556 Days upto 2 years | 7.00% | 7.19% |
| Above 2 years upto 3 years | 7.00% | 7.19% |
| Above 3 years upto 5 years | 6.25% | 6.40% |
| Above 5 years upto 6 years | 6.25% | 6.40% |
| Above 6 years | 6.25% | 6.40% |
| For KVB – Tax Shield Deposits | 5.90% | 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 Bucket | Revised Rate (w.e.f. 20.02.2023) | Annualised Interest Yield (per annum) |
| 1 year upto 443 Days | 7.00% | 7.19% |
| 444 Days | 7.50% | 7.71% |
| 445 Days upto 554 days | 7.00% | 7.19% |
| 555 Days | 7.25% | 7.45% |
| 556 days upto 2 years | 7.00% | 7.19% |
| Above 2 years upto 3 years | 7.00% | 7.19% |
| Above 3 years upto 5 years | 6.25% | 6.40% |
| Above 5 years upto 6 years | 6.25% | 6.40% |
| Above 6 years | 6.25% | 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.
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.
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.
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.
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.