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Savings Account

Karur Vysya Bank is a leading financial institution that offers savings accounts to individuals across all segments of society. The bank’s accounts can be used for the purpose of inculcating the habit of savings among people so that some portion of one’s earning can be set aside for future needs. Karur Vysya Bank offers a variety of savings accounts and each type of savings account has relevance for the various consumer segments it caters to. While some savings bank accounts are premium accounts, others are basic savings accounts. The bank also offers a special account for senior citizens, women and children. The bank caters to the needs of all individuals across all demographics by offering a wide variety of savings accounts to choose from for the Indian citizen.

TYPES OF KARUR VYSYA BANK SAVINGS ACCOUNT

KVB Shakthi Account

This is a savings account designed for women offering banking benefits, insurance coverage and loan eligibility. The features and benefits of the account are as follows:

  • This Karur Vysya Bank savings account also provides the accountholder with insurance coverage and loan component
  • There should be a minimum monthly average balance of Rs. 5,000 to be maintained in the Karur Vysya Bank Savings account
  • A free cheque book comprising 60 leaves is issued every year
  • Demat account can be opened free of cost for the first year
  • Enjoy the convenience of 24*7 banking anywhere through internet banking, phone banking and mobile banking.
  • A free monthly limit of Rs.1 lakh for DD, PO, RTGS and NEFT is also available.
  • Free Accidental Death Insurance cover of up to Rs.1 lakh
  • Free ATM-cum-Debit Card for the first year
  • Flat Rs. 500 processing charge for loans irrespective of the loan amount for personal loans linked to the account and 25% concession in processing fees of other retail loan products
  • Up to 0.5% concession in purchase of gold coins or bars of 50g and above

Eligibility

  • Women above the age of 18 years can open this account
  • The account can be opened with a minimum deposit of Rs. 1,000

Jumbo Kids Savings Account

A savings account designed for children below 18 years of age to teach them about banking. The features and benefits of the account are as follows:

  • There is no requirement of maintaining a minimum balance in this Karur Vysya savings account
  • A free Visa ATM-cum-Debit Card
  • Cash remittances allowed for up to Rs.10,000 per day
  • An attractive jumbo doll to the child at the time of account opening
  • Withdrawals are allowed only through the ATM and no cheque book is issued

Eligibility: Karur Vysya Bank savings account eligibility is provided below:

  • This Karur Vysya Bank savings account can be opened only for children up to the age of 12 years. The account will be opened in the name of the minor child and the parent will be the Authorized Signatory.

Prestige Savings Account

A premium account for High Net Worth Individuals offering them exclusive banking privileges and benefits. The features and benefits of the account are as follows:

  • A minimum monthly average balance of Rs. 1 lakh is to be maintained in the savings account with Karur Vysya
  • The bank issues free personalised at par cheques to the accountholder
  • Cash remittances at non-base branches up to Rs. 10 lakh per month with these Karur Vysya savings accounts
  • International Visa Debit Card with a withdrawal limit of Rs. 50,000
  • Enjoy the convenience of 24*7 banking anywhere through internet banking, phone banking and mobile banking.
  • At par funds transfer through NEFT / RTGS / DD / PO or Inter branch transfers
  • Karur Vysya Bank offers free collection of outstation cheques
  • Free Accidental death and disability insurance up to Rs. 2 lakh and hospital treatment due to an accident for up to Rs. 20,000
  • A free opening of Demat Account
  • Karur Vysya Bank offers 50% concession in Processing Charge of retail loans

Freedom Saving Account

A simplified savings accounts with the following features and benefits:

  • A 40 leaves free cheque book is issued every year
  • A debit card is issued with the account
  • Karur Vysya Bank offers the convenience of 24*7 banking anywhere through internet banking, phone banking and mobile banking.
  • Unlimited free usage of KVB ATMs as well as five free usage of ATMs under NFS cluster and VISA.
  • Free hard copy of monthly statements and soft copy of monthly financial statements on email
  • No additional cost for SI payments into Manimala Deposit scheme account
  • 90 free debit transactions in the account including ATM transactions every half year
  • A minimum monthly average balance of Rs. 5,000 is to be maintained in the account.

Student Saving Account

A saving account for students with the following features and benefits:

  • Unlimited free usage of KVB ATMs and 5 free usage of ATMs under Visa and NFS cluster
  • The mobile phone can be topped-up at the bank’s ATMs
  • A minimum monthly average balance of Rs. 250 is to be maintained in the account
  • Free periodic e-statement of accounts
  • Credit cards can be availed through the parent’s standing instruction to the bank
  • 90 free debit transactions in the account including ATM transactions every half year
  • Cheque book will be issued to accountholders over 18 years of age.

Eligibility: Following are the eligibility requirements of Karur Vysya Bank savings account:

  • The account can be opened by individuals up to a maximum age of 23 years
  • For individuals aged 12 years and above, the account can be opened in the student’s own name and the parent’s name can also be added either as joint or E or S holders at their option
  • For individuals aged 12 years and below the account can be opened in the student’s own name jointly with the parent’s name but the account can only be operated by the parent. Students can operate their accounts when they attain 12 years of age.

Regular Savings Account

A simple savings account for basic banking needs. The features and benefits of the account are as follows: 

  • This account may be opened either singly or jointly with the option of either or survivor
  • The account offers Visa Debit card
  • Enjoy the convenience of 24X7 banking anywhere through internet banking, phone banking and mobile banking.
  • Nomination facility is available in case of regular savings account.
  • Cash remittance at base branch is free of cost and cash withdrawal at base branch is free for up to 5 withdrawals every month in case the balance in the account is more than Rs. 5,000
  • 90 free debit transactions in the account including ATM transactions every half year.
  • A free cheque book of 20 leaves is issued every year.
  • Minimum balance required to be maintained every month is Rs. 1,000.

Rainbow Savings Account

This is a Karur Vysya Bank savings account that combines the benefit of a fixed deposit scheme with that of a savings account. The features and benefits of the account are the following:

  • The account can be opened by individuals singly or jointly
  • Minimum balance required to be maintained every month is Rs. 3,000
  • If there is balance in the account in excess of Rs. 15,000, the amount above Rs. 15,000 will be automatically swept into a fixed deposit account in multiples of Rs. 5,000 for a period of 91 days at the end of day every Sunday.
  • In case the balance in the savings account falls below the minimum requirement of Rs. 3,000, the fixed deposit account will be debited in the Last In First Out Basis (LIFO) to maintain the savings account balance
  • Free Accidental death insurance coverage of Rs. 1 lakh
  • The account offers Visa Debit card
  • Enjoy the convenience of 24x7 banking anywhere through internet banking, phone banking and mobile banking.
  • Nomination facility is available.

Yuvashakti SB Account

A savings account for the younger generation with the following features and benefits:

  • There is no requirement of a minimum deposit to open the account and this can also be opened as joint savings account
  • A minimum monthly balance of Rs. 5,000 is to be maintained in the account
  • An International Visa Debit card is issued along with the account
  • The bank provides e-commerce benefits like e-ticketing, online shopping, payment of utility bills online, etc. free of cost.
  • Mobile phones can be topped-up at ATMs of the bank
  • Payable-at-par multi city cheque facility and inter-bank funds transfer with no limitations
  • Free 50 leaves personalised cheque book every year
  • Unlimited free usage of KVB ATMs and 5 free usage of ATMs under Visa and NFS cluster
  • Free first year mobile banking enquiries
  • Free Demat Account opening
  • Free internet banking facility
  • Free hard copy of monthly statements and soft copy of monthly financial statements on email
  • 90 free debit transactions in the account including ATM transactions every half year.

Smart Savings Bank

A zero balance savings account with Karur Vysya Bank for corporate employees with the following features and benefits:

  • A zero balance Karur Vysya savings account with a debit card the charges for which are free in the first year
  • Free funds transfer, internet banking, utility bill payment and statement of account through email
  • The account provides the facility of Upfront Credit of Salary with up to 50% of the salary credited in the last month
  • Facility of mobile banking
  • Free 2 DD or PO every month with a limit of up to Rs. 10,000
  • Free 3 NEFT transactions every month
  • Free 40 leaves cheque book every year
  • 90 free debit transactions in the account including ATM transactions every half year.

Karur Vysya Bank Basic Savings Bank Account

This Karur Vysya savings account is for all classes of customers from the lower class to the higher class. The features and benefits of the account are as follows:

  • There is no requirement of a deposit to open these savings accounts
  • Unlimited number of transactions can be carried out in these savings accounts
  • No requirement of a minimum monthly balance maintenance
  • An ATM-cum-Debit card is provided with the account without any Karur Vysya Bank savings account charges:
  • Cheque book is not provided and the Karur Vysya savings account will not have a multi-city status.

Documents required to open the Karur Vysya Bank account

Documentation for Karur Vysya saving account is simpleThe. The Karur Vysya savings accounts can be opened by submitting the KYC documents which include the Identity Proof, Address Proof and Age Proof of the applicant. Any one or more than one of the following documents can be submitted which comply with the KYC requirements:

  • Ration Card
  • Passport
  • Letter from recognised public authority or servant
  • Identity Card or Government ID card
  • Aadhar ID Card
  • Voter’s ID Card
  • Driving License
  • Letter from Employer
  • Pension Card
  • PAN Card
  • Certificate from Local Body, NGO or MFI for rural areas
  • Telephone Bill
  • Bank Account Statement
  • Electricity Bill
  • School Leaving Certificate
  • Insurance Policy
  • Birth Certificate

Karur Vysya Bank Savings Account Interest Rates

Karur Vysya saving account interest rate is 4% per annum which is calculated on the daily end of day balance.

Service charges for Karur Vysya savings account:

Nature of service

Service charge

Individuals/Partnerships

Senior citizens

Cheque book issue

40 free cheque leaves p.a., after that, Rs. 2 per leaf

40 free cheque leaves p.a., after that, Rs. 2 per leaf

Karur Vysya minimum balance requirements/ non-maintenance

Metro, semi-urban centres and urban centres is Rs. 100

No minimum balance charges

Closure of accounts

Up to 14 days – zero

If closed within 1 year it is Rs. 125

If closed after 1 year it is zero (as per BCSBI guidelines)

 

Up to 14 days – zero

If closed within 1 year it is Rs. 100

If closed after 1 year it is zero (as per BCSBI guidelines)

 

Stop payment instruction:

Rs. 100 per instrument and Rs. 150 for a series of instruments

Rs. 50 per instrument and Rs. 150 for series of instruments

Issue of duplicate passbook / sheet:

Re. 1 per entry, minimum is Rs. 10 and maximum is Rs. 50

Re. 1 per entry, minimum is Rs. 10 and maximum is Rs. 50

Personalised debit cards

Rs. 100

Rs. 100

Regeneration of PIN

Free

Free

Note: These charges on Karur Vysya Savings accounts are effective from 7th April, 2016. Service taxes as applicable will be collected extra.

Applying for Karur Vysya Bank saving account:

The process of applying for a savings account from Karur Vysya Bank involves a few simple steps. In keeping with the rising trend of online transactions, the bank offers Karur Vysya savings account online application form. All you have to do is fill the application form with necessary details and submit it to the bank. Once you have submitted the application form for opening a savings account with Karur Vysya, the bank will ask for your KYC (know your customer) details. You should then provide your KYC documents to the bank. Once you complete this step, the bank representative will contact you. The bank will verify all the documents provided to ensure their accuracy. After verification, you will get your account opening kit to operate the savings account with Karur Vysya Bank. This applying procedure can be done from any of Karur Vysya Bank branches.

Why should you open a savings account with Karur Vysya Bank?

Saving money is something that everyone is aware of and yet people often delay opening a savings bank account because of one reason or another. However, everyone has to start from somewhere. Whether you have begun earning or not, opening a savings account is crucial and the most effective step you take towards becoming independent and accomplishing your dreams. Moreover, having some savings in your account always help you during times of uncertainty. So, open a savings account immediately with Karur Vysya and build a better financial future for you and your loved ones.

Here are a few good reasons on why you should open a savings bank account with Karur Vysya today:

  • To start building wealth: The road to financial independence begins with a single rupee. Every rupee you save is like an additional brick for the foundation for your wealth. And until you have accumulated enough money to invest in real estate and property, what could be a better place than a savings bank account to park your hard earned money. Money does not simply sits in the account but also earns handsome interest rates and keeps growing as long as you decide to leave it there. You can also open joint savings accounts with your spouse for better management of the family finances.
     
  • For easy access: Savings accounts give you access to your money anytime. Keeping money in the house is not a wise option as it may be used up inadvertently or even stolen. On the other hand, if you have saved all your money in some kind of savings account, then you will not have any at the time of need. Money kept in savings accounts is easily accessible. You can withdraw it whenever you need. However, before withdrawing, just ensure you understand the terms and conditions of the savings account. For instance, some bank may limit your number of withdrawals and levy service charges if you exceed that limit.
     
  • To save money for things you have always wanted: Everybody dreams of buying an expensive car or vacationing in an exotic destination. To make your dream come true you need to set aside some money every month. This can be done by opening a savings account. Once you have deposited money in the account, it is best not to touch it unless you have saved enough to meet your goal. There are many ingenious and easy to use automated savings tools that can help you save automatically and this makes saving money as easy as spending it.