Karur Vysya Bank FD Interest Rates
About Karur Vysya Bank
Karur Vysya Bank is an Indian Scheduled Commercial Bank. It has been in operation for 103 years and is one of India’s leading banks, with its headquarters in Karur, Tamil Nadu. As of March 31, 2020, the bank’s balance sheet amounted to Rs. 68,278 Crs. In FY20, the bank made a profit of Rs 235 crores. Karur Vyasa Bank offers a variety of fixed deposits, including the KVB Tax Shield, fixed deposits, regular FDs, and term deposits for senior citizens.
- Features of Karur Vysya FD Rates
- Karur Vysya FD Interest Rates 2021
- Benefits of Karur Vysya Fixed Deposit
- Types of KVB FD Schemes
- Eligibility of Karur Vysya Bank FD
- How to Calculate Karur Vysya FD Rates
- Factors Affecting Karur Vysya Bank FD Rates
For regular citizens, the highest rate of interest offered by KVB fixed deposits is 5.75 percent per year. The annual interest rate for senior citizens is 6.15 percent.
Features of Karur Vysya FD Rates
- Minimum and maximum investment: INR 100 is the minimum investment in a Karur Vysya Bank FD. The maximum amount of investment in KVB FD, on the other hand, is unlimited.
- Karur Vysya Bank FD rates: Regular citizens’ FD rates range between 3.5 percent and 5.75 percent, while senior citizens’ FD rates range between 3.5 percent and 6.15 percent. Furthermore, Karur Vysya Bank provides senior citizens with an additional 0.5 percent interest rate on FDs with maturities greater than one year. KVB pays interest at monthly, quarterly, or semi-annual intervals, depending on the investor’s preference.
- Premature withdrawal: Except for the tax-saving FD, all Karur Vysya Bank FDs can be withdrawn early.
- Loan facility: Karur Vysya Bank provides loans in exchange for FDs. Investors can obtain loans without jeopardizing their KVB FD. In addition, the loan’s interest rate will be 1% to 2% higher than the KVB FD interest rate.
- Nomination: Karur Vysya Bank FD investors can name beneficiaries for their FDs.
- Auto-renewal: Investors can choose to have their Karur Vysya Bank FDs automatically renewed.
- Safety: All Karur Vysya Bank deposits are covered by the RBI’s Deposit Insurance Scheme. The scheme applies to all Karur Vysya Bank deposits of up to INR 5,000.
- Additional payments: Once a Karur Vysya Bank FD has begun, investors cannot deposit additional funds. They can, however, open a new Karur Vysya Bank FD with the new amount.
Karur Vysya FD Interest Rates 2021
|
Tenure |
Interest rate for the general public (p.a.) |
| 7 days to 14 days |
3.50% |
|
15 days to 30 days |
3.75% |
| 31 days to 45 days |
3.75% |
|
46 days to 60 days |
3.75% |
| 61 days to 90 days |
3.75% |
|
91 days to 120 days |
4.00% |
| 121 days to 180 days |
4.75% |
|
181 days to 210 days |
4.75% |
| 211 days to 270 days |
4.75% |
|
271 days or less than 1 year |
5.00% |
| 1 year to less than 2 years |
5.50% |
|
2 years to less than 3 years |
5.50% |
| 3 years to less than 5 years |
5.65% |
|
5 years and above |
5.75% |
Benefits of Karur Vysya Fixed Deposit Scheme
The following are the benefits of Karur Vyasa Bank Fixed Deposit Schemes:
- On deposits, a loan facility is available.
- Individuals, HUFs, Trusts, and so on can open accounts.
- There is a nomination facility available.
- Premature closure is permitted.
- There are options for semi-annual, quarterly, and monthly interest payments.
Types of KVB FD Schemes
- KVB Fixed Deposit Scheme: This FD scheme is ideal for investors who want to earn a consistent income from interest. Investors can receive yields semi-annually, quarterly, or monthly. Individuals, Hindu Undivided Family members, companies, associations, trusts, partnership firms, and so one can invest in the scheme.
- KVB Senior Citizens Deposit Scheme: This KVB FD scheme is specifically designed to meet the investment needs of senior citizens. A senior citizen is defined as someone over the age of 60.
- KVB Tax Saving Deposits: The KVB tax-saving fixed deposit scheme is intended to provide taxpayers with the option of claiming a deduction under Section 80C. Income tax is exempt up to Rs. 1.5 lakh.
- Thirumagal Thirumana Thittam (TTT): The Karur Vysya Bank Thirumagal Thirumana Thittam (TTT) scheme is designed for investors who want to invest money to meet long-term financial goals such as providing for a child’s education, marriage, and so on.
Eligibility of Karur Vysya Bank FD
The following are eligible to invest in a Karur Vyasa Bank Fixed Deposit Scheme:
- Individuals
- Sole proprietorships
- HUFs
- Limited companies
- Partnership firms
- Trusts
- Associations
How to Calculate Karur Vysya FD Rates
A fixed deposit calculator tool is used to estimate the maturity amount that an investor should expect at the end of a specified term for a specific deposit amount at the current rate of interest.
A fixed deposit calculator can be used to calculate the amount of interest that can be earned on a fixed deposit. The maturity amount is calculated using the deposit amount, FD interest rate, and fixed deposit tenure. The maturity amount is the amount received at the end of the term of the FD. It includes all of the interest paid on the principal (deposit amount).
Factors Affecting Karur Vysya Bank FD Rates
There are multiple factors that can have an effect on the FD rates at Karur Vysya bank. Some of these factors are:
- The rate of inflation
- Prevailing liquidity scenario in India
- Conditions of demand and supply
- Anticipation of a lending rate cut
- Falling call rates
- Plummet in the Bank’s fund costs
FAQs:
Is KVB safe for FD?
Karur Vysya Bank guarantees returns on FDs in the form of interest. Furthermore, all Karur Vysya Bank deposits are covered by the RBI's Deposit Insurance Scheme. Furthermore, the scheme covers all KVB deposits up to INR 5,00,000. As a result, Karur Vysya Bank FDs are a secure investment.
Does the change in KVB FD interest rates affect the bank's existing FD customers?
No, it does not. Changes in interest rates have no effect on the bank's existing investors unless the FD operates on a floating interest rate. Rates are only updated for new customers or those who choose to renew.
What is Karur Vysya Bank's highest fixed deposit interest rate?
Karur Vysya Bank's highest FD rate is 5.75 percent for a 5-year term. For a 5-year tenure, the highest Karur Vysya Bank FD rate for senior citizens is 6.15 percent.
Can I make a nomination for Karur Vysya Bank Fixed Deposits?
Yes, the nomination is possible for Karur Vysya Bank Fixed Deposit schemes.
