Tags:
Karur Vysya Bank is one of India’s old generation private sector banks and is based in South India. The bank offers different types of fixed deposit schemes. In addition to the traditional fixed deposit, senior citizen deposits, KVB Manimala, KVB Tax Shield and Rainbow Deposits are other fixed deposit variants of the bank.
The fixed deposits at Karur Vysya Bank can be opened by individuals, HUF, Trusts, partnership firms, companies and associations. The deposits are eligible for simple interest, and the interest payout can be made monthly, quarterly and half yearly intervals.
The following tables give an account of Karur Vysya Bank FD Interest Rates:
|
Time Period |
Interest rate per annum for less than Rs. 1 crore |
|
7 Days to 14 days |
6.00% |
|
15 Days to 30 days |
6.00% |
|
31 Days to 45 days |
7.70% |
|
46 Days to 90 days |
7.70% |
|
91 Days to 180 Days (6 months) |
8.40% |
|
181 Days to 270 days |
8.50% |
|
271 Days Upto including 1 year |
9.00% |
|
Above 1 year and Upto 2 years |
9.00% |
|
Above 2 years and Upto 3 years |
9.25% |
|
Above 3 years |
9.25% |
|
KVB - Tax Shield Deposits |
8.50% |
Interest rates on senior citizen deposits are as under. The preferential interest rate is available only for maturity period of 1 year and above and upto 5 years. However, the maximum ceiling for extending preferential interest rate is Rs. 5 crores per depositor.
|
Time Period |
Interest rate per annum for less than Rs. 1 crore |
|
Above 1 year and Upto 2 years |
9.50% |
|
Above 2 years to 3 years |
9.75% |
|
Above 3 years to 5 years |
9.75% |
|
KVB - Tax Shield Deposits |
8.75% |
The interest rates for deposits above Rs. 1 crore can be known by contacting any of the branches of Karur Vysya Bank. While there is no maximum limit for deposit amount in the case of normal deposits, the maximum ceiling for senior citizen deposits is Rs. 10 crores. The bank does not charge pre-closure penalty for deposits upto Rs. 1 crore.
In addition to the above, the bank offers a special deposit scheme known as KVB Flexi Term Deposit for a minimum amount of Rs. 1 crore. This short term deposit is for a period of 300 days and carries an interest rate of 8.25% per annum. In the case of KVB Flexi Term Deposit, there is no penalty for premature withdrawal any time after 15 days. In other days, the rate of interest payable is as follows:
|
Pre-closure period |
Rate of Interest payable |
|
1 to 6 days |
No interest |
|
7 to 14 days |
Applicable card rate less penal interest of 1% |
|
15 to 300 days |
Applicable card rate without any penalty |
In addition to domestic deposits, Karur Vysya Bank also offers NRO, NRE and FCNR deposits for NRI customers. The interest rates for FCNR deposits for the period 1-8-2014 to 31-08-2014 are as below:
|
PERIOD |
USD |
GBP |
EUR |
JPY |
CAD |
AUD |
|
1 year & above but less than 2 years |
2.36% |
2.85% |
2.32% |
2.19% |
3.47% |
4.65% |
|
2 years & above but less than 3 years |
2.76% |
3.37% |
2.34% |
2.19% |
3.44% |
4.78% |
|
3 years & above but less than 4 years |
4.21% |
4.73% |
3.41% |
3.20% |
4.63% |
5.94% |
|
4 years & above but less than 5 years |
4.61% |
5.00% |
3.52% |
3.23% |
4.80% |
6.18% |
|
5 years only |
4.90% |
5.19% |
3.66% |
3.27% |
4.96% |
6.30% |
The interest rates on NRE deposits are as under. Interest is not provided if the deposit is withdrawn before the minimum period of 1 year.
|
PERIOD |
USD |
|
1 Year |
9.00% |
|
Above 1 year and upto 2 years |
9.00 % |
|
Above 2 years to 3 years |
9.25 % |
|
Above 3 years upto 10 years |
9.25 % |