Karur Vysya Bank Account Opening Online | Karur Vysya Bank Account Opening Form | Karur Vysya Bank Account Opening Minimum Balance | Karur Vysya Bank Account Opening Charges
Karur Vysya Bank offers a total of 12 distinct savings accounts. On deposits made to a savings account, you can earn up to 3.25 percent interest. The features and benefits of each sort of savings account will differ. The article will provide details related to the Karur Vysya Bank Account Opening and other related topics
Karur Vysya Bank Account Opening Process
Thanks to their online account opening option, starting a Savings Account with Karur Vysya Bank is a convenient and simple process. You can request a Karur Vysya Bank Account Opening online by going to the bank’s website. For information on how to apply online, go to the “Online Account Opening Request” link.
A representative will contact you and collect the documents after you have completed the form and confirmed the relevant documents against the bank’s checklist. You will receive the Starter Kit and be able to start saving after your documents have been validated.
One can also open a bank account by going to a bank branch and filling out an application form. You must submit the application form, as well as any supporting documentation. You’ll get the Starter Kit after the bank checks your documents.
Karur Vysya Bank Account Interest Rates
The following table shows the interest rates offered by Karur Vysya Bank on its savings accounts:
|Up to Rs.5 lakh||2.75%|
|More than Rs.5 lakh up to Rs.10 lakh||3.25%|
|Rs.10 lakh to Rs.1 crore||3.00%|
|Above Rs.1 crore||3.25%|
Minimum Balance Requirements for Karur Vysya Bank Account Opening
The minimum balance that must be maintained in a savings account is determined by the type of account that was opened. The following are the minimum prerequisites for balance:
|Type of Savings Account||Monthly Average Balance|
|KVB Shakthi for Women||Rs.5,000|
|Jumbo Savings Account for Kids||Nil|
|Prestige Savings for HNIs||Rs.1 lakh|
|Freedom Savings Account for Professionals||Rs.5,000|
|YuvaShakti Savings for Youth||Nil|
|Regular Savings Account||Contact the bank|
|KVB Prestige Salary Account||Nil|
|KVB Regular Salary Account||Nil|
|KVB Senior Citizens Savings||Nil|
Types of Savings Accounts at Karur Vysya Bank
- KVB Shakthi for Women: This savings account is intended specifically for women and includes features such as 25 free cheque leaves each year and free online and mobile banking access. Account users can also get Rs.1,00,000 in free NEFT/RTGS transfers or Demand Draft/Pay Order transactions per month. In addition, they will receive a 25% discount on processing fees for retail loans and related goods.
- Jumbo Savings for Kids: Children under the age of 12 are eligible to open a Jumbo Savings account. This zero-balance account comes with perks including a free ATM/Debit card and a free doll when you start the account.
- Prestige Savings for HNIs: This account is meant for high-net-worth individuals and comes with special benefits and features such as free customized cheque books and internet banking. In addition, account holders will receive an overseas Debit card with no card fees and a daily withdrawal limit of Rs.1 lakh. NEFT/RTGS money transfers will be free of charge.
- Rainbow Savings – Sweep In/Sweep Out: This account combines the benefits of a fixed deposit with the characteristics of a savings account to allow account holders to earn competitive interest on their money. They can also use internet banking and mobile banking. They also have the option of using a debit card.
- Student Savings: This savings account was created specifically for students to assist them in developing the habit of saving and therefore securing their financial future. There is no need to maintain a minimum balance in this account.
- YuvaShakti Savings for Youth: Receive the financial boost you need to jumpstart your career with a YuvaShakti account. You’ll get a free international debit card as well as free e-commerce services like bill payment and e-ticketing. Every year, a cheque book with 25 cheque leaves will be delivered at no additional charge. Internet banking is also available at no additional cost.
- Regular Savings: This no-frills savings account comes with 25 free cheque leaves per year and free base branch cash remittance to encourage saving. A debit card, as well as internet and mobile banking, are available to cardholders.
- Freedom Savings for Professionals: Freedom Savings for Professionals account offers all of the advantages of a premier account without the requirement of keeping a large balance. The account offers free cash remittance at base branches as well as 25 free cheque leaves per year. Up to Rs.25,000 in demand drafts will be issued for free per month.
- KVB Prestige Salary Account: Employees must earn a salary of at least Rs.50,000 to be eligible for the KVB Prestige Salary Account. It is possible to open a free Demat account. There is no need to maintain a minimum balance. A total of 100 cheque leaves are delivered at no additional cost each year. There are also free mobile and online banking services available.
- KVB Regular Salary Account: The employee’s average salary must be between Rs.5,000 and Rs.50,000. It is possible to open a free Demat account. There is no need to maintain a minimum balance. Every year, 20 cheque leaves will be delivered at no additional cost. Mobile and online banking will be available at no additional charge.
- KVB Senior Citizens Savings: Individuals over the age of 60 can open a KVB Senior Citizens Savings account. There is no need to maintain a minimum balance. A total of 25 cheque leaves will be delivered at no extra charge. A complimentary debit card will be provided. Mobile and online banking will be available for free.
- Basic Savings – Zero Balance: This account’s goal is to ensure that all members of society have access to banking services. This account is for people who want to take advantage of the basic banking services that come with a savings account. There is no minimum balance requirement for this account, and the number of transactions that can be conducted is unrestricted.
Documents Required for Karur Vysya Bank Account Opening
- To open a Savings Account with the Karur Vysya Bank, you must submit a series of documentation. These documents are subject to RBI’s Know Your Customer (KYC) regulations. The required documents are listed below.
- Passport sized photographs
- Proof of identity
- Proof of address
Address Documents Proofs:
The following list of documents can be submitted as proof of address:
- Driver’s license
- Ration Card
- Pension card
- Utility bills like telephone bills, electricity bill
- Aadhaar card
- Government-issued ID card
Proof of Identity Documents
The following list of documents can be submitted as proof of identity:
- Ration card
- Voter’s ID card
- Aadhaar Card
- Permanent Account Number (PAN) card
- Pension card
- Driver’s license
- Government-issued ID card (with the photograph)