MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Karur Vysya FD Interest Rates

Karur Vysya FD Rates 2020

Last Updated 07th Sep 2020

Karur Vysya Bank is one of most reliable FD providers amongst a number of FD providers in the market. Karur Vysya Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Karur Vysya Bank FD is 5.85%. Latest Karur Vysya Bank FD interest rate for senior citizens, on the other hand ranges between 3.50% to 6.35%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.50% 3.50%
15 days to 30 days 3.75% 3.75%
31 days to 45 days 3.75% 3.75%
46 days to 90 days 3.75% 3.75%
91 days to 180 days 4.75% 4.75%

Karur Vysya Fixed Deposit (FD)

Karur Vysya Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Karur Vysya Bank Fixed Deposit are:

  • Deposit Amount: Karur Vysya Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 3.50% p.a. to 5.85% p.a.
  • Senior Citizens FD Rate: 3.50% to 6.35% p.a.
  • Highest Interest Rate: As per today’s rate, Karur Vysya Bank’s highest interest rate on FD is 5.85% offered for a tenure of 10 years.
  • Safety of Karur Vysya Bank Deposits: Karur Vysya Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Karur Vysya Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes:

Karur Vysya Bank Best FD Plan

We need to compare tenure wise latest FD rate of Karur Vysya Bank to choose the tenure at which it provides the highest interest rate. Karur Vysya Bank FD rates are best for the deposits with a tenure of 3 years to 10 years, wherein the current FD rate of interest is 5.85% p.a

If one is looking to invest in short term deposits with Karur Vysya Bank, FD interest rates range from 3.50% p.a. to 5.00% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Karur Vysya Bank FD rates for senior citizens range from 3.50% to 5.00% p.a.

If one is looking to invest in long term deposits, Karur Vysya Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.85%. Senior citizens are offered special rates from bank with highest deposit rates of 6.35% p.a. on long term FDs.

Fixed Deposits of Karur Vysya Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Karur Vysya Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

FD in Karur Vysya Bank – Premature Withdrawal

Premature closure of Term Deposit with Karur Vysya Bank is along with the lower interest rate of 1% for deposits above Rs. 1 crore than the contracted rate. The penal provisions for premature closure on Karur Vysya Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Karur Vysya Bank

Karur Vysya Bank offers loan up to 90% against its own deposit. Note that Karur Vysya Bank will not give you loan against FD of any other bank. Karur Vysya Bank offers Loan against FD at the rate of 4.5% to 6.85%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Karur Vysya Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Karur Vysya Bank

To open a Fixed Deposit account in Karur Vysya Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Karur Vysya Bank FD after reading the terms and conditions.

Nomination Facility on Karur Vysya Bank FD

Karur Vysya Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Karur Vysya Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

FAQs

What is the highest FD rate for Karur Vysya Bank?

You can earn a maximum interest of 5.85% on Karur Vysya Bank fixed deposit.

Are there any special rates for senior citizens FD of Karur Vysya Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.50% to 5.85%. Compared to this, the rate of senior citizens FD are in the range of 3.50% to 6.35%.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Karur Vysya Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with Karur Vysya Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Karur Vysya Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Karur Vysya Bank?

Current interest for FD in Karur Vysya Bank ranges between 3.50% - 5.85%.

Can a customer open a FD account online in Karur Vysya Bank?

Yes, you can submit your application for opening a FD account on the website of Karur Vysya Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Karur Vysya Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.85%. For Karur Vysya Bank FD the number of years in which your FD will get doubled is; 72/5.85 = 12


Karur Vysya News - Sep 2020
  • 2020-07-08 : Karur Vyas Bank revised FD rates
    Karur Vyas Bank changed its fixed deposit rates. The FD rates for 7 to 14 days is 3.50%, it is 3.75% for 15 to 90 days and stands at 4.75% for 91 to 270 days. The Fixed deposit rates is 5% for 271 to 364 days and stand at 5.70% for one year to less than 2 years. Further, the FD rates for the long tenors of 2 years to three years and above is 5.85%. The revised rates are in effect from 8 June 2020.
  • 2020-05-14 : Karur Vyas Bank revised FD rates
    Karur Vyas Bank changed its fixed deposit rates. The FD rates for 7 to 14 days is 4.15%, it is 4.40% for 15 to 30 days and stands at 4.65% for 31 to 45 days. The Fixed deposit rates for 46 to 90 days is 4.90%, it is 5.65% for 91 to less than one year and stands at 6% for one year to less than 2 years. Further, the FD rates for the long tenors of 2 years to three years and above is 6.05%. The revised rates are in effect from 11 May 2020.
  • 2019-01-16 : Karur Vysya Bank revises interest rate on fixed deposits by 50 basis points
    Karur Vysya Bank (KVB) has revised the interest rate of fixed deposits on January 7, 2019. The interest rates have been hiked for fixed deposits less than Rs. 1 crore only. Interest rate of fixed deposit with 7 to 14 days period has been hiked to 5.00%. While the rates for 1 year have been hiked to 7.25%, while the rates for senior citizens now stands at 7.75% respectively.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More