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Karur Vysya FD - Scheme, Eligibility, Documents

Karur Vysya Bank Fixed Deposit Highlights

Last Updated 09th Jul 2021

Karur Vysya Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.25% to 5.75%
Minimum Tenure 15 days
Maximum Tenure 10 years
Deposit Amount Rs 100
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Karur Vysya Bank FD

    Karur Vysya Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 15 days to 10 years. Apart from that, Karur Vysya Bank FD offers regular returns on fixed deposits ranging between 3.25% to 5.75%. For senior citizens, the interest rates on fixed deposits range between 3.50% to 6.00%. In addition to that, Karur Vysya Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Karur Vysya Bank Fixed Deposit Schemes

    Different type of Karur Vysya Bank term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposit

    Description:

    • Under this scheme bank offers nomination facility , loan against FD and free accidental or death insurance for up to Rs 1 lakh. Also an investor can avail tax benefits under section 80C.
    • The higher interest rate for senior citizens.
    • Partial and full premature withdrawal is allowed.
    • Reinvestment, Quarterly Payout, and Monthly Payout available.

    Eligibility:

    • Resident Indians, Hindu Undivided Families, Sole proprietorship firms, Partnership firms, Limited companies and Trust accounts.

    Benefits of Karur Vysya Bank FD

    Karur Vysya Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Karur Vysya Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Karur Vysya Bank offers FD rates up to 5.75%. The interest rates offered on Karur Vysya Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Karur Vysya Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Karur Vysya Bank fixed deposit allows one to borrow a secured loan against Karur Vysya Bank FD. Benefits of Loan Against FD of Karur Vysya Bank are as follow:
      • Loan against FD of Karur Vysya Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Karur Vysya Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Karur Vysya Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Karur Vysya Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Karur Vysya Bank offers fixed deposit for a minimum tenure of 15 days up to a maximum tenure of 10 years. Karur Vysya Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Karur Vysya Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 100. Apart from that, one can invest in the Karur Vysya Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Karur Vysya Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Karur Vysya Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Karur Vysya Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Karur Vysya Bank FD

    Karur Vysya Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Karur Vysya Bank FD

    Karur Vysya Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Karur Vysya Bank FD

    Credit Cards againstKarur Vysya Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Karur Vysya Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Karur Vysya Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Karur Vysya Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Karur Vysya Bank?

    Karur Vysya Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 100.

    What is the minimum amount for a fixed deposit in Karur Vysya Bank?

    The minimum amount required for a fixed deposit investment in Karur Vysya Bank fixed deposit is Rs 100.

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

    Currently, Karur Vysya Bank offers an interest rate ranging between 3.25% to 5.75% on its fixed deposits.

    What is the penalty for early withdrawal in Karur Vysya Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Karur Vysya Bank?

    Karur Vysya Bank fixed deposit can be opened with a minimum tenure of 15 days. The tenure of the Karur Vysya Bank fixed deposits ranges from 15 days to 10 years.

    Can I deposit additional amount in my Karur Vysya Bank 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.

    What documents are required to open an FD account in Karur Vysya Bank?

    The documents required to open an FD account in Karur Vysya Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Karur Vysya Bank?

    The time Karur Vysya Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Karur Vysya Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Karur Vysya Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Karur Vysya Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Karur Vysya Bank safe for FD?

    Yes, the Karur Vysya Bank is one of the safest avenues for any investments. Karur Vysya Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Karur Vysya Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Karur Vysya Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Karur Vysya News - Jul 2021
    • 2021-07-09 : Karur Vysya Bank changed its FD rates
      With effect from 08th July 2021, Karur Vysya Bank has revised its FD interest rates. As per the revised rates, the rate of interest for a tenure of 7 days to 90 days, the rate is 3.25%; the rate for 91 days to 120 days stands at 3.50% and for 121 days to 180 days, the revised rate is 3.75%. The rates for 181 to 270 days stands at 4%, while the rates for a longer tenure, 271 days to less than 1 year is 4.25%. The rate for above 1 year to less than 2 years is 5.25% and the rate for 2 years to less than 5 years is 5.50%. The rate for the longest tenure of 5 years and above stands at 5.75%.
    • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
      Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
    • 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, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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