Karur Vysya Bank (KVB) is an Indian bank with about 100 years of history and has about 782 branches across the country. The bank offers a range of products and services for personal, business, and NRI customers.
KVB offers multiple types of FD schemes that serve different requirements. This article covers everything you need to know before opting for a suitable FD scheme.
Below are the fixed deposit interest rates for Fixed Deposit Scheme and Reinvestment Plans Scheme for deposits below Rs.2 crore. The rates are effective from 8th July 2021.
Period | Interest Rate (% p.a.)* |
7-14 days | 3.25 |
15-30 days | 3.25 |
31-45 days | 3.25 |
46-90 days | 3.25 |
91-120 days | 3.50 |
121-180 days | 3.75 |
181-270 days | 4 |
271 days- less than 1 year | 4.25 |
1- Less than 2 years | 5.25 |
2- Less than 3 years | 5.50 |
3- Less than 5 years | 5.50 |
5 years and above | 5.75 |
KVB- Tax Shield | 6 |
*Interest rates are subject to change from time to time
For Flexi Term Deposits, the interest rate is 3.25% for 300 days.
The rates are effective from 8th July 2021.
Period (in years) | Interest Rate (in % p.a.)* |
1 < 2 | 5.75 |
2 < 3 | 6 |
3 < 5 | 6 |
KVB- Tax Shield Deposits | 6 |
*Interest rates are subject to change from time to time
The deposit amount can start from Rs.100 with no maximum limit. The minimum period is 15 days, and the maximum period is 10 years, with interest payable. It is suitable for people who wish to have interest from deposits as their income source.
This scheme provides the depositors with an even maturity amount on an odd deposit and provides free hospital insurance. The tenure can range from one year up to 10 years. The period is in multiples of 10 months, and the maximum period is five years for senior citizens.
This FD scheme focuses on long-term investments. The minimum amount is Rs.100 with no restriction to the maximum limit. The minimum period is six months, and the maximum limit of 10 years. The maximum deposit tenure is 20 years for minors.
Senior citizens get a preferential rate of interest with cumulative and non-cumulative options available. The minimum period is one year, and the maximum is five years. The maximum ceiling limit for a preferential rate of interest is Rs.3 crore.
Scheme Name | Eligibility Requirement |
Fixed Deposit Scheme | Can be individuals, companies, associations, HUFs, partnership firms, etc. |
Double Delight FD Scheme | Only individuals qualify |
Reinvestment Plan/TTT Scheme | Individuals, companies, associations, HUFs, partnership firms, etc. Minors and majors qualify |
Senior Citizen FD Scheme | Residents of India At least 60 years of age, proof has to be produced Nomination is compulsory |
Cumulative and non-cumulative deposits under this scheme of up to Rs.1.50 lakh qualify for benefits under Section 80C of the Income Tax Act, and the lock-in period is five years. The minimum amount that can be deposited is Rs.100.
Preference for cumulative deposits should be mentioned in the application form. The deduction under Section 80C will only apply to the first holder of the account in case of joint accounts.
Interest earned through Reinvestment Plans, Fixed Deposits and Senior Citizens Deposits is subject to Tax Deduct at Source (TDS). To avoid the TDS on interest earned, submit Form 15G or Form 15H (for senior citizens).
Calculate the possible maturity amount and interest on your deposit using ClearTax’s FD Calculator.
Please get in touch with the bank to learn about the interest rates offered for a deposit amount greater than Rs.2 crore.
The interest amount is penalised, which is calculated for the time the deposit was with the bank. The rates are subject to change.
Amount Deposited | Penal Interest |
Up to Rs.2 crore | 1% |
Above Rs.2 crore | As per the penalty norms |
The scheme provides free hospital insurance coverage of up to Rs.750 per day for a maximum period of seven days per year throughout the tenure of the deposit. This benefit is available only for the primary account holder when hospitalised for a minimum of 24 hours.
You can invest any amount you wish in the account. However, the maturity amount will be Rs.1 lakh, Rs.2 lakh, Rs.3 lakh, Rs.4 lakh, and Rs.5 lakh. Please get in touch with the bank to understand the details about this scheme.