Karur Vysya Bank (KVB) RD Interest Rates

Karur Vysya Bank is a private Indian bank based in Karur, Tamil Nadu. Treasury operations, corporate/ wholesale banking operations, retail banking operations, and other banking operations are the company's four main segments.

The corporation's investments are divided into three categories: held to maturity, held for trading, and available for sale. Karur Vysya Bank was established on June 22, 1916. 

The bank has a wide range of products and services for customers. From its broad range of products and services, the bank also offers the clientele with RD accounts. Here are the main details about RD from Karur Vysya Bank and its current RD interest rates in KVB.

KVB RD Interest Rates 2024

Here is the table to show Karur Vysya Bank RD interest rates:

Tenure

KVB RD interest rates

181 days - 270 days

4.75%

271 days - less than 1 year

5.00%

1 year - less than 2 years

5.50%

2 years - less than 3 years

5.50%

3 years - less than 5 years

5.65%

5 years and more

5.75%

Kinds of KVB RD Schemes

Customers can choose between two recurring deposit schemes offered by Karur Vysya Bank: KVB Manimala and KVB Money Mala Plus. KVB provides various recurring deposit plans with competitive interest rates based on the customer's specified duration.

Senior folks can also take advantage of Karur Vysya Bank's recurring deposit programs, which offer favorable interest rates. Account holders can make monthly deposits starting with a minimum of Rs. 100, which can be increased to multiples of Rs. 25 under the KVB Manimala plan.

Deposit terms for a KVB Manimala recurring deposit account can range from six months to a maximum of 120 months. KVB Money Mala Plus is a flexible recurring deposit system that allows account customers to deposit any amount greater than the predetermined amount. 

This monthly deposit amount can be at least ten times more, up to a maximum of Rs. 2 lakhs. The KVB Money Mala Plus scheme's interest rate is determined daily and compounded quarterly.

1) KVB Manimala

This recurring deposit account allows people to deposit a set amount of money every month until a specified date. At the loan's maturity, the invested sum yields a substantial amount of interest. The scheme's characteristics are as follows:

  • The smallest investment duration is six months, and the maximum investment period is one hundred and twenty months.
  • This account can be started with a minimum investment of Rs. 100 and subsequently in multiples of Rs.25.
  • A loan is provided against the amount deposited.
  • Subject to applicable regulations, you may withdraw the deposited money.
  • There is a nomination option available.
  • Late payments incur an Rs.1.50 penalty. It may be greater for deposits of more than 5 years.
  • Individuals, minors, HUF, trusts, partnership businesses, companies, and associations can all open accounts.

2) KVB Money Mala Plus

This versatile recurring deposit account allows you to deposit monies in excess of the agreed amount. The characteristics are as follows:

  • The investment term spans from 12 to 36 months.
  • Late payments are not penalized.
  • The minimum investment is Rs.1000, and there is no maximum limit.
  • The ability to remit the sum at any moment during the month.
  • Loans are offered up to 75% of the core amount.
  • The interest rate is the same as the rate on term deposits.

Penalty for Prepayment

  • Deposits up to Rs.1 crore are subject to a 1% penalty on the applicable ROI.
  • Pre-closure penalty rules apply if the deposit exceeds Rs.1 crore.
  • Interest would be calculated at the rate in effect during the time the deposit was with the bank. The pricing is subject to change at any time without notice.

Advantages of RDs from Karnataka Bank

  • Interest rates as high as 7.00% are possible.
  • At maturity, recurring deposit accounts are convertible to fixed deposit accounts.
  • Loans are available against the amount in your Recurring Deposit.
  • This account is appropriate for people with low incomes. To start a Karur Vysya Bank recurring deposit account, a small sum of money is necessary.
  • Senior folks receive a substantially higher interest rate of 7.50% than lower-income accounts.

FAQs

Q1. Can you make early withdrawals?

Yes, early withdrawal is permitted. However, the bank will deduct a penalty at the time of withdrawal.

Q2. Is a transfer to a Fixed Deposit (FD) account possible?

It is, indeed. When your recurring deposit account matures, you can request a fixed deposit account from your bank. It is also an excellent strategy to invest in.

Q3. What is the term of the RD account?

RDs are typically available from banks for terms ranging from 6 to 120 months (10 years). Some banks also provide 240-month RDs.

Q4. Is Karur Vysya Bank able to accept nominations?

Yes, both individual and joint accounts are supported. Per account, only one nominee is permitted.

Q5. Could I make a partial withdrawal of my RD from the Karur Vysya Bank?

No. You will not be allowed to make a partial withdrawal of the RD in Karur Vysya Bank.

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