Karur Vysya Bank, a well-known private sector bank in India, provides its clients with a vast array of banking products and services. The savings account offered by KVB is one of their most well-liked products. The KVB savings account offers a variety of savings account options so that it can meet the various demands of its customers. Ordinary Savings Account, Jumbo Savings Account, Prestige Savings Account, Freedom Savings Account, Student Savings Account, etc are a few of the different kinds of KVB savings accounts. Each account type has its own special features and advantages in order to better meet the individual needs of various consumers.
KVB offers several different kinds of savings accounts, but each account must have a minimum balance as well. The minimum balance requirement varies depending on the KVB Account Type, and customers must maintain a certain amount in their account to avoid fees or penalties. We’ll go through the various KVB savings account types in depth in this post, along with the minimum balance requirements for each type of account.
Table of Contents
- KVB Savings Account Types
- 1. KVB Shakthi Savings Account
- 2. Jumbo Kids Savings Account
- 3. Prestige Savings Account
- 4. Freedom Savings Account
- 5. Student Savings Account
- 6. Rainbow Savings Bank Scheme
- 7. Yuvashakti SB Savings Account
- 8. Regular Savings Account
- 9. Smart Savings Bank Account
- 10. Basic Savings Bank Account or Kalpatharu Account
- Karur Vysya Bank Minimum Balance Requirements
- KVB Non-Maintenance of Minimum Average Balances Charges
KVB Savings Account Types
Karur Vysya Bank believes that customers ought to have the freedom to select the savings account that most closely matches their particular requirements. Because of this, they provide a variety of savings account choices, each catered to a certain customer base. It offers a solution that will satisfy your needs, whether you want to open an account for yourself, set money aside for your child’s future, or assist your parents in maintaining their financial independence, different Types of Savings Account in KVB have you covered. Also, no matter where you are, you can get the top-notch services because of the extensive network of branches and ATMs the bank has set up throughout India.
1. KVB Shakthi Savings Account
The Karur Vysya Bank (KVB) offers a special savings account called the KVB Shakthi Savings Account that is made just for women. The purpose of this account is to empower women by giving them access to a variety of exclusive advantages and features. The KVB Shakthi Savings Account’s greater interest rate than typical savings accounts is one of its primary advantages. Customers can also take advantage of free limitless demand draughts, free 60 free checks per year, and free unlimited ATM transactions. Also, customers are qualified for a free annual health examination. The KVB Shakthi Savings Account also offers exclusive discounts on a variety of banking services, such as personal loans, auto loans, and home loans.
2. Jumbo Kids Savings Account
The Karur Vysya Bank (KVB) offers a special savings account for kids under the age of 18 called the KVB Jumbo Kids Savings Account. The KVB Jumbo Kids Savings Account’s superior interest rate compared to standard savings accounts is one of its standout characteristics. Children are inspired to save more and increase their return on savings as a result. A free custom debit card for kids is also included with the KVB Jumbo Kids Savings Account. This card can be used to track spending, make purchases in stores and online, and withdraw cash from ATMs. The KVB Jumbo Kids Savings Account also includes a free Rs. 1 lakh accidental insurance cover, which is another special benefit.
3. Prestige Savings Account
KVB Prestige Savings Account is an exclusive savings account offered by Karur Vysya Bank (KVB) that comes with a host of benefits for customers who maintain a KVB Minimum Balance of Rs. 1 lakh. Some of the key features of KVB Prestige Savings Account include high interest rates, personalized services like cheque books, free internet banking, mobile banking, SMS banking and a dedicated relationship manager, priority banking services such as free demand drafts, free RTGS/NEFT transactions and free remittance services. Additionally, customers can avail premium debit cards from the bank.
4. Freedom Savings Account
KVB Freedom Savings Account is a unique savings account offered by Karur Vysya Bank (KVB) that is designed to cater to the needs of customers who prefer a digital banking experience. Some of the key features of KVB Freedom Savings Account include zero balance account, easy fund transfer using the IMPS, NEFT and RTGS channels, discounts on fees and a free debit card that can be used for cash withdrawals and transactions.
5. Student Savings Account
As the name suggests, student savings account is specifically drafted for students. The main idea behind introducing this type of savings account for students is to encourage them to save money for a secured financial future. The account holders can maintain a Karur Vysya Bank Minimum Balance and can also have debit cards. Students who have this savings account in their name can also enjoy 90 free ATM transactions at any Karur Vysya Bank’s ATM.
6. Rainbow Savings Bank Scheme
This particular account type helps the account holders relish the benefits of both savings account and fixed deposit account. With this type of savings scheme account holders can earn impressive interest on their savings. The bank pays the interest based on the existing interest rate of deposit accounts. Also, account holders can avail of debit card and use internet banking and mobile banking services for free.
7. Yuvashakti SB Savings Account
The KVB Yuvashakti SB Savings Account is a savings account product offered by Karur Vysya Bank (KVB) in India, specifically designed for young adults between the ages of 18 and 30. The account is tailored to meet the financial needs of young people who are just starting their professional careers and require a savings account that provides flexible banking solutions. The features of this account include zero balance, free Visa classic debit card with the account, internet and mobile banking, etc.
8. Regular Savings Account
An entry-level savings account product offered by India’s Karur Vysya Bank (KVB) is the Regular Savings Account. This account is intended for people who seek a quick and easy way to save money and get interest on their investments. A constant KVB Savings Account Minimum Balance of Rs. 1,000 must be kept in the account. A free debit card that may be used for online purchases, cash withdrawals, and other transactions will be given to customers.
9. Smart Savings Bank Account
This type of savings account is designed for working professionals. On opening a smart savings bank account, the account holder will receive a free debit card and free access to internet banking. Account holders can also avail 3 free EFT transfers every month.
10. Basic Savings Bank Account or Kalpatharu Account
The KVB Basic Savings Bank Account, also known as the Kalpatharu Account, is a basic savings account product offered by Karur Vysya Bank (KVB). This account is designed for individuals who want a no-frills savings account with minimal features and requirements. There is no need to maintain a Minimum Balance in Karur Vysya Bank account and also there are no limitations on the transactions being performed.
Karur Vysya Bank Minimum Balance Requirements
Customers of Karur Vysya Bank (KVB) are required to keep a minimum balance in their savings accounts at all times. Depending on the kind of account, different KVB savings accounts have different minimum balance requirements. Examples include the KVB Regular Savings Account’s minimum balance requirement of Rs. 1,000 and the KVB Smart Savings Bank Account’s minimum balance requirement of Rs. Penalty fees that vary depending on the kind of account and how much of the minimum amount has not been maintained may be assessed if the minimum balance is not kept in the account.
Customers must make sure they keep the Karur Vysya Bank Minimum Balance Requirement in their KVB savings accounts in order to avoid penalty fees, therefore it’s critical that they are aware of these criteria. To assist customers in keeping track of their account requirements and monitoring their account balance, KVB offers a variety of banking tools, including internet and mobile banking. We have depicted the minimum balance requirement for each type of savings account in the table. Have a look!
|Type of Savings Account
|Monthly Average Balance
|Shakthi Savings Account
|Jumbo Kids Savings Account
|Prestige Savings Account
|Freedom Savings Account
|Student Savings Account
|Rainbow Savings Account
|Yuvashakti SB Savings Account
|Regular Savings Account
|Smart Savings Account
|Basic Savings Bank Account
KVB Non-Maintenance of Minimum Average Balances Charges
Depending on the type of account and the branch’s location, the KVB Minimum Balance Charges differ. Nonetheless, the monthly fees normally range from Rs. 70 to Rs. 500. It is crucial to keep in mind that the penalty is assessed on a monthly basis and may change depending on how many days the account user fails to keep the required balance.
|Current Accounts for 115
|Metro, urban & semi-urban centres – Rs. 200/-
|Rs. 500/- per month
|Rs. 500/- per month
|Regular Savings Account(155 product) & NRO SB Account
|Metro, urban & semi-urban centres – Rs. 200/-
|For Senior Citizens
|No Minimum balance charges
|No Minimum balance charges
|Rainbow SB Account
|Freedom, Yuvashakthi, Shakthi Accounts
In conclusion, Karur Vysya Bank (KVB) offers a variety of savings account choices to satisfy the various needs of its clients. Whatever your needs, KVB has an account type that will work for you, whether you’re an individual, senior, woman, or parent wishing to start a savings account for your child. There is a KVB Current Account Minimum Balance requirement for each type of account, nevertheless, and failing to keep the necessary balance may result in fees. So, it’s crucial to choose an account type that is in line with your financial objectives and enables you to satisfy the minimum balance requirement without paying any extra fees. Keep visiting our website for more banking information.