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Karur Vysya Bank hikes fixed deposit interest rate by up to 40 bps: Details here

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The private sector lender Karur Vysya Bank has hiked its interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 10.10.2022. Following the adjustment, the bank raised interest rates by up to 40 basis points across different tenors. The bank is now giving interest rates ranging from 4.00% to 6.10% on fixed deposits maturing in 7 days to 10 years. Deposits maturing in two to three years will now be eligible for a maximum interest rate of 6.50% for the general public and 6.90% for senior citizens.

Karur Vysya Bank FD Rates

Deposits maturing in 7 days to 30 days will continue to receive an interest rate of 4.00%, while deposits maturing in 31 days to 120 days will continue to receive an interest rate of 5.25%. Deposits maturing from 121 days to 180 days will continue to earn a 5.50% interest rate, while deposits maturing from 181 days to 270 days will earn a 5.75% interest rate. Karur Vysya Bank will continue to give an interest rate of 5.90% on deposits maturing in 271 days to less than one year, while interest rates on deposits maturing in one year to less than two years have been raised by 20 basis points from 6.10% to 6.30%. The bank has increased its interest rate on deposits maturing in 2 years to less than 3 years by 40 basis points, from 6.10% to 6.50%, while deposits maturing in 3 years and above will remain at 6.10%. The bank will continue to offer a 5.90% interest rate on the KVB – Tax Shield Deposit Scheme.

Karur Vysya Bank FD Rates

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Karur Vysya Bank FD Rates (kvb.co.in)

Karur Vysya Bank FD Rates For Senior Citizens

Karur Vysya Bank provides older persons with an additional interest rate of 50 basis points on deposits maturing in one to ten years. NRIs are not eligible for senior citizen rates, and the maximum threshold for accepting senior citizen deposits is Rs. 3 crores. Senior citizens will get a maximum interest rate of 6.90% on deposits maturing in two to three years. On pre-closure of accounts, Karur Vysya Bank levies a penalty of 1% of the applicable rate of interest on deposits up to Rs. 2 crores and pre-closure penalty standards on deposits over Rs. 2 crores will be applicable. Interest will be determined at the rate in effect during the period the deposit was with the bank.

Karur Vysya Bank FD Rates

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Karur Vysya Bank FD Rates (kvb.co.in)

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