The very purpose of earning income on your savings deposited in a bank can be defeated if you do not pay attention to some of the common charges that are collected from your account. Most of these charges can be avoided by managing the operations in the account wisely. Be informed about the various Karur Vysya Bank charges and operate the account in a disciplined manner and fulfil the purpose for which the account was opened.
Karur Vysya Bank is a private sector bank based in Karur, Tamil Nadu, India. It offers a wide range of banking products and services including personal and corporate banking, loans, investments, and online banking. It is known for its commitment to customer satisfaction and efficient banking solutions.
The bank offers a wide range of services to make the financial operations for customers convenient and seamless. These bank charges are the primary source of revenue for the banks and cover the operational costs incurred by the bank to maintain the various accounts. These fees may seem significantly small but when consolidated over a period, you will be surprised to see how these charges have taken a toll on your interest income. Keep informed about the various charges and try avoiding the charges that are not inevitable.
Karur Vysya Bank provides different types of services for operating accounts with ease. The bank also imposes penalties to encourage customers to comply with the account terms and conditions as well as discourage improper usage of accounts. Here are some of the different Karur Vysya Bank Service Charges.
Account Opening Charges
When you open an account with Karur Vysya Bank, you incur certain account opening charges. Karur Vysya Bank Account Opening Charges are levied by way of an initial deposit to the account on the day of opening the account. An average monthly balance to the extent of the initial deposit insisted upon should be maintained with the bank at all times.
Wire Transfer Charges
Karur Vysya Bank levies fees for the electronic transfer of funds between bank accounts either domestically or internationally. These charges cover the costs associated with the processing, handling, and transmitting of the funds securely and efficiently. An example of wire transfer charges is Swift Charges which is the mode of electronic funds transfer to overseas accounts.
The bank provides locker facilities which is a value-added service to customers who prefer to keep important documents or valuables under the safe custody of the bank. The Karur Vysya Bank Locker charges include annual rent and charges for operating the locker beyond the number of free locker operations permitted in a year.
Cash Handling Charges
Karur Vysya Bank collects service charges for deposit of cash by both current, savings, as well as OD/CC account holders for deposit of cash beyond the limit permitted by the bank. These charges cover the cost incurred for ensuring efficient cash management operations.
Cheque Bounce Charges
If a cheque is issued without verifying the account balance and is returned for want of funds, the bank levies cheque bounce charges for every instance. Similarly, if a cheque deposited is returned for want of funds by the collecting bank, cheque bounce charges are levied by Karur Vysya Bank.
Minimum Balance Charges
You will be informed about the minimum balance requirements at the time of opening an account with Karur Vysya Bank. The minimum balance stipulated will vary with the type of account. You should ensure that the balance in your account does not fall below the minimum balance. Else, you will incur a penalty by way of minimum balance charges.
Debit Card Charges
Debit cards are issued to customers on opening an account with Karur Vysya Bank. The bank does not collect any charges for issuing the debit card. However, you will incur Karur Vysya Bank Debit Card Charges by way of annual maintenance charges of Rs. 150/-. If you request a replacement card for loss/theft of your debit card, the bank will charge you Rs. 100/- for the replacement card.
Credit Card Charges
Karur Vysya Bank Credit Card Charges are collected for the various card-related services rendered by the Bank. The charges include joining fees, renewal fees, delayed payment fees, over-limit fees, issuing of replacement cards, and interest on the outstanding liability beyond the interest-free period.
Account Statement Charges
The bank collects charges for issuing physical statements to all the account holders. For SB/CA/ODCC account holders the bank collects charges at Rs. 1 per entry with a minimum of Rs. 10 and a maximum of Rs. 100. The maximum charges for senior citizens and accounts at rural branches the maximum charge will be Rs. 50/-
If you plan well and conduct your account wisely you will be able to avoid most of the charges. Follow the tips given below and keep your interest income intact.
- Maintain the minimum required balance in your account to avoid penalty charges.
- Opt for electronic statements and transactions instead of paper-based ones to avoid charges associated with physical documents.
- Use Karur Vysya Bank’s ATMs for cash withdrawals and other transactions to avoid fees charged for using other banks’ ATMs.
- Ensure timely repayment of loans and credit card bills to avoid late payment charges.
- Make use of online and mobile banking services for fund transfers and bill payments to avoid charges for branch transactions.
- Avoid exceeding the free transaction limits for cash deposits and withdrawals specified by the bank to avoid additional charges.
- Regularly review your account statements and report any discrepancies or unauthorised charges promptly to the bank.
- Consider maintaining a higher average balance in your account to be eligible for premium services and fee waivers.
- Plan your transactions to avoid urgent or last-minute requests that may incur additional charges.
- Stay updated with the bank’s fee structure and policies to make informed decisions and avoid unnecessary charges.
The details of charges you may incur on opening Savings Accounts with Karur Vysya Bank are given below:
|Account Type||Minimum Monthly Average Balance|
|Regular Savings Account||Rs. 1000|
|KVB Shakthi for Women||Rs. 5000|
|Jumbo Savings For Kids||Nil|
|Freedom Savings For Professionals||NA|
|Student Savings Account||Nil|
|Regular Savings Account||No maintenance charges|
|KVB Prestige Salary Account||Nil|
|KVB Regular Salary Account||Nil|
|Rainbow Savings Account||Rs. 3000|
|YuvaShakti Savings Account||No maintenance charges|
|KVB Senior Citizen’s Savings Account||Nil|
|Basic Savings Account||Nil|
Karur Vysya Bank permits 5 free ATM transactions (both financial and non-financial) for transactions at the Bank’s ATM. For usage of debit cards at non-Karur Vysya Bank ATMs at non-metro ATMs, the free limit is 5 transactions and for Metro ATMs, the free limit is 3 transactions.
For any financial or non-financial beyond the free limit, the Karur Vysya Bank ATM Withdrawal Charges are Rs. 50 + GST.
Karur Vysya Bank provides safe deposit locker facilities to its customers. The bank levies charges for providing a safe custody facility. These charges cover the costs of maintaining the lockers and ensuring security and protecting the valuables stored by the customers. The list of Karur Vysya Bank Locker Charges is given below:
|A B||Small||Rs. 1500||Rs. 1200|
|C D||Medium||Rs. 2500/-||Rs. 1700|
|E||Big||Rs. 4000||Rs. 2000|
|F G H||Large||Rs. 6000||Rs. 2500|
|I||Big||Rs. 4000||Rs. 2000|
|J K||Extra Large||Rs. 8000||Rs. 3000|
|L||Mega lockers||Rs. 20000||Rs. 20000|
|Up to Rs. 10000||Rs. 2.25 + GST|
|Above Rs. 10000 up to Rs. 1.00 lac||Rs. 4.75+ GST|
|Above Rs. 1,00 lac up to Rs. 2.00 lacs||Rs. 14.75 + GST|
|Above Rs. 2.00 lacs||Rs. 24.75 + GST|
Karur Vysya Bank does not collect charges for RTGS transactions initiated through Internet Banking or Mobile Banking. The Karur Vysya Bank RTGS Charges for transactions initiated through Karur Vysya Bank branches are given below:
|Rs. 2.00 lacs to Rs. 5.00 lacs||Rs. 24.50 + GST|
|Above Rs. 5.00 lacs||Rs. 29.50 + GST|
Karur Vysya Bank does not collect charges for providing IMPS facilities.
Karur Vysya Bank Charges : FAQs
Yes. The bank collects Rs. 100/- monthly for providing daily e-statements. There are no charges for weekly/fortnightly/monthly e-statements.
The bank collects cheque book issue charges on a per-leaf basis for issuing cheques beyond the free limit. The bank charges Rs. 3 per leaf for Current Account and ODCC account holders and for SB account holders the bank charges Rs. 10/- per leaf.
The Bank collects Rs. 100/- for NACH mandate processing.
The cheque collection charges depend on the amount of the cheque. The charges range from Rs. 25/- to Rs. 200/-
For inward cheques returned due to a customer’s fault, the bank collects a minimum of Rs. 350/- and a maximum of Rs. 7500/-