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Business News/ Industry / Banking/  Karur Vysya Bank hike savings account rates, get up to 5.25% in force from today
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Karur Vysya Bank hike savings account rates, get up to 5.25% in force from today

Karur Vysya Bank (KVB) has announced an interest rate hike on savings bank deposits.

You may create a savings account with Karur Vysya Bank (KVB) for best-in-class services thanks to its extensive network of branches and ATMs throughout India. Premium
You may create a savings account with Karur Vysya Bank (KVB) for best-in-class services thanks to its extensive network of branches and ATMs throughout India.

Karur Vysya Bank (KVB) has announced an interest rate hike on savings bank deposits. According to the official website of the bank, the new savings account interest rates of the bank are effective as of today, i.e. 28.01.2023. You may create a savings account with Karur Vysya Bank (KVB) for best-in-class services thanks to its extensive network of branches and ATMs throughout India. Customers can now get a maximum interest rate of 5.25% from Karur Vysya Bank on their savings accounts as a result of the interest rate hike.

Karur Vysya Bank Savings Account Interest Rates

On savings accounts with end of the day balance of less than Rs.5 Lakh, the bank is offering an interest rate of 2.25% and on savings accounts with end of the day balance of Rs.5 Lakh up to less than Rs.10 Lakh, the bank is now offering an interest rate of 2.50%. Karur Vysya Bank (KVB) is now offering an interest rate of 3.00% on savings accounts with end of the day balance of Rs.10 Lakh up to less than Rs.1 Crore, whereas customers can get an interest rate of 3.25% on savings accounts with end of the day balance of Rs.1 Crore up to less than Rs.100 Crore. On savings accounts with end of the day balance of Rs.100 Crore up to less than Rs.150 Crore, customers will get an interest rate of 5.00% and on those with end of the day balance of Rs.150 Crore and above, savings account customers of Karur Vysya Bank (KVB) will now get a maximum interest rate of 5.25%.

Karur Vysya Bank Savings Account Interest Rates
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Karur Vysya Bank Savings Account Interest Rates (kvb.co.in)

The net profit of Karur Vysya Bank for the quarter ended December 2022 grew by 56.2% and stood at 289 crore from 185 crore during Q3 of the previous year. Operating profit for the quarter was 689 crore as compared to 401 crore recorded in Q3FY22. Net interest income for Q3FY23 improved by 29.4% to 889 crore as against 686 crore for Q3FY22. The bank reported a net interest margin of 4.32% in the quarter ended December 2022 up 64 bps from 3.68% a year ago quarter.

The bank's deposits grew by 13.9%. and 3% QOQ whereas loan book grew at 16% YoY and sequentially by 3%. The bank's non-interest income for the quarter reached 317 crore as compared to 196 crore recorded in the year-ago quarter whereas its operating expenses for Q3FY23 were 517 crore as compared to 481 crore in Q3FY22. The balance sheet size of Karur Vysya Bank as of December 31, 2022 was 89,013 crore as opposed to 77,612 crore as of December 31, 2021, a growth of 14.7% YoY.

Meanwhile, its total business as of December 31, 2022 stands at 1,39,062 crore, marking a Y-o-Y growth of 13.4%, up by 16,398 crore from 1,22,664 crore as on December 31, 2021. Gross non-performing assets (GNPA) of Karur Vysya Bank climbed by 431 basis points and are now at 2.66% of gross advances as of December 31, 2022 ( 1,674 crore) and 6.97% as of December 31, 2021. ( 3,888 crore). As of December 31, 2022 (Rs. 550 crore), the bank's net non-performing assets (NNPA) are below 1% and represent 0.89% of net advances, down from 2.55% recorded in the year before quarter ( 1,356 crore).

Provision Coverage Ratio (PCR) of the bank was at 90.9% in Q3FY23, as against 78.8% in Q3FY22. The bank's distribution network comprised 792 branches and 2,233 ATMs / Cash Recyclers as of December 31, 2022, up from 781 branches and 2,227 ATMs / Cash Recyclers recorded in the year-ago quarter. In semi-urban and rural locations, 54% of its branches are located. The bank has 145 business correspondents in addition, said Karur Vysya Bank in a statement.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 28 Jan 2023, 03:30 PM IST
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