Rainbow Savings Account of KVB

Rainbow Savings A/c  of Karur Vysya Bank is actually consists of one savings A/c and many linked Fixed Deposits.   This gives high liquidity with maximum returns. It is not merely a Savings account but also have built in fixed deposit facility. Minimum balance for opening a Rainbow savings is account is Rs.3000/-. The surplus (in multiples of Rs.5000) over and above the minimum balance would be transferred to Rainbow Fixed deposit ( one year tenure) account automatically and fetches you higher interest . Automatic reverse transfer (in multiples of Rs.1000) from Rainbow Fixed Deposit account to your SB A/c whenever required. For Example if you deposit Rs.18000 in your Rainbow Savings A/c, on the next Monday the bank automatically create a Fixed Deposit of Rs.15000 which would fetch you 9.25% per annum ( Interest rate vary with RBI rates) and Rs.3000 in your SB A/c would fetch you 3.5% per annum.  After one month (even next day) if you withdraw Rs.6000 from SB A/c only Rs. 3000 from your FD would be reverse transferred in to your SB  A/c and remaining Rs.12000 would be untouched and earning higher interest.

Most of the private sector banks offer this facility for a minimum balance of Rs.10000 (KVB it is Rs.3000) and the surplus in multiples of Rs 5000 or Rs.10000 (KVB it is Rs.5000) over and above the minimum balance would be transferred to Fixed deposit ( For KVB it is one year tenure but other banks giving many options to choose) account. But the real advantage of KVB's Rainbow Savings A/c  is Automatic reverse transfer,in multiples of Rs.1000 ( other bank it is in multiples of Rs.5000 or Rs.10000) from Rainbow Fixed Deposit account to your SB A/c whenever required.  Also collection of dividend / interest warrant without charges at par is available for the account holders.

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