Karur Vysya Bank partnered with Tambaram City Municipal Corporation to launch the Sponge Park at Mullai Nagar, Tambaram, on June 18, 2026. The project, part of the bank's KVB Bhoomi initiative, aims to address urban flooding and groundwater depletion through nature-based infrastructure. By capturing, storing, and filtering rainwater, the park is designed to enhance water security and create sustainable public spaces.

The Sponge Park was developed to tackle specific environmental challenges in Mullai Nagar, including recurring waterlogging and groundwater stress. The project integrates blue-green infrastructure to improve climate resilience and biodiversity. It serves as a model for sustainable urban development, transforming an urban space into a multifunctional asset that benefits the community.

The inauguration was attended by Shri D. Sarathkumar, Honourable Minister for Human Resource Management, Government of Tamil Nadu. Shri S. Balachander, IAS, Commissioner of Tambaram City Municipal Corporation, and Shri B. Sankar, Executive Director of Karur Vysya Bank, were also present.

MD & CEO Mr. Ramesh Babu stated that the initiative reflects the bank's commitment to responsible growth and long-term environmental impact. He emphasized that nature-based infrastructure can improve water security, mitigate flooding, and enhance biodiversity. The partnership with the municipal corporation aims to build a greener future for the community.

The project aligns with the bank's corporate social responsibility focus on environmental sustainability. It contributes to several United Nations Sustainable Development Goals, including Clean Water and Sanitation (SDG 6), Sustainable Cities and Communities (SDG 11), Climate Action (SDG 13), Good Health and Well-being (SDG 3), and Life on Land (SDG 15).

Karur Vysya Bank has increased interest rates on its Foreign Currency Non-Resident (FCNR) deposits, offering up to 7.00% per annum on US Dollar (USD) deposits for tenures of three years and above. Effective June 10, 2026, this revision aims to attract Non-Resident Indians (NRIs) seeking higher returns on foreign currency savings without exposure to rupee exchange rate fluctuations.

Revised USD FCNR Deposit Rates

The bank has introduced a tiered interest rate structure for USD FCNR deposits, with the highest rate applicable to longer tenures. The following table details the revised rates:

Terms and Conditions

The 7.00% interest rate applies to eligible USD FCNR deposits and includes a mandatory lock-in period of one year, during which premature closure is not permitted. After the completion of one year, premature closure may be allowed as per the bank's existing guidelines, with interest paid at the applicable rate for the run period less 1%.

Key Benefits for NRI Customers

FCNR deposits offer several advantages for NRIs:

• Tax-efficient returns: Interest earned is exempt from income tax in India under current tax rules.
• No rupee exchange risk: Deposits are maintained in foreign currency, shielding value from rupee movement.
• Forward contract facility: Customers can book forward contracts to lock in exchange rates for future conversions to Indian Rupees.
• Loan against deposit: Borrowers can avail loans against their FCNR deposits without breaking the deposit.
• Account transition: Deposits transfer smoothly if the customer's residential status changes.