** Disclaimer: Karnataka Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.
Karnataka Bank is an “A” Class Commercial Scheduled Bank that is based in Mangalore in Karnataka, India. It is an old generation private sector bank. It is a bank that has good reach in both urban as well as rural areas. They not only offer retail services such as mortgages, personal banking, and credit cards, they also offer great investment options. The most noteworthy investment option that they have is the fixed deposit scheme. FDs have existed in India for a long time. It is a durable and trusted form of investments that promises guaranteed returns.
Karnataka Bank FD Rates 2023
Karnataka Bank FD Interest Rates |
|
Highest slab rate |
7.20% p.a. (for 555 days – KBL Centenary Deposit) |
For 1 and 2 years |
6.80% p.a. |
For 3,4 and 5 years |
5.75% p.a. |
Tax-Saving Fixed Deposit |
5.75% p.a. |
Karnataka Bank FD Interest Rates of Non-Senior Citizens
Maturity Tenor |
For deposits less than Rs.2 crore |
For deposits above Rs.2 crore to Rs.10 crore |
7 days to 45 days |
5.25% p.a. |
5.60% p.a. |
46 days to 90 days |
5.25% p.a. |
5.60% p.a. |
91 days to 364 days |
5.25% p.a. |
5.25% p.a. |
555 days – KBL Centenary Deposit |
7.20% p.a. |
7.20% p.a. |
1 year to 2 years |
6.80% p.a. |
6.80% p.a. |
Above 2 years to 5 years |
5.75% p.a. |
5.75% p.a. |
Above 5 years to 10 years |
5.80% p.a. |
5.80% p.a. |
Karnataka Bank Minor Deposit Schemes
Maturity Tenor |
Interest Rates |
555 days – KBL Centenary Deposit |
7.20% p.a. |
7 days to 10 years |
As applicable for Domestic Fixed Deposit Schemes |
Above 10 years |
5.50% p.a. |
Karnataka Bank FD Interest Rates for Senior Citizens
Maturity Tenor |
For deposits less than Rs.2 crores |
For deposits Rs.2 crores to Rs.5 crores |
555 days – KBL Centenary Deposit |
7.60% p.a. |
7.60% p.a. |
1 year to 2 years |
7.20% p.a. |
7.20% p.a. |
Above 2 years to 5 years |
6.15% p.a. |
6.15% p.a. |
Above 5 years to 10 years |
6.30% p.a. |
6.30% p.a. |
Karnataka Bank Tax Saving FD Interest Rates
Name of the Scheme |
Interest Rates |
|
For Non-Senior Citizen |
For Senior Citizen |
|
Karnataka Bank or KBL Tax Planner (5 years) |
5.75% |
6.15% |
NRE Rupee Term Deposits Interest Rates
Maturity Tenor |
For deposits below Rs 2 crores |
For deposits Rs 2 crores to Rs 10 crores |
555 days – KBL Centenary Deposit |
7.20% p.a. |
7.20% p.a. |
1 year to 2 years |
6.80% p.a. |
6.80% p.a. |
Above 2 years to 5 years |
5.75% p.a. |
5.75% p.a. |
Above 5 years to 10 years |
5.80% p.a. |
5.80% p.a. |
Foreign Currency Non-Resident (FCNR) and Resident Foreign Currency (RFC) Deposits Interest Rates
Tenure |
Karnataka Bank Interest Rates (% p.a.) |
|||||||||
GBP |
USD |
CAD |
EUR |
AUD |
CHF |
JPY |
HKD |
SEK |
SGD |
|
1 year only |
3.32 |
4.57 |
3.01 |
0.63 |
2.75 |
0.05 |
0.09 |
0.33 |
0.15 |
0.42 |
Above 1 year to less than 2 years |
3.30 |
4.57 |
3.01 |
0.63 |
2.75 |
0.05 |
0.12 |
0.33 |
0.15 |
0.42 |
2 years to less than 3 years |
2.76 |
4.17 |
3.09 |
0.67 |
2.96 |
NA |
0.12 |
0.72 |
NA |
0.84 |
3 years to less than 4 years |
2.82 |
4.18 |
3.11 |
0.70 |
3.08 |
NA |
0.12 |
0.74 |
NA |
0.78 |
4 years to less than 5 years |
2.84 |
3.77 |
3.10 |
0.62 |
3.22 |
NA |
0.12 |
0.65 |
NA |
0.78 |
5 years only |
2.75 |
3.67 |
3.09 |
0.61 |
3.22 |
NA |
0.12 |
0.57 |
NA |
0.78 |
Types of Karnataka Bank FD Schemes
Regular Fixed Deposit
The Karnataka bank’s FD scheme is best suited for individuals who want to have a periodical income (from interest income). The tenor of this scheme is 7 days to 120 months. The minimum deposit amount is Rs.100 and there is no maximum amount that can be deposited. The interest payout can be chosen to be quarterly, half yearly or yearly. Nomination facility, loan against deposit and premature payment is available.
Tax Planner – Fixed Deposit
The Tax Planner FD is the perfect combination of tax saving and investment. This plan offers tax deposits for deposits under Section 80C of the IT Act. There is a threshold of Rs.1.5 lakhs per annum to claim the tax benefit. This scheme is also available in Abhyudaya Cash Certificate and FD. The lock-in period is 5 years for this scheme. The minimum deposit amount is Rs.100 and the maximum amount is Rs.1.5 lakhs per annum. Loan facility and premature payment is not available whereas nomination facility is available.
Abhyudaya Cash Certificate (ACC) (With Reinvestment of Interest Component)
This scheme is perfect for investors who want a lump sum of amount after a specific period and do not need interest that is periodic. Under this deposit scheme, quarterly interests are invested back into the scheme. The tenor of this scheme is 6 months to 120 months. The minimum deposit amount is Rs.100 and there is no limit to the maximum amount that can be deposited. Nomination facility, loan against deposit and premature payment is available.
Soulabhya Deposit (Flexi Deposit Scheme)
This scheme is also called the “Twin Gain”. It makes money withdrawal easy when you need it and the amount remaining will continue to earn interest at the agreed upon rate. Nomination facility and loan against deposit is available. The scheme has two options, one of which the investor can exercise and is irrevocable.
Non-Resident (External) Fixed Deposit Account
The eligibility criteria for this scheme is to be a Non Resident of India(NRI), Person Of Indian Origin(PIO) or Overseas Citizen of India(OCI). Investors have the option to open joint accounts with other NRI’s or their close relatives. The tenor of this scheme is 1-10 years. The interest earned and principal are freely repatriable. The interest earned under this scheme is exempted from tax.
Non-Resident (Ordinary) Fixed Deposit Account
The eligibility criteria for Non-Resident (Ordinary) Fixed Deposit Account is to be a Person Of Indian Origin(PIO), Overseas Citizen of India(OCI) or Non Resident of India(NRI). The account under this scheme can be held jointly with an Indian resident. The amount that is deposited in this account can be utilised investments as well as local payments. The interest that is earned on the amount that is deposited is subject to tax as applicable.
Resident Foreign Currency (RFC) Fixed Deposit Account
Investors can hold currencies in Euro (EUR), US Dollars (USD), Japanese yen (JPY), Pound Sterling (GBP), Singapore dollar (SGD), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss franc (CHF), Hong Kong dollar (HKD) and Swedish krona (SEK).The tenor of this scheme is 1 month to 5 years. This account can be opened by any NRI on returning to India for permanent settlement.
Foreign Currency Fixed Deposit Account (FCNR)
Investors can hold currencies in Euro (EUR), US Dollars (USD), Pound Sterling (GBP), Singapore dollar (SGD), Canadian Dollar (CAD), Australian Dollar (AUD), Swiss franc (CHF) and Hong Kong dollar (HKD). The tenor of this scheme is 1 year to 5 years. Investors have the option to open joint accounts with other NRI’s or their close relatives. The interest earned under this scheme is exempted from tax.
Features and Benefits of Karnataka Bank Fixed Deposits
The main features of the Karnataka Bank FD account is mentioned below:
There is no limit to the amount that can be deposited.
Minimum deposit can be as low as Rs.100.
Tenor of this scheme ranges from 7 days to 10 years.
You can get a loan against the amount that is there in the amount.
Facility of premature withdrawal is provided. There will be a penalty however, in case of premature withdrawal.
Nomination facility is available.
Eligibility Criteria
The eligibility criteria to open an FD account with Karnataka Bank are mentioned below:
Individuals
Proprietary concerns
Partnership firms
Hindu Undivided Families (HUFs)
Government departments
Public and Private companies
Specified Trusts/Associates/Societies
Limited Liability Partnerships
Documents Required
The documents that have to be submitted to open a Karnataka Bank FD account are mentioned below:
Permanent Account Number (PAN) Card
Application form
Proof of age
Proof of identity
Passport-size photographs
Proof of address
Premature Withdrawal of Fixed Deposits
Penalty is not applicable on premature withdrawal of deposits that are below Rs.2 crores.
For deposits of Rs.2 crores and above: The interest will be paid out after deducting a 1% penalty charge from the applicable rate of interest.
In case there is a premature withdrawal of deposits, then the interest will be paid at the rate that is applicable for the duration in which the deposit has remained with the bank.
Premature withdrawal is not allowed on Tax Planner fixed deposits.
Karnataka Bank FD Interest Calculator
Karnataka Bank FD Rates Calculator is an online tool that helps the depositors to calculate the maturity value of the deposit amount at the Karnataka Bank FD rate available. The amount, interest rates, deposit tenor and compounding frequency of the interest determine the maturity value of the chosen fixed deposit scheme at the end of its tenor.
FAQs
-
✔️Can I get a loan against the deposit amount in the fixed deposit account?
Yes, Karnataka Bank provides its customers with this facility.
-
✔️Does Karnataka Bank have the facility to add nominees to the fixed deposit account?
Yes, You can add nominees if you are a Karnataka Bank FD account holder.
-
✔️What is the Karnataka Bank FD interest rate for senior citizens?
Yes, Karnataka Bank fixed deposits interest rates for senior citizens range from 6.30% p.a. to 7.60% p.a across tenors.
-
✔️What is the minimum and maximum tenors of Karnataka Bank fixed deposits?
The minimum and maximum tenor of the fixed deposits range from 7 days and 10 years.
-
✔️Is there a limit to the maximum deposit that can be made in Karnataka Bank FD?
No, there is no limit to the maximum deposit that can be made.
