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Karnataka Bank is an important commercial bank in the state of Karnataka. Headquartered in Mangalore, it offers excellent investment options and retail services such as loans, mortgages, credit cards, etc. The most popular type of investment offered by the bank is that of a fixed deposit. A fixed deposit is a suitable investment option for risk averse investors.
Note: The FD rates have been sourced from the official website of Karnataka Bank. Please note that Interest Rates are subject to change, without notice, as per the market trends and the bank’s decision in this regard is final.
Rates of Interest on Domestic Term Deposits w.e.f. 28th December, 2018.
|Maturity Pattern||Interest Rate (% p.a) for Deposits upto and inclusive of Rs.1 Cr||Interest Rate (% p.a) for Deposits of above Rs.1 Crore and upto Rs. 10 Cr|
|7 days to 45 days||3.50||3.50|
|46 days to 90 days||5.00||5.00|
|91 days to 364 days||6.50||6.50|
|1 year to 2 Years||7.50||7.50|
|Above 2 Year to 5 years||7.00||7.00|
|Above 5 year to 10 years||6.50||6.50|
|7 days to 10 years||As applicable for Domestic Term Deposits|
|Above 10 years||6.50|
0.50% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only. (w.e.f 28-12-2018)
|Maturity Pattern||Deposits upto & inclusive of Rs.5 Cr||Deposits of above Rs.5 crore and upto Rs.10 Cr|
|7 days to 45 days||4.00||3.90|
|46 days to 90 days||5.50||5.40|
|91 days to 364 days||7.00||6.90|
|1 year to 2 Years||8.00||7.90|
|Above 2 Year to 5 years||7.50||7.40|
|Above 5 year to 10 years||7.00||6.90|
Interest rates for NRE Rupee Term Deposits General Public w.e.f. 28-12-2018
|Maturity Pattern||Interest Rate (% p.a) for Deposits upto and inclusive of Rs.1 Cr||Interest Rate (% p.a) for Deposits of above Rs.1 Cr and upto Rs. 10 Cr|
|1 to 2 Years||7.50||7.50|
|Above 2 Year to 5 Years||7.00||7.00|
|Above 5 Year to 10 Years||6.50||6.50|
Under the Karnataka Bank Tax Saver Scheme, a depositor can avail a tax deduction of upto ₹1.5 lakhs as per Section 80C of the Income Tax Act, 1961.
|Scheme||Rate of Interest For General Public||Rate of Interest For For Senior Citizens||Features|
|KBL - Tax Planner||7.50||8.00||Period of deposit is fixed for 5 years only, for deposits not exceeding ₹1.5 lakhs in a single financial year.|
Mentioned below are the features of Karnataka Bank FD Account:
It can be opened by Individuals, HUFs, Sole Proprietorships, Partnership Firms, Ltd. Companies, Guardians on behalf of Minors, Societies, Clubs, Trusts and Associations.
What is the interest rate that Karnataka Bank Fixed Deposit offers on senior citizens FDs?
The interest rate offered by Karnataka Bank to senior citizens is 0.50% additional to the rates offered to the normal citizens.
Can I make alterations to the tenure of my ongoing Karnataka Bank Fixed Deposit?
No, you cannot make any alterations to the tenure of your ongoing FD.
What is the highest interest rate that is offered by the Karnataka Bank Fixed Deposit?
The highest interest rate offered by Karnataka Bank FD is 7.50% for a tenure of 1-2 days.
What is the minimum amount required to start a Karnataka Bank Fixed Deposit account?
The minimum amount required to open an FD with Karnataka Bank is ₹1,000.
Can I open my Karnataka Bank Fixed Deposit without a PAN card?
Yes, you can open an FD with any other KYC document. In case you do not have a PAN card, you will be required to fill form 60 at the time of opening a new FD.