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Karnataka Bank FD Rates

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.

Karnataka Bank FD Rates for 2019

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.

Deposit Interest Rates

Rates of Interest on Domestic Term Deposits w.e.f. 28th December, 2018.

Interest rates for deposits General Public (*)

Maturity PatternInterest Rate (% p.a) for Deposits upto and inclusive of Rs.1 CrInterest Rate (% p.a) for Deposits of above Rs.1 Crore and upto Rs. 10 Cr
7 days to 45 days3.503.50
46 days to 90 days5.005.00
91 days to 364 days6.506.50
1 year to 2 Years7.507.50
Above 2 Year to 5 years7.007.00
Above 5 year to 10 years6.506.50

Minor Deposit Scheme w.e.f. January 30th, 2018

7 days to 10 yearsAs applicable for Domestic Term Deposits
Above 10 years6.50

Interest rate for Senior Citizens: (FD & ACC Only)

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 PatternDeposits upto & inclusive of Rs.5 CrDeposits of above Rs.5 crore and upto Rs.10 Cr
7 days to 45 days4.003.90
46 days to 90 days5.505.40
91 days to 364 days7.006.90
1 year to 2 Years8.007.90
Above 2 Year to 5 years7.507.40
Above 5 year to 10 years7.006.90

NRE Rupee Term Deposits

Interest rates for NRE Rupee Term Deposits General Public w.e.f. 28-12-2018

Maturity PatternInterest Rate (% p.a) for Deposits upto and inclusive of Rs.1 CrInterest Rate (% p.a) for Deposits of above Rs.1 Cr and upto Rs. 10 Cr
1 to 2 Years7.507.50
Above 2 Year to 5 Years7.007.00
Above 5 Year to 10 Years6.506.50

Karnataka Bank Tax Saver Scheme

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.

SchemeRate of Interest For General PublicRate of Interest For For Senior CitizensFeatures
KBL - Tax Planner7.508.00Period of deposit is fixed for 5 years only, for deposits not exceeding ₹1.5 lakhs in a single financial year.

Features of Karnataka Bank FD Account

Mentioned below are the features of Karnataka Bank FD Account:

  1. You can open an FD account with an amount as minimum as ₹100. There is no maximum limit.
  2. Period of deposit varies from 7 days to 120 months.
  3. Interest is paid at a Quarterly/Half Yearly/Yearly basis.
  4. Loan facility is available.
  5. Nomination facility is available.

Eligibility Criteria for Karnataka Bank FD

It can be opened by Individuals, HUFs, Sole Proprietorships, Partnership Firms, Ltd. Companies, Guardians on behalf of Minors, Societies, Clubs, Trusts and Associations.

FAQs on Karnataka Bank FD Rates

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.