Fixed deposits offered by Karnataka Bank are great investment options for investors seeking safe and assured returns. The bank offers FD accounts to all Indian citizens including minors, senior citizens, firms, trusts, companies, NRIs and more.
Karnataka Bank FD rates range from 3.50% p.a. to 7.25% p.a. for deposits of below ₹1 Crore along with a higher interest rate of 0.40% to senior citizens. With the Karnataka Bank deposit rates, you can now grow your savings progressively.
Karnataka Bank FD Rates 2024 (Below 2 Crore)
The Karnataka Bank FD interest rates of 2024 for general citizens are given in the table below as applicable to various FD tenures for deposits below Rs. 2 crore.
| FD Tenures | Interest Rates % (p.a.) Below 1 Crore |
Interest Rates % (p.a.) 1 Crore - < 2 Crores |
|---|---|---|
| 7 days to 45 days | 3.50% | 3.50% |
| 46 days to 90 days | 4.00% | 4.00% |
| 91 days to 179 days | 5.25% | 5.25% |
| 180 days | 180 days | 7.10% |
| 181 days to 269 days | 6.00% | 6.00% |
| 270 days to below 1 year | 6.50% | 6.50% |
| 1 year to 2 years | 6.95% | 6.95% |
| 375 days (FD & ACC) | 7.10% | 7.10% |
| 444 days (FD & ACC) | 7.25% | 7.25% |
| Above 2 years to 5 years | 6.50% | 6.50% |
| Above 5 years to 10 years | 5.80% | 5.80% |
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*Note- The interest rates are subject to change. Please check the Karnataka Bank’s official website for the latest information.Karnataka Bank Senior Citizen FD Rates
The Bank offers FDs for senior citizens at a higher rate of 0.40% extra for deposits of up to ₹5 Crores for a tenure of 1 to 5 years. For the tenure of 5 to 10 years, senior citizens will get an extra 0.50% interest rate. The applicable interest rates are given in the table below:
| Tenure | Interest Rates % (p.a.) Below 1 Crore |
Interest Rates % (p.a.) 1 - 2 Crores |
|---|---|---|
| 375 days (FD & ACC) | 7.50% | 7.50% |
| 444 days (FD & ACC) | 7.65% | 7.65% |
| 1 year to 2 years | 7.35% | 7.35% |
| Above 2 year to 5 years | 6.90% | 6.90% |
| Above 5 years to 10 years | 6.30% | 6.30% |
Karnataka Bank Fixed Deposit Rates (Above 2 Crores)
The table below shows the KBI FD rates applicable to various FD tenures for deposits above Rs. 2 crore.
| FD Tenures | Interest Rates % (p.a.) 2 Crores - 5 Crores |
Interest Rates % (p.a.) 5 Crores - 10 Crores |
|---|---|---|
| 7 days to 45 days | 3.50% | 3.50% |
| 46 days to 90 days | 4.00% | 4.00% |
| 91 days to 179 days | 6.75% | 6.75% |
| 180 days | 7.15% | 7.25% |
| 181 days to 269 days | 6.75% | 6.75% |
| 270 days to below 1 year | 7.10% | 7.20% |
| 1 year to 2 years | 6.95% | 6.95% |
| 375 days (FD & ACC) | 7.20% | 7.25% |
| 444 days (FD & ACC) | 7.20% | 7.20% |
| Above 2 years to 5 years | 6.50% | 6.50% |
| Above 5 years to 10 years | 5.80% | 5.80% |
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*Note- The interest rates are subject to change. Please check the Karnataka Bank’s official website for the latest information.Karnataka Bank Minor Deposit Scheme
The Bank offers fixed deposit schemes for Minors with the following tenures and interest rates:
| Tenures | Interest Rates % (p.a.) Below 2 Crores |
Interest Rates % (p.a.) 2 Crores - 5 Crores |
Interest Rates % (p.a.) 5 Crores - 10 Crores |
|---|---|---|---|
| 375 days (FD & ACC) | 7.10% | 7.20% | 7.25% |
| 444 days (FD & ACC) | 7.25% | 7.20% | 7.20% |
| 7 days - 10 years | As per the domestic term rates | ||
| Above 10 years | 5.50% | ||
KBL Tax Planner
Tax saving FDs are a great investment opportunity which Karnataka Bank offers to its customers. These FDs are eligible for deductions under Section 80 C of the Income Tax Act, 1961. The interest rates for KBL tax planner are:
| Deposit Tenure | Interest Rates % (p.a.) General Citizens |
Interest Rates % (p.a.) Senior Citizens |
|---|---|---|
| 5 years | 6.50% | 6.90% |
Calculate your FD maturity amount by using the Karnataka Bank FD Calculator. This is a easy and reliable method to estimate your returns. Estimate your potential gains from the investment!
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Karnataka Bank FD Rates for NRI
Karnataka Bank offers NRE, RFC and FCNR deposits for Non-resident Indians. The interest rate for Karnataka Bank NRE deposits are given in the table below:
| Tenure | Interest Rates % (p.a.) Below 2 Crores |
Interest Rates % (p.a.) 2 Crores - 5 Crores |
Interest Rates % (p.a.) 5 Crores - 10 Crores |
|---|---|---|---|
| 375 days (FD & ACC) | 7.10% | 7.20% | 7.25% |
| 444 days (FD & ACC) | 7.25% | 7.20% | 7.20% |
| 1 year to 2 years | 6.95% | 6.95% | 6.95% |
| Above 2 year to 5 years | 6.50% | 6.50% | 6.50% |
| Above 5 years to 10 years | 5.80% | 5.80% | 5.80% |
Features & Benefits of Karnataka Bank Fixed Deposit
The Karnataka Bank FD offers many great features and benefits, these are:
- Depositors can start investing with a minimum amount of ₹100 with o upper limit on the deposit amount.
- The bank offers a flexible deposit tenure of 7 days to 10 years.
- Karnataka Bank FDs offer nomination facility.
- Premature withdrawal is also allowed. However, a penalty of 0.50% or 1% will be applicable on the interest rate.
- Depositors can also avail a loan against their FDs.
- The bank also offers special benefits to senior citizens with higher interest rate and no extra charges on premature withdrawal.
- Minors can invest with the help of their guardians.
- Karnataka Bank offers FD accounts to firms, partnerships, charitable institutions, NRIs and more.
Karnataka Bank FD Account Eligibility
The eligibility requirements to open an FD account at Karnataka Bank are:
- Must be individuals or joint account holders
- Senior citizens
- Hindu Undivided Families (HUFs)
- Firms
- Partnerships
- Sole proprietorships
- Non-resident Indians
- Minors
- Charitable institutions
- Educational institutions
Documents Required to Open Karnataka Bank FD
Several documents are required to open an FD with the Karnataka Bank, these are:
- PAN card
- Proof of identity documents
- Proof of address
- Proof of age
- Application form
- Passport size photographs
Premature Closure of Karnataka Bank Fixed Deposit
The Karnataka Bank allows premature closure of a fixed deposit but with a penalty. The bank charges a penalty of 0.50% for preclosure of deposits of under ₹2 Crores and 1% for preclosure of deposits of ₹2 Crores and above.
Types of Karnataka Bank Fixed Deposits
Karnataka Bank Fixed deposits come in various types, offering investors a range of choices based on their financial goals, risk tolerance and liquidity preferences. The Karnataka FD schemes are as follows:
Regular Fixed Deposit
This FD offers a minimum deposit amount of ₹100 with no maximum limit to all eligible customers. It also offers a flexible tenure of 7 days to 120 months which customers can easily choose from to achieve their financial goals. The interest payout can be quarterly, half yearly or yearly as per the request of the depositor. Depositors can also enjoy the benefits of loan facility and nomination facility.
Abhyudaya Cash Certificate
This is a scheme that is ideal for investors who are looking to invest a lump sum amount for a particular period with no need for periodical interests. The interest gained from ACC is credited back so the deposit earns compound interest. The minimum deposit amount is ₹100 for a tenure of 6 to 120 months.
Soulabhya Deposit
This deposit has a unique feature called ‘Twin Gain’ which enables depositors to get easy access to their money in case of an emergency requirement while the remaining balance continues to gain interest at the contracted rate. The minimum deposit for this account is ₹5000. The scheme also offers two options for investors to choose, these are:
- Option 1: The deposit is initially taken for 46/30 days and automatically renewed for subsequent 46/30-day blocks with accrued interest, unless the depositor provides contrary instructions. The irrevocable option is to be chosen at the initial investment. Interest rates for renewals are determined by the prevailing rates on renewal dates and are calculated after each 46/30-day block. Depositors can withdraw in Rs.1000/- units anytime, but no interest is paid for withdrawals before completing a 30-day block. The depositor must also provide a consent letter for automatic renewal.
- Option 2: Deposits can range from a minimum of 3 months to a maximum of 60 months, as chosen by the depositor during account opening. Interest, compounded quarterly, is credited to the deposit account on a quarterly basis. The interest rate at the time of deposit remains fixed until maturity. Depositors can withdraw the deposit in Rs.1000/- units before the agreed period as needed.
Tax Planner
This scheme provides the benefit of high return on investment along with tax exemption under Section 80 C of the Income Tax Act. The scheme offers a maximum investment of ₹1.5 lakhs in one year for a tenure of 5 years. For the KBL Tax Planner FD, the interest will be paid every quarter or every month.
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Frequently Asked Questions
The interest rate for Karnataka Bank FD is 3.50% to 7.25% p.a. for deposits under 1 Crore.
The Karnataka Bank minimum fixed deposit period is 7 days.
The maximum deposit period for Karnataka bank FD is 10 years.
The tenure for a Karnataka Bank FD is 7 days to 10 years.
Yes, you can avail a loan against the amount available in the FD account.
The highest interest rate on a Karnataka Bank FD scheme is 7.25% p.a. for the 444 days investment period.
The Karnataka Bank FD plan interest for 5 years is 6.50% p.a. for regular citizens and 6.90% p.a. for senior citizens.
For an FD to double, it will depend on the interest rate and tenure you have chosen. However, it usually takes approximately 10 years for an FD to double.
Senior citizens enjoy a fixed deposit interest rate that is 0.40% higher than the normal rates. The Karnataka Bank FD interest rate for senior citizens is 6.30% to 7.65% p.a. on deposits of under 2 Crores.
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