Karnataka Bank FD Interest Rates
Among the many FD providers in the market, Karnataka Bank is one of the most dependable. Investors will benefit from Karnataka Bank FDs, which include higher returns, a flexible tenure, a lower minimum deposit cap, and a loan against FD facility, among other things. When it comes to FD interest rates, Karnataka Bank offers the highest rate of 5.70 percent. On the other hand, the existing Karnataka Bank FD interest rate for senior citizens varies from 3.80 percent to 6.95 percent.
Features of Karnataka Bank FD Rates
Karnataka Bank FDs are one of the best investment options for depositors searching for a fixed income instrument with better returns than a savings account. The following are some of the main features of a Karnataka Bank Fixed Deposit:
- Amount of Deposit: Karnataka Bank FDs can be opened with as little as and as much as.
- The tenure of FDs varies from 7 days to 10 years.
- Interest Rates: 3.40 percent per annum to 5.70 percent per annum
- FD Rates for Senior Citizens: 3.80 percent to 6.95 percent p.a.
- Highest Interest Rate: According to today’s rate, Karnataka Bank’s highest FD interest rate is 5.70 percent for a 10-year term.
- Loan against FD: Karnataka Bank offers a loan against FD to its depositors to help them fulfill their liquidity needs without having to split their FD.
- Deposits in Karnataka banks are safe since they are protected by the Deposit Insurance Scheme of the Reserve Bank of India, which ensures up to 5 lakh of a depositor’s total deposits.
- Auto-renewal service is available.
- A nomination service is available.
Karnataka Bank FD Interest Rates
| Tenure | FD Interest Rates |
Senior Citizen FD Interest Rates
|
| 7 days to 45 days | 3.40% | 3.80% |
| 46 days to 90 days | 4.90% | 5.30% |
| 91 days to 180 days | 5.20% | 5.60% |
| 181 days to 364 days | 5.20% | 5.60% |
| 1 year to 2 years | 5.30% | 5.70% |
Karnataka Bank FD Schemes
Fixed Deposit Account:
- It works similarly to a traditional fixed deposit plan in that it allows you to deposit a lump sum amount and gain interest on it.
- The minimum deposit is Rs 100, with subsequent deposits in multiples of Rs 10.
- The deposit period varies from 7 days to 10 years, allowing you plenty of time to secure your funds.
- Nominations and early withdrawals are permitted, according to the bank’s guidelines.
Abhyudaya Cash Certificate (ACC):
- It is a reinvestment deposit in which the interest rate is compounded quarterly.
- The minimum deposit sum is Rs. 100, and the deposit period is 6 months to 10 years.
- According to the bank’s policies, you can also get a deposit, a premature withdrawal, or a nomination.
Soulabhya Deposit:
- A flexible fixed deposit plan that allows you to withdraw Rs. 1,000 or multiples of that amount when you need it, without lowering your interest rates on the balance.
Karnataka Bank FD Account Opening Process
You can visit the official website of Karnataka Bank and login into your account to open a Fixed Deposit account. Pick Fixed Deposit from the menu, then the Type of FD you want to open, and click Next. After that, fill in the deposit sum and, if you are over 60, select the ‘Senior Citizen’ choice. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the Karnataka Bank FD.
Documents Required For Karnataka Bank FD Account
- Government-approved identity and address proof
- Permanent Account Number (PAN) Card
- Aadhaar Card
Karnataka Bank FD Rates – Premature Withdrawal
Premature termination of a Karnataka Bank Term Deposit is accompanied by a lower interest rate of 1% for deposits above Rs. 1 crore than the agreed rate. The penalties for prematurely closing a Karnataka Bank FD are subject to change and may vary depending on the deposit scheme.
Loan against Karnataka Bank FD
Karnataka Bank provides loans up to 0% on its own deposit. Please keep in mind that Karnataka Bank will not lend you money if you have an FD with another bank. Karnataka Bank provides a loan against a fixed deposit (FD) at a rate ranging from 4.4 percent to 6.7 percent.
The maximum loan tenure is limited to the FD’s maximum term.
Karnataka Bank Fixed Deposit Interest Calculation
The Karnataka Bank FD Calculator will help you figure out how much interest you’ll get on your initial investment. Simply enter the deposit amount, tenure (in months), rate of interest, and the type of fixed deposit scheme you choose to apply for, and the calculator will crunch the numbers and show you a breakdown of the interest received and the maturity amount. You can get instant, error-free, and reliable results by using a calculator.
Alternatively, there are a number of websites that can automatically measure the interest received on a savings account. You can use such online tools to figure out how much interest your Karnataka Bank FD has earned.
Nomination Facility on Karnataka Bank FD
Karnataka Bank provides a nominating facility on Fixed Deposits, allowing the depositor’s beneficiary to demand the funds in the event of the depositor’s death. A nominee may be appointed by a person, a single account holder, or a joint account holder. No more than one person may be named as a candidate. When you open a Karnataka Bank fixed deposit, you can fill out nominee details. At the time of argument, the nominee must have identity evidence.
Tax Benefits on Karnataka Bank FD
TDS is deducted from interest gained on a bank tax-saving FD. When interest reaches Rs 40,000 (Rs 50,000 for senior citizens) in a financial year with a single bank, TDS is deducted at a rate of 10%. In the event that an investor’s PAN is not available, TDS will be deducted at a rate of 20%.
If your income is below the taxable cap, you can escape TDS deduction by filing Form 15G or Form 15H (for senior citizens). When you file your income tax returns, you will get a refund of the higher TDS deducted by the bank (ITR).
Karnataka Bank News
2021-01-18: Karnataka Bank Q3 net profit rises to ₹135 cr
Karnataka Bank recorded a net profit of Rs 135 crore in the current financial year’s December quarter, an increase of 10%. In addition, net interest income increased by 21% to 614 crores from 508 crores in Q3FY20.
2020-12-08: Karnataka Bank changed its FD rates
Karnataka Bank has adjusted its FD rates, which will take effect on December 6, 2020. The fixed deposit rate is 3.40 percent for 7 to 45 days, 4.90 percent for 46 to 90 days, and 5.20 percent for 91 to 364 days. Furthermore, the fixed deposit rate for one to two years is 5.30 percent, for two to five years it is 5.55 percent, and for five to ten years it is 5.70 percent.
2020-03-20 : Karnataka Bank revised its FD rates
Karnataka Bank adjusted its FD rates with effect from March 18, 2020. The fixed deposit rate is 3.50 percent for 7 to 45 days, 5 percent for 46 to 90 days, and 6 percent for 91 to 364 days. Furthermore, the fixed deposit rate for one to two years is 6.25 percent, for two to five years it is 6.15 percent, and for five to ten years it is 6.05 percent.
2019-11-06 : Karnataka Bank revises Deposit rates
On November 5, 2019, Karnataka Bank revised its interest rates on fixed deposits up to Rs 2 crore. The new rates are 3.50 percent for 7-45 days, 5.00 percent for 46-90 days, and 6.25 percent for 91-364 days. The revised interest rate for 1-2 years is 6.80 percent, for 2-5 years it is 6.70 percent, and for 5-10 years it is 6.50 percent.
2019-11-01 : Karnataka Bank revises fixed deposit rates
Karnataka Bank revised its interest rates on fixed deposits up to Rs 2 crores with effect from October 31, 2019. For 7-45 days, the updated rate is 3.50 percent, for 46-90 days, it is 5.00 percent, and for 91-364 days, it is 6.25 percent. The average is 6.90 percent for a longer period of time of 1-2 years, 6.80 percent for 2-5 years, and 6.50 percent for 5-10 years. The rate for senior citizens varies by 40 basis points.
For more details visit the Dialabank official page.
FAQs on Karnataka Bank Interest Rates
✅Are there any special rates for senior citizens FD of Karnataka Bank?
Yeah, as opposed to FD rates, senior citizens enjoy a higher return on their deposits. Standard FD interest rates range from 3.40 percent to 5.70 percent. In comparison, the FD rate for senior citizens ranges from 3.80 percent to 6.95 percent.
✅Can I deposit additional amount in my FD account?
No, you are not permitted to deposit any new funds into your current FD account because you are only permitted to deposit once at the time of account opening. You must open a new FD account if you want to invest any additional funds in an FD.
✅Who is eligible for opening an FD account in Karnataka Bank?
A fixed deposit account may be opened by any resident citizen, HUF, NRI, or firm, including minors.
✅Is it possible to change the tenure of my existing fixed deposit account with Karnataka Bank?
No, once a fixed deposit account is opened, it is not possible to change the tenure chosen. You can, however, close your current fixed deposit account and open a new one with the duration you want.
✅Can a customer open a FD account online in Karnataka Bank?
Yes, you can submit an application for an FD account on the Karnataka Bank website. After submitting the application, a bank representative will contact you to complete the next steps, which include filling out an application and submitting KYC documents.
