Interest for 3 years
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 2 months 29 days||4.5%||4.5%|
|2 months 30 days - 11 months 28 days||5.25%||5.25%|
|11 months 29 days - 1 year 8 days||7%||7.4%|
|1 year 9 days - 1 year 9 days||7.3%||7.7%|
|1 year 10 days - 1 year 11 months 29 days||7%||7.4%|
|2 years - 4 years 11 months 28 days||6.5%||6.9%|
|4 years 11 months 29 days - 9 years 11 months 27 days||5.8%||6.3%|
Note: All interest rates shown above are as on 4th May 2023
Karnataka Bank Limited was incorporated on February 18th, 1924 at Mangaluru, a coastal town of Dakshina Kannada district in Karnataka State. The bank has a balance sheet size of Rs. 83,313 Cr as on 31st March 2020. The bank recorded a profit of Rs 432 Cr in FY20
4.5% - 7.3%
4.5% - 7.7%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.5%||For 5 years with interest of 6.5%|
|₹ 50,000||₹ 60,734||₹ 69,141|
|₹ 1 lakh||₹ 1,21,467||₹ 1,38,282|
|₹ 2 lakh||₹ 2,42,934||₹ 2,76,563|
|₹ 5 lakh||₹ 6,07,336||₹ 6,91,409|
|₹ 10 lakh||₹ 12,14,672||₹ 13,82,817|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,07,229||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹7,229||₹ 7,763|
|Bank Name||FD Interest Rates|
|DBS Bank FD||7.5% - 8%|
|Jammu And Kashmir Grameen Bank FD||6.5% - 7%|
|Central Bank of India FD||6.25% - 6.75%|
|IDBI Bank FD||6.5% - 7%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Mizoram Rural Bank FD||6.5% - 6.5%|
|Axis Bank FD||7% - 7.75%|
|Bangiya Gramin Vikash Bank FD||6.25% - 6.75%|
|Bandhan Bank FD||7.25% - 7.75%|
|LIC Housing Finance FD||7.75% - 8%|
The flexible & tax efficient alternative to FDs.
Karnataka Bank offers a range of FD schemes with varying interest rates to its customers. Moreover, one can invest in a Karnataka Bank FD with an amount as low as INR 100. The bank also allows premature withdrawal facility without any penalty for deposits below INR 2 crore. In this article, we have covered about Karnataka Bank FD rates in detail.
The Karnataka Bank’s fixed deposit scheme is suitable for individuals who wish to have periodical income (interest income).
The Abhyudaya Cash Certificate scheme is ideal for depositors who seek lump sum amount after a particular period and who do not need periodic interest. Under this scheme, the quarterly interest is invested back into the scheme.
The Tax Planner scheme is a combination of investment and tax saving. The scheme offers a tax benefit for the deposits under Section 80C of the Income Tax Act. INR 1,50,000 is the threshold per annum to claim the tax benefit. Also, the scheme is available in both Fixed Deposit and Abhyudaya Cash Certificate schemes.
This is a ‘Twin Gain’ scheme. It offers easy withdrawal of money, and the balance amount earns interest at the contracted rate. The scheme offers two options, and the option selected at the time of deposit is irrevocable. Depositors can choose an option to maintain deposit for 46/30 days or choose a tenure between three months and five years.
Karnataka Bank fixed deposit schemes offer better returns than a savings bank account. Following are the key features of Karnataka Bank fixed deposits:
Karnataka Bank offers preferential rates for senior citizens. Hence, senior citizens get an additional interest of 0.4% on their FDs.
To open a fixed deposit account with Karnataka Bank, one needs to be eligible. Following is the eligibility criteria.
To open an FD account with Karnataka Bank, one would need the following documents.
It is not possible to deposit any additional amount in an existing Karnataka Bank fixed deposit. However, one can always invest in a fresh Karnataka Bank FD with an additional amount.
Investment in Karnataka Bank Tax Saving Fixed Deposit qualifies for tax saving under Section 80C of the Income Tax Act, 1961. Investors can claim tax benefits while filing their income tax returns. Also, all other Karnataka Bank FDs do not qualify for tax saving.
The interest income on Karnataka Bank FD investments is taxable as per the investor’s income tax slab rates. Furthermore, if the interest income exceeds INR 40,000 (INR 50,000 for senior citizens) the bank cuts TDS of 10% (20% of PAN Card details are submitted).
One can determine whether their interest income is above or below the TDS threshold limit using Karnataka bank fixed deposit calculator available online. Also, they can estimate their tax liability using an income tax calculator. Scripbox’s income tax calculator is available online and is free to use.
Under the Deposit Insurance Scheme of RBI, DICGC insures all Karnataka Bank deposits up to INR 5,00,000.
Karnataka Bank allows premature withdrawal of their fixed deposits. For deposits below INR 2 crore, the bank will not charge any penalty. Also, if the deposits above INR 2 crore opt for premature withdrawal, the bank levies 1% interest as penalty on the contracted rate. Also, the bank doesn’t allow premature withdrawal on tax saving deposits.
Depositors can nominate beneficiaries for their Karnataka Bank FDs.
Karnataka Bank offers an auto-renewal facility to depositors for their FDs.
Opening and managing Karnataka Bank term deposit investments are easy and convenient through their online portal.
Details of PAN Card are necessary to open an FD account with Karnataka Bank. However, this is only applicable for tax saving FDs. Also, investors investing in other FDs have the option not to disclose their PAN Card details. However, this has its own consequences. Karnataka Bank will deduct TDS at 20% instead of 10% as per section 206AA. Also, the bank will not issue a TDS certificate. Moreover, all exemption certificates, including Form 15G/15H, will be invalid.
Requirement of savings account
Individuals need not have a Karnataka Bank account to open a fixed deposit account.
Yes, Karnataka Bank offers recurring deposit schemes. Moreover, under the scheme, the account holder has to regularly invest a fixed sum of money by way of monthly instalments.
What is the highest Karnataka Bank FD rate today?
What is the highest interest rate on Karnataka Bank 1 year FD scheme?
What is Karnataka Bank FD scheme interest rate for 5 years?
How many years FD will double in Karnataka Bank?
What is Karnataka Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in Karnataka Bank?
What are the available FD tenures in Karnataka Bank?
What is Karnataka Bank FD ROI for 10 lakh deposit for 1 year?
The interest from the Karnataka Bank FD calculator for 10 lakh deposit for 1 year will be INR 72,290. The maturity value will be INR 10,72,290. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in Karnataka Bank?
How many FDs can be opened in Karnataka Bank?