• Fixed Deposit
  • Karnataka Bank
  • Karnataka Bank Fixed Deposit
Karnataka Bank Fixed Deposit

Karnataka Bank Fixed Deposit

PrivateNA 
DICGC

6.5%

Interest for 3 years

Karnataka Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 16 days3.5%3.5%
1 month 17 days - 3 months4%4%
3 months 1 day - 5 months 28 days5.25%5.25%
5 months 29 days - 8 months 26 days6%6%
8 months 27 days - 11 months 29 days6.5%6.5%
11 months 30 days - 1 year 8 days7.1%7.5%
1 year 9 days - 1 year 9 days7.4%7.8%
1 year 10 days - 1 year 2 months 18 days7.1%7.5%
1 year 2 months 19 days - 1 year 2 months 19 days7.25%7.65%
1 year 2 months 20 days - 1 year 11 months 30 days7.1%7.5%
2 years - 4 years 11 months 29 days6.5%6.9%
4 years 11 months 30 days - 9 years 11 months 28 days5.8%6.3%

Note: All interest rates shown above are as on 5th Feb 2024

About Karnataka Bank FD

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

Karnataka Bank FD

3.5% - 7.4%

FD Rate

3.5% - 7.8%

FD Rate for Seniors

₹ 100

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

NA

CRISIL Rating

Karnataka Bank FD Returns Based on Investment Amount

Investment AmountFor 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

Compare Karnataka Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Bandhan Bank FD
Karnataka Bank FD
Karnataka Bank FD
Maturity Amount 1,07,336 1,07,496
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained7,336 7,496

Compare Karnataka Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Bandhan Bank FD
7.25% - 7.75%
Capital Small Finance Bank FD
7.15% - 7.65%
Bharat Bank FD
7.25% - 7.75%
Madhyanchal Gramin Bank FD
6% - 6.5%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Uttarakhand Gramin Bank FD
6.3% - 6.8%
ICICI HFC FD
7.65% - 7.9%
Maharashtra Gramin Bank FD
6.85% - 7.35%
Federal Bank FD
7% - 7.5%
Union Bank of India FD
6.5% - 7%

Calculate Karnataka Bank FD Returns

1,00,000

Total Investment

7,336

Wealth Gained

1,07,336

Maturity Amount

Explore Debt Funds, instead!

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.

Types of Fixed Deposit Schemes Offered by Karnataka Bank

  • Fixed Deposit
  • Abhyudaya Cash Certificate
  • Tax Planner
  • Soulabhya Deposit

Fixed Deposit

The Karnataka Bank’s fixed deposit scheme is suitable for individuals who wish to have periodical income (interest income).

  • Tenure: 7 days to 120 months
  • Minimum Deposit Amount: INR 100
  • Maximum Deposit Amount: No limit
  • Interest Payout: Depositors can choose interest payout frequency quarterly, half yearly or yearly.
  • Loan Facility: Available; however, bank rules are applicable.
  • Premature payment: Available; however, bank rules are applicable.
  • Nomination Facility: Available

Abhyudaya Cash Certificate

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.

  • Tenure: 6 months to 120 months
  • Minimum Deposit Amount: INR 100, and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: No limit
  • Loan Facility: Available; however, bank rules are applicable.
  • Premature payment: Available; however, bank rules are applicable.
  • Nomination Facility: Available

Tax Planner

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.

  • Lock-in period: 5 years
  • Minimum Deposit Amount: INR 100, and in multiples of INR 100 thereafter.
  • Maximum Deposit Amount: INR 1,50,000 per annum
  • Loan Facility: Not available
  • Premature payment: Not available
  • Nomination Facility: Available

Soulabhya Deposit

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.

  • Minimum Deposit Amount: INR 5,000, and in multiples of INR 1,000 thereafter.
  • Loan Facility: Available; however, bank rules are applicable.
  • Nomination Facility: Available

Key Features of Karnataka Bank Fixed Deposit

Karnataka Bank fixed deposit schemes offer better returns than a savings bank account. Following are the key features of Karnataka Bank fixed deposits:

Preferential Interest Rates

Karnataka Bank offers preferential rates for senior citizens. Hence, senior citizens get an additional interest of 0.4% on their FDs.

Eligibility

To open a fixed deposit account with Karnataka Bank, one needs to be eligible. Following is the eligibility criteria.

  • Indian residents
  • HUFs
  • Sole proprietorship
  • Partnership firms
  • Limited companies
  • Government units

Documents required

To open an FD account with Karnataka Bank, one would need the following documents.

  • FD application form
  • Government approved identity proof (PAN Card, Aadhar Card, Driving License, Voter ID, Passport)
  • Government approved address proof (Aadhar Card, Voter ID, Electricity Bill, Telephone Bill)
  • PAN Card
  • Aadhar Card

Additional Payments

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.

Tax and TDS

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.

Safety

Under the Deposit Insurance Scheme of RBI, DICGC insures all Karnataka Bank deposits up to INR 5,00,000.

Premature withdrawal

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.

Nomination Facility

Depositors can nominate beneficiaries for their Karnataka Bank FDs.

Auto-Renewal

Karnataka Bank offers an auto-renewal facility to depositors for their FDs.

Convenience

Opening and managing Karnataka Bank term deposit investments are easy and convenient through their online portal.

Pan Card

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.

Does Karnataka Bank Offer Recurring Deposits?

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.

  • Minimum Deposit Tenure: 6 months and in multiples of 3 months.
  • Maximum Deposit Tenure: 120 months
  • Minimum Deposit Amount: INR 50 and in multiples of INR 50 thereafter.

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest Karnataka Bank FD rate today?

The highest Karnataka Bank FD rates for general citizens is 7.4% p.a. and 7.8% p.a. for senior citizens.

What is the highest interest rate on Karnataka Bank 1 year FD scheme?

The highest interest rate on Karnataka Bank 1 year FD scheme is 7.1% p.a.

What is Karnataka Bank FD scheme interest rate for 5 years?

6.5% p.a is the interest rate for 5 years on Karnataka Bank FD scheme.

How many years FD will double in Karnataka Bank?

To know in how many years Karnataka Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Karnataka Bank Bank FD will double. The current highest Karnataka Bank FD interest rate is 7.4% so investors will double the investment in 9.73 years. Similarly, senior citizen depositors will double their FD investment in 9.23 years, where the highest FD rate for senior citizens is 7.8%.

What is Karnataka Bank FD minimum deposit amount?

The minimum investment in Karnataka Bank FD is INR 100. However, there is no limit on the maximum amount of investment in Karnataka Bank FD.

What is senior citizen fixed deposit interest rates in Karnataka Bank?

The senior citizen fixed deposit interest rates in Karnataka Bank range between 3.5% to 7.8% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Karnataka Bank?

Karnataka Bank FD tenure ranges from 7 days to 9 years 11 months 28 days

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 73,357. The maturity value will be INR 10,73,357. 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?

You can check Karnataka Bank FD balance either online or offline mode. For online mode, log in to the Karnataka Bank internet banking portal. Alternatively, you can visit the nearest Karnataka Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Karnataka Bank?

There is no restriction on the number of FDs you can open with Karnataka Bank.