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Karnataka Bank FD Calculator

Karnataka Bank Fixed Deposit Calculator 2022

Last Updated 09th Dec 2021

Karnataka Bank FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.00%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 45 days 3.40% 5.50% ₹ 1,00,065 - ₹ 1,00,678
46 days to 90 days 4.90% 5.50% ₹ 1,00,618 - ₹ 1,01,356
91 days to 180 days 5.00% 5.50% ₹ 1,01,247 - ₹ 1,02,730
181 days to 364 days 5.00% 5.50% ₹ 1,02,495 - ₹ 1,05,599
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Karnataka Bank Fixed Deposit Calculator

Karnataka Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Karnataka Bank. Banks may allow a higher interest rate on larger deposits. Karnataka Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Karnataka Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Karnataka Bank is 5.50% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of 5 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.40% for a 5 years 1 day FD and a rate of 5.50% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.40%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Karnataka Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Karnataka Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Karnataka Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Karnataka Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Karnataka Bank FD Rate Calculated?

Karnataka Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Karnataka Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Karnataka Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Karnataka Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Karnataka Bank FD for a 5-year tenure at an interest rate of 5.50% for depositors below 60 years and 6.00% for senior citizens.The maturity schedule of Karnataka Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.50% for Citizens below 60 years and at 6.00% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 5,614 ₹ 1,05,614 ₹ 6,136 ₹ 1,06,136
2023 ₹ 5,930 ₹ 1,11,544 ₹ 6,513 ₹ 1,12,649
2024 ₹ 6,263 ₹ 1,17,807 ₹ 6,913 ₹ 1,19,562
2025 ₹ 6,614 ₹ 1,24,421 ₹ 7,337 ₹ 1,26,899
2026 ₹ 6,986 ₹ 1,31,407 ₹ 7,787 ₹ 1,34,686

Karnataka Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Karnataka Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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FAQs

What is the highest interest earned on Karnataka Bank fixed deposit?

You can earn a maximum interest of 5.50% on Karnataka Bank fixed deposits.

How many years FD will double in Karnataka Bank?

The growth of Karnataka Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Karnataka Bank FD.You can also use Karnataka Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Karnataka Bank.

What are the minimum and maximum amounts that I can invest in an Karnataka Bank FD?

The minimum investment limit in Karnataka Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Karnataka Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends. However, you might have to pay a penalty fee ranging from 1% for deposits above Rs. 1 crore of FD amount for premature withdrawal.

How can I calculate Karnataka Bank premature FD amount?

To calculate premature FD amount you can use Karnataka Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Karnataka Bank News - Jan 2022
  • 2021-04-28 : Karnataka Bank targetting a growth of 12% in FY22
    Karnataka Bank stated that it is targeting to grow its business at 12% to over Rs 1.42 lakh crore in the current fiscal year. The Bank is planning to gradually increase the share of the retail loan which includes home, personal, LAP, two-wheeler, car, education and doctor loan.
  • 2021-04-05 : Karnataka Bank targeting 1.42 lakh business turnover in FY 22
    Karnataka Bank is looking for 12% business growth in the current fiscal and targeting 1.42 lakh business turnover. The bank emphasised that it is planning to leverage digital banking to achieve its target.
  • 2021-01-18 : Karnataka Bank Q3 net profit rises to ₹135 cr
    Karnataka Bank posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10%. Further, net interest income rose 21% to ₹614 crore from ₹508 crore in Q3FY20.
  • 2020-12-08 : Karnataka Bank changed its FD rates
    With effect from 6 December 2020, Karnataka Bank changed its FD rates. The fixed deposit rate for 7 to 45 days is 3.40%, for 46 to 90 days is 4.90% and it stands at 5.20% for 91 to 364 days. Further, the fixed deposit rate for one to two years is 5.30%, above two years to 5 years is 5.55% and stands at 5.70% for above five years to 10 years.
  • 2020-03-20 : Karnataka Bank revised its FD rates
    With effect from 18 March 2020, Karnataka Bank changed its FD rates. The fixed deposit rate for 7 to 45 days is 3.50%, for 46 to 90 days is 5% and it stands at 6% for 91 to 364 days. Further, the fixed deposit rate for one to two years is 6.25%, above two years to 5 years is 6.15% and stands at 6.05% for above five years to 10 years.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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