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Karnataka Bank FD Calculator

Karnataka Bank Fixed Deposit Calculator 2021

Last Updated 18th Jan 2021

Karnataka Bank FDs have tenures ranging from 5 years 1 day to 10 years with maximum rate of interest of 5.70%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.95%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 45 days 3.40% to 3.80% ₹ 1,00,065 - ₹ 1,00,468
46 days to 90 days 4.90% to 5.30% ₹ 1,00,618 - ₹ 1,01,307
91 days to 180 days 5.20% to 5.60% ₹ 1,01,296 - ₹ 1,02,780
181 days to 364 days 5.20% to 5.60% ₹ 1,02,595 - ₹ 1,05,703
Karnataka Bank FD Maturity Calculator
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Karnataka Bank Fixed Deposit Calculator

Karnataka Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at 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. Bank may allow higher interest rate on larger deposits. Karnataka Bank offers deposit amount in the range of 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 5.70% 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 5.70% 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
    • 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 tax saving scheme to save tax on fixed deposit.

Karnataka Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • 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.
  • 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.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

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. The interest rates for senior citizens are higher than normal rates of Karnataka Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in Karnataka Bank FD for a 5-year tenure at an interest rate of 5.70% for depositors below 60 years and 6.95% for senior citizens. The maturity amount for this deposit amount is ₹ 1,32,709 and the total interest earned is ₹ 32,709 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 41,131 which is higher. The maturity schedule of Karnataka Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 5.70% for Citizens below 60 years and at 6.95% 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
2021 ₹ 5,823 ₹ 1,05,823 ₹ 7,133 ₹ 1,07,133
2022 ₹ 6,162 ₹ 1,11,985 ₹ 7,642 ₹ 1,14,775
2023 ₹ 6,521 ₹ 1,18,506 ₹ 8,187 ₹ 1,22,962
2024 ₹ 6,901 ₹ 1,25,407 ₹ 8,771 ₹ 1,31,733
2025 ₹ 7,302 ₹ 1,32,709 ₹ 9,397 ₹ 1,41,130

Karnataka Bank FD Calculator Formula

Along with 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

Other Investment Calculators

FAQs

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

You can earn a maximum interest of 5.70% on Karnataka Bank fixed deposit.

How is Karnataka Bank FD interest calculated?

The formula to calculate interest on Karnataka Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

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. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. 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.

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Karnataka Bank News - Jan 2021
  • 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.
  • 2019-11-06 : Karnataka Bank revises Deposit rates
    Karnataka Bank revised its interest rates on fixed deposits up to Rs 2 crores on November 5, 2019. New rates for 7-45 days is 3.50%, for 46-90 days, it is 5.00%, and the rate for 91-364 days is 6.25%. For 1-2 years, the rate is 6.80% for 2-5 years; the rate is 6.70%, and for 5-10 years, the revised interest rate is 6.50%.
  • 2019-11-01 : Karnataka Bank revises fixed deposit rates
    With effect from October 31, 2019, Karnataka Bank revised its interest rates on fixed deposits up to Rs 2 crores. The revised rate for 7-45 days is 3.50%, for 46-90 days, the rate is 5.00%, and for 91-364 days, the rate is 6.25%. For larger tenure of 1-2 years, the rate is 6.90%, the rate for 2-5 years is 6.80%, and for 5-10 years, it is 6.50%. For senior citizens, the rate varies by 40 basis points.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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