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Karnataka Bank FD Interest Rates 2022

Karnataka Bank Fixed Deposit Interest Rate: Today

Last Updated 09th Dec 2021

When it comes to the FD interest rate, the highest rate offered on Karnataka Bank FD is 5.50%. Latest Karnataka Bank FD interest rate for senior citizens, on the other hand, ranges between 5.50% to 6.00%.You can earn up to ₹ 27,500 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 45 days 3.40% 5.50%
46 days to 90 days 4.90% 5.50%
91 days to 180 days 5.00% 5.50%
181 days to 364 days 5.00% 5.50%
1 year to 2 years 5.10% 5.50%
Earn upto 7.05% on FD APPLY NOW

Karnataka Bank Fixed Deposit Features

Karnataka Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Karnataka Bank Fixed Deposit are:

  • Deposit Amount : Karnataka Bank FD can be opened with an amount as a low ₹ 1,000 to up to 20000000.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 3.40% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate : 5.50% p.a to 6.00% p.a.
  • Highest Interest Rate : As per today’s rate, Karnataka Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of Karnataka Bank Deposits : Karnataka Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Karnataka Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Karnataka Bank Fixed Deposit

Karnataka Bank FD Interest Rates Today

Interest rates on Karnataka Bank deposits are updated regularly by the Government of India. The following are updated Karnataka Bank FD interest rates 2022:

Tenure Interest Rate
7 days to 45 days 3.40%
46 days to 90 days 4.90%
91 days to 180 days 5.00%
181 days to 364 days 5.00%
1 year to 2 years 5.10%
2 years 1 day to 5 years 5.40%
5 years 1 day to 10 years 5.50%

Karnataka Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Karnataka Bank offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in Karnataka Bank 2022 are as follows:

Tenure Interest Rate for senior citizens
7 days to 45 days 5.50%
46 days to 90 days 5.50%
91 days to 180 days 5.50%
181 days to 364 days 5.50%
1 year to 2 years 5.50%
2 years 1 day to 5 years 5.80%
5 years 1 day to 10 years 6.00%

Karnataka Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Karnataka Bank FD account prematurely, however Karnataka Bank charges a penalty of 1% for deposits above Rs. 1 crore for premature withdrawal. Also, The penal provisions for premature closure on Karnataka Bank FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on Karnataka Bank FD

Karnataka Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Karnataka Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Karnataka Bank Fixed Deposit Scheme

Karnataka Bank Fixed Deposit

Description:

  • You can choose to receive Interest Quarterly or on Half Yearly or Yearly basis.
  • If you choose a monthly interest payout option, the minimum deposit is Rs.5,000 and the minimum period is one year.
  • Senior citizens are paid monthly interest without discount.
  • There is no maximum limit for investment.
  • The bank allows premature payment under this Fixed Deposit scheme.

Earn upto ₹ 27,500 Per Lakh on Karnataka Bank Fixed Deposit?

To earn ₹ 27,500 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.50%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 27,500
  • FD Maturity Amount - ₹ 1,27,500

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in Karnataka Bank

  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at Karnataka Bank

To open an Karnataka Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Karnataka Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Karnataka Bank FD after reading the terms and conditions.

Loan Against Fixed Deposit Karnataka Bank

Karnataka Bank offers loans up to 0% against its own deposit. Note that Karnataka Bank will not give you loan against FD of any other bank. Karnataka Bank offers Loan against FD at the rate of 4.4% to 6.5%

FAQs

What is the highest fixed deposit interest rate for Karnataka Bank?

You can earn a maximum interest of 5.50% on Karnataka Bank fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of Karnataka Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.40% to 5.50%. Compared to this, Karnataka Bank senior citizens FD are in the range of 5.50% to 6.00%.

What are the current Karnataka Bank FD interest rates 2022?

Current interest for FD in Karnataka Bank ranges between 3.40% - 5.50%. for different tenure.The highest rate is offered on a tenure 6.00 months/years. For senior citizens the interest rates ranges bweteen 5.50% - 6.00%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Karnataka Bank?

The minimum deposit amount required to book an FD with Karnataka Bank is ₹ 1,000 and there is no limit for maximum amount.

Did Karnataka Bank increase FD rates in 2022?

No, Karnataka Bank has reduced its Fixed Deposit rates by upto 0.15%. The best rate on Karnataka Bank FD has been cut to 5.50% from 5.65% earlier. The fixed deposit rates of Karnataka Bank are now in the range of 3.40% to 5.50% with effect from 15 Dec, 2021.

Is it possible to change the tenure of my existing fixed deposit account with Karnataka Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Karnataka Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in Karnataka Bank?

Yes, you can submit your application for opening an FD account on the website of Karnataka Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in Karnataka Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.50%. For Karnataka Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13

What is the interest of 1 lakh in the Karnataka Bank?

The interest on Karnataka Bank fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.50% for tenure and banks offer senior citizens little more, which is 6.00%.


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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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