Karnataka Bank Fixed Deposit (FD) Interest Rates 2023

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India is one of the countries with the biggest number of banks and financial institutions in the world. One such progressive bank, the Karnataka bank, is serving its customers with quality products and FDs at best interest rates. Let’s find out more in this post.    

With its headquarters in Mangalore, Karnataka bank is a scheduled commercial bank allowing a greater reach for rural as well as urban populations. The bank not just offers retail services like mortgages, personal banking, credit cards etc., but also offers lucrative options of investment.

FD or fixed deposit is among the most noteworthy investments and the most preferred choice among customers of Karnataka bank. FDs have existed for long in India and are among the most trusted and guaranteed forms of investment with good returns.

Karnataka bank offers its customers with a range of products including FDs at interest rates that are among the best in the industry. Let us take a look at the Karnataka bank FD interest rates 2023.

Features of Karnataka Bank Fixed Deposit interest rates

Investment Amount 

Tenure

Interest Rate

Minimum – INR 100

Maximum – No limit

Minimum 7 days

Maximum 10 years

Minimum – 3.50%

Maximum – 5.65%

Karnataka Bank Fixed Deposit Rates 2023

Here is a look at the Karnataka bank interest rates of FD:

Tenure  Rates for general public  Rates for senior citizens 
7 days to 45 days 4.50% 4.90%
45 days to 90 days 4.50% 4.90%
91 days to 365 days 5.25% 5.65%
Above 1 year less than 2 years 7.00% 7.40%
375 days (KBL centenary deposit) 7.30% 7.70%
Above 2 years to less than 5 years 6.50% 6.90%
5 years to 10 years 5.80% 6.30%

Interest Rates of Tax Saving Fixed Deposits in Karnataka Bank

Tax Saving FD Interest rate for general public  Interest rate for senior citizens 
Karnataka Bank or KBL Tax Planner (5 years) 6.50% per annum 6.90% per annum

Interest rates on Minor Deposit Schemes w.e.f. 10 April 2023

Tenure  Interest rates per annum
375 days KBL Centenary Deposit 7.30%
7 days to 10 years Based on domestic FDs
Above 10 years 5.50%

NRE Fixed Deposit interest rates w.e.f. April 10,2023 

Tenure Interest Rate per annum (below INR 2 Crore) Interest Rate per annum (INR 2 Crore to INR 10 Crore)
375 days (KBL Centenary Deposit) 7.30% 7.30%
1 Year to 2 Years 7.00% 7.00%
Above 2 Year to 5 Years 6.50% 6.50%
Above 5 Year to 10 Years 5.80% 5.80%

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Karnataka Bank FD Interest Rate Calculator

The FD calculator offered by Karnataka Bank is a simple and hassle-free tool that is used by customers to get help in calculating maturity amount quickly and efficiently. It also calculates the interest earned that is receivable by the FD investor at the end of the policy tenure. All you need is to enter certain basic details in the calculator to get the correct results.

Below are some steps that an investor can follow to calculate FD rates using the Karnataka bank FD rates Calculator:

  • Enter the amount to be invested
  • Enter the rate of interest offered by the bank
  • Now, enter the tenure of the FD
  • The compounding period is also needed to be entered -monthly, quarterly, half-yearly or yearly

Once you have entered all the details, you will come to know:

  • The value of FD to be received at maturity
  • The complete interest earned during the tenure of the FD

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Fixed Deposits in the Current Time

Karnataka bank fixed deposit rates are based on three factors namely principal amount invested, the duration of investment, and the nature of the deposit.

The bank offers comparatively higher interest rates to senior citizens. However, anyone can invest in an FD to reap benefits from the schemes offered by Karnataka bank. The maturity period of the FDs starts from 7 days and extends up to 10 years.

There are three ways to reap the payout benefits of an FD. You can either choose to collect the payout of the interest on a quarterly basis, or you can collect it on a monthly basis. Alternatively, you can collect the payout at maturity of the FD. Further, loans are also available against your Fixed Deposit.

Tax Implications

The FDs with a tenure of 5 years are eligible for tax benefits under Karnataka Bank. However, the interest earned on the investment is taxable. If the interest earned goes beyond INR 10,000, the applicable tax is deducted at the source by Karnataka Bank.

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FAQs: Karnataka Bank Fixed Deposit (FD) Interest Rates 2023

What is the interest rate of FDs offered by Karnataka Bank?

The Tax Saving FD interest rates offered by Karnataka Bank is 5.75% p.a. for general people, while it is 6.15% p.a. for senior citizens (for 5 years tenure).

Does Karnataka Bank levy taxes on FD rates?

The FDs offered by Karnataka bank for a tenure of 5 years are eligible for tax deductions, while tax is levied on the interest earned on the FD.

What is Karnataka Bank fixed deposit calculator?

The FD calculator of Karnataka Bank is a simple and hassle-free tool which helps customers to calculate maturity amount quickly as well as the interest earned at maturity. You just need to enter some basic details to calculate the correct FD amount.

Is Karnataka Bank safe for FD investment?

Yes, Karnataka Bank is considered to be a safe and reliable bank for FD investment.

What is the minimum and maximum tenure of FD offered by Karnataka Bank?

7 days is the minimum period, while 10 years is the maximum tenure offered by Karnataka bank.

Who is eligible to open an FD account with Karnataka Bank?

Resident individuals of India including minors as well as HUF or Hindu undivided families are eligible to open FD accounts with Karnataka Bank.

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May 12, 2023
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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