Overview of Karnataka Bank Fixed Deposit
Karnataka Bank offers a range of services to its customers. Fixed Deposits (FD) are one of the investment products provided by the bank.
Features of Karnataka Bank FD
The features of Karnataka Bank fixed deposit are as follows:
- 7 days to 10 years maturity period.
- Minimum deposit Rs.100.
- Periodic interest payouts - yearly, half-yearly, quarterly and monthly.
- Monthly payout interest rate is lower than others (except senior citizen).
- The interest income will be transferred to the investor's Savings Account or wired through National Electronic Fund Transfer (NEFT).
- The FD scheme allows premature withdrawals.
- Senior Citizens are entitled to an additional interest rate which is 0.25%-0.50% more than the regular rates.
- One can operate the FD as a joint account.
- Karnataka Bank offers nomination facility on this scheme.
- The interest earned will be taxed based on Tax Deducted at Source (TDS) as per the Income Tax Act, 1961.
- One can avail loans against the deposit as per the guidelines of the bank.
- In the case of deposits under Rs.2 crore, the rates lie within 4.50% p.a. and 7.30% p.a.
Documents required for Karnataka Bank Fixed Deposit:
The documents required to apply for a fixed deposit are as follows:
Identity Proof | Aadhaar card, Driving Licence, Passport, Voter's ID card, PAN Card, Ration Card |
Address proof | Aadhaar card,Telephone bill, Passport, Ration card, Electricity bill, Voter ID card |
Income proof (For salaried) | Pay slips (last six months)Bank statements |
Income proof (For self-employed) | Proof of business ownershipProof of business continuityOffice address proofBank statements (not more than six months old)Audited financials (not more than two years old) |
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Eligibility to Open Karnataka Bank FD account
- Individuals
- Indian residents
- Members of the Hindu Undivided Families
- Group entities
- Sole Proprietorships
- Partnership firms
- Limited Companies
- Government units
FAQs on Karnataka Bank Fixed Deposit Scheme
- What is the tenure for Karnataka Bank Tax Planner scheme?
The Tax Planner scheme has a maturity period of 5 years.
- What is the highest FD rate offered by Karnataka Bank?
One can get a FD rate of up to 7.40% p.a. for deposits below Rs.1 crore.
- What is the minimum deposit amount for Karnataka Bank FD?
The minimum amount of deposit is Rs.100.
- What is the tenure range for Fixed Deposit scheme?
The tenure range is 7 days to 10 years.
- Do senior citizens get special FD rates?
Yes, senior citizens get an additional rate between 0.40% and 0.50%.
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