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Karnataka Bank RD Interest Rates 2020

Karnataka Bank offers Recurring Deposits (RDs) at attractive interest rates. The tenure of RDs range from 6 months to 10 years. You can open RDs with interest rates ranging from 3.50% to 6.80% p.a. Senior Citizens get an additional interest rate of 0.40%.

Karnataka Bank Recurring Deposit Rates

The bank usually has separate rates for amounts of up to and including Rs.2 crore and more than Rs.2 crore to Rs.10 crore. Currently, the rates offered for both the segments is the same. The interest rates for recurring deposit accounts are as given in the table below:

Maturity Pattern Interest Rate (% p.a.) for Deposits up to and inclusive of Rs.2 Crore
7 days to 45 days 3.50
46 days to 90 days 5.00
91 days to 364 days 6.25
1 year to 2 Years 6.80
Above 2 Year to 5 years 6.70
Above 5 year to 10 years 6.50

NRE Recurring Deposit Rates

Maturity Pattern Interest Rate (% p.a.) for Deposits up to and inclusive of Rs.2 Crore
1 to 2 Years 6.80
Above 2 Year to 5 Years 6.70
Above 5 Year to 10 Years 6.50

Karnataka Bank Short-Term RD Interest Rates

Karnataka Bank offers short-term RDs with tenures ranging from 6 months to 12 months.

  • For Recurring Deposit Amounts of up to Rs.2 crore
  • The interest rate offered for a Karnataka Bank RD with tenures ranging from 6 months to less than a year is 6.25%. For RDs with a tenure of 1 year to 2 years is 6.80%.

  • For Recurring Deposits Above Rs.2 crore and up to Rs.10 crore
  • The interest rate offered for RDs with tenures ranging from 6 months to less than a year is 6.25%. For RDs with a tenure starting from 1 year to up to 2 years is 6.90%.

Karnataka Bank Medium and Long-Term RD Interest Rates

Karnataka Bank offers mid-term RDs with tenures ranging from 2 years and up to 10 years. The interest rate for RDs with a tenure of 2 years to 5 years is 6.70% and for 5 years to 10 years is 6.50%.

Who Can Open an RD Account?

Karnataka Bank allows both individuals as well as Hindu United Families, public and private companies, proprietary and partnership firms, societies and trusts, limited liability partnerships, and government departments to open an RD account. If you close a recurring deposit account before it matures, you may not receive the full interest amount initially promised. Delaying in depositing money in the account every month will result in a penalty. If you do not make regular deposits but the account reaches maturity, then that account will be considered a discontinued account and the bank reserves the judgement to make a payout to you or not.

More you need to know about Recurring Deposit

Read More Articles On RD

News About Karnataka Bank Recurring Deposit

  • Karnataka Bank Revised Their Interest Rates On Saving bank Account

    One of the leading private sector banks in India, Kotak Mahindra Bank has reduced their rate of interest on savings account deposits. For deposits above Rs.1 crore, thank banks is now offering 5% p.a and for deposits below Rs.1 lakh, the bank offers 3% interest rate, which was 4% p.a previously irrespective of the amount deposited.

    The trend of reducing interest rates on savings account started when State Bank of India reduced their rate of interest from 4% p.a to 3.5% p.a on their savings account deposits.

    Karnataka Bank further stated that for deposit amount ranging from Rs. 50 lakh to Rs. 1 crore, they will offer 4% p.a interest rate and for deposits ranging from Rs.1 lakh to Rs.50 lakhs, they will offer 3.5% p.a. Get in touch with the bank for the updated interest rates on savings and recurring deposits.

    18 August 2017

  • Online Account Opening Facility Launched by Karnataka Bank

    Karnataka Bank has launched a service whereby its customers can open a current, savings, recurring deposit as well as fixed deposit account online. The bank, known to be a pioneer in banking technology, launched this service to enable customers to open accounts irrespective of where they are in a few quick and easy steps. Customers have to go to the bank’s official website, where they will be directed to a portal for account opening. They will have to provide the required information, upon which the application will be processed by the bank.

    Customers need not worry about security, with the bank providing a secure portal for this purpose. The bank has made this facility available from the 10th of February, making it more convenient for all to open a Karnataka Bank Savings Account.

    10 February 2016

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