Karnataka Bank offers at attractive interest rates on Recurring Deposit (RDs). The tenure of the RDs range from between 7 days to and 10 years. The rate of return offered by the bank is in the range of 3.40% p.a. to 5.70% p.a. Senior Citizens get an additional interest rate of 0.40% p.a.
Know more about Recurring Deposit
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 less than Rs.2 crore as given in the table below:
|Tenure||Interest rate (p.a.) for General Citizens||Interest rate (p.a.) for Senior Citizens|
|7 days to 45 days||3.40||NA|
|46 days to 90 days||4.90||NA|
|91 days to 364 days||5.20||NA|
|1 year to 2 years||5.30||5.70|
|Above 2 years to 5 years||5.55||5.95|
|Above 5 years to 10 years||5.70||6.20|
Note: The interest rate mentioned in the table are effective 30 November 2020.
Karnataka Bank Short-Term RD Interest Rates
The rate of return offered by Karnataka Bank on short-term recurring deposits ranges between 3.40% to 5.20% p.a. Short-term RDs are those which are opened for a period that ranges between 7 days and less than a year.
Karnataka Bank Medium and Long-Term RD Interest Rates
Medium-term RDs are those which have a tenure between 1 year and up to 5 years. Karnataka bank offers interest in the range of 5.30% p.a. and 5.55% p.a.
Karnataka Bank Long-Term RD Interest Rates
Any RD account opened for more than 3 years is termed as long-term recurring deposits. The rate of return offered is 5.70% p.a. on such deposit tenures.
Karnataka Bank Senior Citizen Recurring Deposit Interest Rates
Citizens above the age of 60 years are offered additional 0.40% interest for tenure ranging between 1 year and 5 years and additional 0.50% for tenure between 5 years and 10 years. The interest rate offered ranges between 5.70%p.a. - 6.20% p.a.
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.
Karnataka Bank RD Interest Rates
- What is the minimum amount required to open a Karnataka Bank recurring deposit account?
- How to deposit the monthly instalment for Karnataka Bank recurring deposit?
- Is loan facility available on Karnataka Bank recurring deposit?
The minimum amount required to open an RD with Karnataka Bank is Rs.50 per month and multiples thereof.
The monthly instalment for the Karnataka Bank RD can be remitted by means of a cheque or as cash.
Yes, loan facility is available on Karnataka Bank recurring deposit as per the bank's rules.
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RD Other Pages
- Recurring Deposit Vs. Chit Fund
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- Open RD Account through HDFC NetBanking
- RD Account in SBI
- Advantages of Recurring Deposit
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- Monthly Recurring Deposit
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- Indian Bank Recurring Deposit
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