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Karnataka Bank RD Interest Rates 2020

Karnataka Bank offers at attractive interest rates on Recurring Deposit (RDs). The tenure of the RDs range from between 6 months to and 10 years. The rate of return offered by the bank is in the range of 5.70% p.a. to 5.80% p.a. Senior Citizens get an additional interest rate of 0.40% p.a.

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:

Tenure Interest rate (p.a.) for General Citizens Interest rate (p.a.) for Senior Citizens
181 days to less than a year 5.70% 6.10%
1 year to 2 years 5.90% 6.30%
2 years 1 day to 5 years 5.80% 6.20%
5 years 1 day to 10 years 5.80% 6.20%

Note: The interest rate mentioned in the table are effective 1 May 2020.

Karnataka Bank Short-Term RD Interest Rates

The rate of return offered by Karnataka Bank on short-term recurring deposits is 5.70% p.a. Short-term RDs are those which are opened for a period that ranges between 6 months 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 3 years. Karnataka bank offers interest in the range of 5.80% p.a. and 5.90% 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 5.80% p.a. on such deposit tenures.

Karnataka Bank Senior Citizen Recurring Deposit Interest Rates

Citizens above the age of 60 years are offered interest in the range of 6.10% p.a. to 6.30% p.a. for opening a RD account with the bank.

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.

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