Overview of Karnataka Bank
Karnataka Bank was founded in the year 1924 in the coastal city of Mangalore. Designated by the Reserve Bank of India as an A1+- class bank, Karnataka Bank has over 678 branches and 1000 ATMs currently. Karnataka Bank caters to the banking needs of people by providing a comprehensive range of exclusive financial products and services. Facilities like borrowing, deposits, business banking and money transfer services are provided to the customers with a high standard of professionalism.
Karnataka Bank’s deposit products will help you maximize returns on your investments and increase your assets.
Recurring Deposit from Karnataka Bank
Karnataka Bank recurring deposit requires a fixed amount to be contributed monthly for a period ranging from 6 months to 10 years. Based on the interest accumulated over the investment period, the maturity value is calculated. You can save a fixed amount for future plans such as buying a vehicle, buying a home, education or holidays comfortably by only setting aside a pre-determined amount every month.
Interest Rates for Karnataka bank Recurring Deposits
For Deposits up to and inclusive of Rs.1 crore
- For periods ranging from 6 months to 10 years, interest rate per annum ranges from 8.25% to 8.50% depending on the maturity pattern.
For Deposits above Rs.1 crore to Rs.10 Crore
- The interest rate per annum varies from 8.25% to 8.50% depending on the deposit period which ranges from 6 months to 10 years.
Senior Citizen Benefits
- For deposits up to and inclusive of Rs.3 crores, senior citizens are offered an additional interest of 0.50% over the general rate.
Do enquire with the bank to find out more about prevailing interest rates for the selected tenure.
Premature Closure Charges for Karnataka Bank Recurring Deposit
For Deposits below Rs.1 crore
- No penalty is levied for premature closure of deposits below Rs.1 crore.
For Deposits of Rs.1 crore and above
- For single rupee term deposits of Rs.1 crore and above, a penalty of 1% on applicable interest rate is levied. Applicable interest rate refers to the interest rate applicable for the tenure that the deposit has remained with the bank or the contracted rate, whichever is less.
- If the deposit is closed for reinvestment, interest rate applicable to the period for which the deposit has remained with the bank, without penalty, shall be paid for the amount reinvested. The reinvested deposit should remain with the bank for a period longer than that of the original deposit.
Do make an enquiry with Karnataka bank or visit the online portal for more information on premature closure charges.
In conclusion, why look elsewhere when you have the best option for investment? With customer-centric benefits like ease of opening an account, attractive interest rates and flexible monthly deposit options, Karnataka Bank recurring deposits will help you save to achieve your financial aspirations sooner than you have expected!
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