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  • Karnataka Bank Savings Account

    Karnataka Bank Savings Account

    Karnataka Bank, as a key banking institution headquartered in the seaside town of Mangalore, has been chosen as an A1+-class scheduled commercial bank by RBI. Currently it boasts of a strong presence with over 678 branches peppered all over the country. Let’s take a look at the savings account schemes offered by Karnataka Bank.

    Types of Karnataka Bank Savings Account:

    SL. No. Savings Bank Account Name Purpose
    1 KBL Vanitha Savings Bank Account for Ladies
    2 KBL Kishore Savings Bank Account for the students from age 12 to 18.
    3 KBL Tarun Savings Bank Account for students from age 18 to 25 and can be operated from any branch.
    4 KBL Salary Privilege Savings Bank Account for salaried individuals.
    5 SB GEN (General) Savings Bank Account with additional perks
    6 SB Money Sapphire A customized Savings Account with plenty of complimentary features and facilities.
    7 SB Money Ruby A customized Savings Account with plenty of complimentary features and facilities.
    8 SB Money Platinum A Savings Bank Account Plan with plenty of perks.
    9 Insurance Linked Savings Bank Account SB Account with Personal Accident/ Hospitalization Cover.
    10 SB Sugama Simple Savings Bank Deposit Accounts.
    11 SB - SMALL A Savings Bank Account with no frills attached with fiscal inclusion.
    12 SB - NMB A Savings Account with criteria for minimum balance.

    KBL Vanitha

    Bank Karnataka Bank
    Category KBL Vanitha
    Average Monthly Balance Requirement INR 1000
    Interest Rate 4% on daily balance; interest paid quarterly
    Card Offered Visa Debit Card

    Features & Benefits of KBL Vanitha

    • Any woman who is of age 18 and above can open this account. Even joint account can be started only with ladies.
    • You may start with ‘Zero’ opening deposit and there is no need to sweat over maintaining minimum balance per day.
    • Average Balance to be maintained every month is INR 1000.
    • You get a cover for your jewellery in case of a snatching incident or theft at home or while travelling for up to INR 50,000.
    • You can transact funds up to INR 50,000 every month free of charges to accounts in the name of your wards.
    • With a prolific national presence, you can avail multiple branch banking facility.
    • Enjoy privileges of Money Plant VISA Global Debit Cards.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts, notifying you of every transactional activity.

    KBL Kishore:

    Bank Karnataka Bank
    Category KB Kishore
    Average Monthly Balance Requirement Nil
    Card Offered Visa Debit Card

    Features & Benefits of KBL Kisore

    • There is no requirement to maintain a specific minimum balance.
    • The account opening process is quick, simple and instantaneous.
    • Karnataka Bank doesn’t charge you if you want to send Demand Drafts to your university/ college/ institute to pay tuition fee, prospectus fee or exam fee.
    • You can transact funds up to INR 50,000 every month (from the account of parent/ guardian to that of student).
    • Debit cards can be availed with “daily” money withdrawal limit of INR 5000 and shopping (PoS or Ecommerce portals) limit of INR 1500.
    • You can utilize the bank’s net banking feature called 'Cyber Kid'.

    KB Tarun:

    Bank Karnataka Bank
    Category KB Tarun
    Average Monthly Balance Requirement Nil
    Card Offered Visa Debit Card

    Features & Benefits of KB Tarun:

    • You do not need to keep a specific minimum balance.
    • Process of opening an account is simple and quick.
    • Karnataka Bank doesn’t charge you if you want to send Demand Drafts to your university/ college/ institute to pay tuition fee, prospectus fee or exam fee.
    • You can transact funds up to INR 50,000 every month (from the account of parent/ guardian to that of student).
    • With a prolific national presence, you can avail multiple branch banking and multi-city cheque facility.
    • Enjoy privileges of Money Plant VISA Global Debit Cards.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts and monthly e-statements, notifying you of every transactional activity.
    • Demand Drafts can be bought at any Karnataka bank branch.
    • Avail free cheque books and enjoy the benefit of quick processing of cheques.

    KBL Salary Privilege:

    Bank Karnataka Bank
    Category KB Salary Privilege
    Average Monthly Balance Requirement Nil
    Card Offered Visa Debit Card

    Features & Benefits of KBL Salary Privilage Account:

    • No need to maintain a minimum balance in the account.
    • You can deposit and withdraw money from any branch and can enjoy multiple-city cheque amenity as well.
    • Free transactions allowed up to a certain limit.
    • With a prolific national presence, you can avail multiple branch banking and multi-city cheque facility.
    • Enjoy privileges of Money Plant VISA Global Debit Cards.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts and monthly e-statements, notifying you of every transactional activity.
    • Demand Drafts can be bought at any Karnataka bank branch.
    • Avail free cheque books and enjoy the benefit of quick processing of cheques.

    Insurance Linked Savings Bank Account:

    Bank Karnataka Bank
    Category Insurance Linked Savings Bank Account
    Average Monthly Balance Requirement INR 15,000 in metro bank branches and INR 10,000 in semi-urban and rural branches.
    Card Offered Visa Debit Card

    Features & Benefits of Insurance Linked Savings Account

    • You can avail this facility for your prevailing savings account as well as for the one you are about to open.
    • To enjoy the perks of this feature, a minimum balance of INR 15,000 should be maintained if your account is in a metro branch and INR 10,000 if your account is in any semi-urban or rural bank branch.
    • You get a personal accident cover of INR 2 lacs.
    • Hospitalization benefits include expenses like check-up, medicines and tests of up to INR 10, 000.
    • The accident insurance cover will begin from the 31st day of starting your Karnataka Bank Savings Account.
    • If it is a joint account, only the primary account user is protected and not both the stakeholders.

    SB General Scheme:

    Bank Karnataka Bank
    Category SB General Scheme
    Average Monthly Balance Requirement

    INR 1000 (with cheque book)

    INR 200 (without cheque book)

    Interest Rate 4% on daily balance; interest paid quarterly
    Card Offered Visa Gold Debit Card

    Features & Benefits of SB General Scheme:

    • Average monthly balance required is INR 1000 with cheque book and INR 200 without. A penalty fee of INR 50 will be levied if AMB is not maintained.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts, notifying you of every transactional activity.

    SB Sugama:

    Bank Karnataka Bank
    Category SB Sugama
    Average Monthly Balance Requirement

    Metro - INR 200

    Urban – INR 150

    Semi-urban – INR 100

    Rural – INR 50

    Interest Rate 4% on daily balance; interest paid quarterly
    Card Offered Visa Debit Card

    Features & Benefits of SB Sugama:

    • An individual who want to keep less than INR 50,000 as balance in their accounts taken together (includes other Term Deposit accounts such as CD, ACC, FD, ACC, etc.) and the overall credit in all the accounts together must not be more than INR 1 lac annually.
    • Six cash withdrawals monthly via bank withdrawal slips is permitted. INR 10 will be charged from 7th withdrawal onwards.
    • You may collect outstation cheques for free.
    • Free Pass book, Cheque book and nomination.
    • You will not be provided ATM/Debit Card facility, multiple branch banking and instant crediting of cheques.

    SB Money Platinum:

    Bank Karnataka Bank
    Category SB Platinum
    Average Monthly Balance Requirement INR 3 lacs
    Card Offered Visa Debit Card

    Features & Benefits of SB Money Platinum:

    • Average monthly balance to maintain for this Savings Account is INR 3 lacs.
    • Free monetary transactions from one account to any other account of the same or some other account holder within KBL or across banks.
    • You will not be provided ATM/Debit Card facility, multiple branch banking and instant crediting of cheques.

    SB Money Sapphire:

    Bank Karnataka Bank
    Category SB Sapphire
    Average Monthly Balance Requirement INR 10,000
    Card Offered Visa Debit Card

    Features & Benefits of SB Money Sapphire:

    • SB Sapphire’s requirement for Average Monthly Balance is INR 10,000.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts, notifying you of every transactional activity.
    • For cash disbursement via RTGS/NEFT systems, it is free up to INR 50,000 monthly. After that the charges are as follows:
    • Through BEFT:
      • Up to 10,000 – INR 2.50
      • 10,001 to 1 lac – INR 5
      • Between 1 lac to 2 lac – INR 15
      • More than 2 lacs – INR 25
    • Through RTGS:
      • Between 2 lacs and 5 lacs – INR 25
      • For more than 5 lacs – INR 50

    SB Money Ruby:

    Bank Karnataka Bank
    Category SB Ruby
    Average Monthly Balance Requirement INR 1 lac
    Card Offered Visa Debit Card

    Features & Benefits of SB Money Ruby:

    • SB Ruby’s requirement for Average Monthly Balance is INR 1 lac.
    • Net Banking, mobile banking, RTGS/NEFT as well as online payment is enabled for free.
    • You can get free SMS alerts, notifying you of every transactional activity.
    • For cash disbursement via RTGS/NEFT systems, it is free up to INR 50,000 monthly.
    • After that the charges are as follows:
    • Through BEFT:
      • Up to 10,000 – INR 2.50
      • 10,001 to 1 lac – INR 5
      • Between 1 lac to 2 lac – INR 15
      • More than 2 lacs – INR 25
    • Through RTGS:
      • Between 2 lacs and 5 lacs – INR 25
      • For more than 5 lacs – INR 50

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