Karnataka Bank Latest FD Interest Rates

Karnataka Bank Latest Fixed Deposit Interest Rates

Deposit Interest Rates

Rates of Interest on Domestic Term Deposits w.e.f. 29th September, 2022

Interest rates for deposits General Public

New Deposit scheme “KBL Centenary Deposit” introduced for maturity period of 555 days at 7.20% p.a. interest rate on Domestic term deposits and NRE Deposits.

Maturity Pattern Interest Rate (% p.a) for Deposits below Rs.2 Crore Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore
7 days to 90 days 5.25 5.60
91 days to 364 days 5.25 5.25
1 year to 2 Years 6.40 6.50
Above 2 Year to 5 years 5.75 5.75
Above 5 year to 10 years 5.80 5.80

Minor Deposit Scheme w.e.f. 01-11-2021

7 days to 10 years As applicable for Domestic Term Deposits
Above 10 years 5.50

Interest rate for Senior Citizens:(FD & ACC Only)

*0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only for tenure 1 to 5 years and 0.50% extra over the general rate for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019.

Additional interest rate benefits on Senior Citizen (General Public & Staff) domestic term deposits of above ₹ 5.00 Crore is withdrawn w.e.f. 01.09.2019.

w.e.f. 29.09.2022

Maturity Pattern Interest Rate (% p.a) for Deposits below Rs.2 Crore Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 5 Crore
1 year to 2 Years 6.80 6.90
Above 2 Year to 5 years 6.15 6.15
Above 5 Year to 10 years 6.30 6.30

NRE Rupee Term Deposits

Interest rates for NRE Rupee Term Deposits w.e.f. 29.09.2022

Maturity Pattern Interest Rate (% p.a) for Deposits below Rs.2 Crore Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore
1 Year to 2 Years 6.40 6.50
Above 2 Year to 5 Years 5.75 5.75
Above 5 Year to 10 Years 5.80 5.80

Premature Closure of both Domestic & NRE Deposits:

For Regular deposit schemes:

The penalty clause for premature closure of deposits on fresh deposits and renewals made is as follows:

(i) Term Deposit of below Rs.2 crore:

  • In the case of NRE rupee deposits, the minimum period of deposit is 1 year. Hence, no interest is payable on premature closure of NRE rupee deposits within 1 year.

 

(ii) Term Deposit of Rs 2 crore & above:

  • Penalty of 1% on applicable rate shall be levied for premature closure of single rupee term deposit of Rs 2 crore & above. For the purpose, applicable rate means interest rate applicable for the period the deposit has remained with the Bank or contracted rate, whichever is less.
  • However, if the deposit is prematurely closed for reinvestment, interest shall be paid at the rate applicable to the period for which the deposit remained with the bank without penalty for the amount reinvested, provided the reinvested deposit remains with the bank for a period longer than the remaining period of original deposit.
  • In the case of NRE rupee term deposits the minimum period of deposit is 1 year. Hence, no interest is payable on premature closure of NRE rupee deposits within 1 year.
Scheme Rate of Interest (% p.a) Remarks Scheme
For General Public For Senior Citizens
KBL – Tax Planner 5.75 6.15 Period of deposit is fixed for 5 years only, for deposits not exceeding Rs. 1.5 lakhs in a year. Premature closure under this scheme is not allowed.

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