Karnataka Bank FD Calculator
Interest Rates - General Public
| Maturity Tenure | Interest Rates (% p.a.) for deposits less than Rs 2 crore | Interest Rates (% p.a.) for deposits above Rs 2 crore to Rs 10 crore |
| 7 days to 45 days | 3.4 | 3.4 |
| 46 days to 90 days | 4.9 | 4.9 |
| 91 days to 364 days | 5 | 5 |
| 1 year | 6.2 | 6.2 |
| 1 year to 2 years | 5.5 | 5.5 |
| Above 2 years to 5 years | 5.65 | 5.65 |
| Above 5 years to 10 years | 5.7 | 5.7 |
Note: The FD interest rates are effective as of 1 September 2022
Interest Rates - Senior Citizens
| Maturity Tenure | Interest Rates (% p.a.) for deposits less than Rs. 2 crore | Interest Rates (% p.a.) for deposits Rs 2 crore to Rs. 5 crore |
| 1 year | 6.6 | 6.6 |
| 1 year to 2 years | 5.9 | 5.9 |
| Above 2 years to 5 years | 6.05 | 6.05 |
| Above 5 years to 10 years | 6.2 | 6.2 |
Note: The FD interest rates are effective as of 1 September 2022
Minor Deposit Schemes
| Maturity Tenure | Interest Rates (% p.a.) |
| 7 days to 10 years | As applicable for Domestic Fixed Deposit Schemes |
| Above 10 years | 5.5 |
Note: The FD interest rates are effective as of 1 November 2021
Interest Rates of Tax Saving Fixed Deposits - General Public
| Name Of Scheme | For General Public |
| Karnataka Bank or KBL Tax Planner (5 years) | 5.65 |
Note: The FD interest rates are effective as of 29 July 2022
Interest Rates of Tax Saving Fixed Deposits - Senior Citizens
| Name Of Scheme | For Senior Citizen |
| Karnataka Bank or KBL Tax Planner (5 years) | 6.05 |
Note: The FD interest rates are effective as of 29 July 2022
Interest Rates of NRE Rupee Term Deposits
| Maturity Tenure | Interest Rates (% p.a.) for deposits below Rs 2 crore | Interest Rates (% p.a.) for deposits Rs 2 crore to Rs 10 crore |
| 1 year | 6.2 | 6.2 |
| 1 year to 2 years | 5.5 | 5.5 |
| Above 2 years to 5 years | 5.65 | 5.65 |
| Above 5 years to 10 years | 5.7 | 5.7 |
Fixed Deposit Interest Rates on Foreign Currency Non-Resident (FCNR) and Resident Foreign Currency (RFC) Deposits
| Tenure | USD | GBP | EUR | CAD | AUD | JPY | CHF | SEK | HKD | SGD |
| 1 year only | 3.52 | 1.97 | 0.05 | 1.88 | 1.26 | 0.05 | 0.05 | 0.15 | 0.33 | 0.42 |
| Above 1 year to less than 2 years | 3.52 | 1.97 | 0.05 | 1.88 | 1.26 | 0.05 | 0.05 | 0.15 | 0.33 | 0.42 |
| 2 years to less than 3 years | 2.97 | 2.09 | 0.05 | 2.27 | 1.51 | 0.05 | NA | NA | 0.72 | 0.84 |
| 3 years to less than 4 years | 2.79 | 2.26 | 0.05 | 2.51 | 1.79 | 0.05 | NA | NA | 0.74 | 0.78 |
| 4 years to less than 5 years | 2.68 | 2.22 | 0.1 | 2.55 | 2 | 0.05 | NA | NA | 0.65 | 0.78 |
| 5 years only | 2.51 | 2.15 | 0.1 | 2.55 | 2.09 | 0.05 | NA | NA | 0.57 | 0.8 |
Note: The FD interest rates are effective as of 30 August 2022
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Karnataka Bank FD Calculator
If you are a risk-averse investor, a fixed deposit is an ideal savings option for you. You get guaranteed returns with the lowest risk. Also, the return on maturity amount is usually higher than in regular savings accounts.
Karnataka Bank fixed deposit offers attractive interest rate and flexible tenures. However, these rates keep changing with deposit tenure and amount. You may find it difficult to calculate the FD maturity amount since manual calculations can be tedious. An online Karnataka Bank fixed deposit calculator can be helpful for this purpose. Find out more about this tool in this article.
Karnataka Bank Fixed Deposit (FD) Calculator
The Karnataka Bank fixed deposit interest rate ranges between 5.25% and 7.20% for general citizens for investments below ₹2 crore. These rates fall between 5.60% and 7.20% for investment amount between ₹2 crore and ₹10 crore. However, senior citizens enjoy an additional 0.40% interest for tenure between 1 year and 5 years.
Before you plan to invest in an FD, a clear idea of the accrued interest can help you choose a suitable FD scheme. The manual calculation can get quite hectic. Therefore, you can use the Karnataka Bank FD calculator tool available online for error-free and fast calculation.
How Does the Karnataka Bank FD Calculator Work?
Karnataka Bank fixed deposit calculator is a simple tool that anyone can use following these simple steps:
1. Fill in the investment amount on the “Total Investment” box
2. Drag the cursor to draw a purple line until reaching the desired tenure, or enter the number of years in the box provided
3. Finally, enter the interest rate and view the right side of the calculator page
4. You will be able to view the “Estimated Return”, and “Total Value” received against your fixed deposit
You can alter the numbers and make variations in deposit amount, interest rate and tenure to compare the returns of different FD schemes.
Fixed deposit interest is calculated with any of the two formulas:
In case of compound interest, the formula is:
A = P (1 + r/n) ^ n*t
In this formula, “A” represents the FD maturity amount
“P” denotes your fixed deposit investment amount
“r” implies the annual Karnataka Bank fixed deposit rate of interest
“n” stands for the frequency of compounding interest
“t” represents the investment term or tenure
While using the Karnataka FD calculator, you should carefully provide the investment amount, tenure and interest rate to obtain the accurate maturity amount.
The following illustration will help you understand the interest calculation process more easily:
So, we can assume a fixed deposit investment of ₹70,000 for 5 years at an annual interest rate of 7%.
Putting the figures in the formula:
A = 70,000 (1 + 7%/1) ^ 1*5
A = ₹99,034
So, the interest amount is (A – P), i.e., (99,034-70,000) = ₹29,034
In case of simple interest, this formula is used:
M= P+ (PXRXT/100)
Here, M is the maturity amount, P is the investment amount, T is tenure of investment and R is rate of interest.
Benefits of an Online Karnataka Bank FD Calculator
Here are some of the remarkable benefits that an online Karnataka Bank FD calculator offers:
- The results will be error-proof as this tool is completely automated.
- The procedure is easy and straightforward.
- Karnataka Bank fixed deposit interest rate changes according to the investment tenure. Hence, you can compare various FD schemes based on the returns and choose an appropriate one for you.
- You can plan your finances in a better way by using this tool.
- This tool totally free and you can use it as many times as you want.
- You don’t need to use any personal details to sign up or register to use this online tool.
Upstox Karnataka Bank fixed deposit calculator is an efficient tool that you can use for choosing an FD scheme that would align with your investment goals. If you are planning to invest in Karnataka Bank fixed deposit, you can use this tool to simplify your decision-making process.
Frequently Asked Questions
What is the highest interest rate on Karnataka Bank FD?
The highest rate of interest that Karnataka Bank offers on FD is 7.20% for general citizens for a deposit amount less than or equal to ₹2 crore. Deposit amount falling between ₹2 crore and ₹10 crore attract an interest rate of maximum of 7.20% as well.
What is the minimum amount of investment for FDs under Karnataka Bank?
You can start investing with as low as ₹100 with Karnataka Bank FD.
Do we have a premature withdrawal facility on Karnataka Bank FD?
Premature closure facility is available with Karnataka Bank FD. However, penalty is currently waived off for deposit amount less than ₹2 crore.
In how many years has FD doubled in the Karnataka Bank?
You can calculate the time period by which your Karnataka FD will double by using the rule of 72. You just need to divide 72 by the interest rate applicable on your FD. For instance, if your FD attracts an interest rate of 5.50% per annum, your FD will double in (72/5.50) 13.09 years.
Can I deposit an extra amount into an already existing FD?
No, you cannot deposit an additional amount into an already existing FD. Instead, you can open another FD account.
Does Karnataka Bank provide an auto-renewal facility for fixed deposits?
Karnataka Bank provides auto-renewal facility for accounts opened or renewed on or after 01.02.2016.
Who are eligible to open a Karnataka Bank fixed deposit account?
Any individual being a Resident of India or a member of a HUF (Hindu Undivided Family) is eligible to open a Karnataka Bank Fixed Deposit Account. Also, Partnership firms, Sole Proprietorships, Limited Companies and Government units are eligible for the same.
What is the lock-in period for tax saving FD scheme?
The lock-in period for tax saving FD scheme is 5 years. You cannot make an early withdrawal and avail a loan against your FD during this lock-in period.
Are there any special rates for senior citizens?
Yes, Karnataka Banks offers a 0.40% additional interest rate over and above the general interest rate on FDs for senior citizens for FD schemes with tenure ranging between 1 to 5 years.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.