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How to Open Karnataka Bank Fixed Deposit Account

Updated 29 Aug 2023

Opening a Fixed Deposit (FD) is smart for those looking to earn higher interest on their savings without risking their capital. Karnataka Bank, one of the premier banking institutions in India, offers a plethora of FD options catering to diverse financial needs.

 

Whether planning for a major expenditure or simply wishing to grow your savings, Karnataka Bank provides an easy and efficient process to start an FD. In this blog, we will guide you step-by-step on opening an FD account with Karnataka Bank, ensuring you can begin your financial growth journey easily and confidently.

Opening an FD Account

Fixed deposit accounts can be opened in both online and offline methods: 

Online Method:

Step 1: Visit the official website of Karnataka Bank. 
Step 2: Log in to the website 
Step 3: From the digital banking tab, choose ‘Internet Banking’ and then choose ‘Online fixed Deposit (FD/ACC/RD) account opening facility
Step 4: Click on ‘Apply now’.
Step 5: Fill out the required details and submit the form. 
Step 6: Enter the OTP received on the mentioned mobile number. 
Step 7: Click on ‘Confirm’. 
Step 8: The form is submitted, and a bank representative will contact you regarding further proceedings.
 

Offline Method:

Step 1: Visit the bank branch.
Step 2: Take the FD application form. 
Step 3: Fill in the required details and submit the necessary documents. 
Step 4: Submit the form to the branch.

Eligibility Criteria to Open a Fixed Deposit with Karnataka Bank

To invest in Karnataka Bank fixed deposits, the following are eligible:

  • Individuals
  • Proprietary concerns
  • Partnership firms
  • Private and Public Limited Companies
  • HUFs
  • Specified Associates
  • Societies
  • Trusts
  • Departments of Authority created by the Government (Central or State)
  • Limited Liability Partnership, etc.

Documents Required to Open a Karnataka Bank Fixed Deposit

The following documents are required to invest in Karnataka Bank fixed deposits:

  • FD application form
  • Government-approved identity proof (PAN Card, Aadhar Card, Driving License, Voter ID, Passport)
  • Government-approved address proof (Aadhar Card, Voter ID, Electricity Bill, Telephone Bill)

FAQs

What are the Karnataka Bank FD rates?

Karnataka Bank offers interest rates ranging from 4.5-7.3% per annum to the general public and is applicable for tenures that range from 7 days to 10 years. On the other hand, senior citizens can avail of higher interest rates that range from 6.3-7.7% per annum. These interest rates are applicable for tenures ranging from 1 year to 10 years.

What is the tenure of interest payment?

Bank offers monthly, quarterly, half-annual, yearly, and at-maturity interest payout choices for its FD plans.

Is the ₹5 lakhs DICGC insurance cover applicable on Karnataka Bank FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Karnataka bank FD

What is the treatment of a Minor Fixed Deposit when they attain the age of majority?

For Minor Term Deposits, once the account holder attains the age of majority, they must verify the account balance. The erstwhile minor must provide a new specimen signature and updated operating instructions if their natural or legal guardian previously operated the account. Additionally, the individual must submit a new photograph, complete KYC (Know Your Customer) documents, and fill out an account opening form at the branch.

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