Karnataka Bank FD Calculator

Karnataka Bank FD Calculator is the standard FD calculator that calculates the interest of the fixed deposits whose tenure ranges from a minimum of 7 days to a maximum of 120 months. The fixed deposit amount ranges from a minimum of Rs. 100 to maximum no limit. This calculator is available to everyone at the Bank's official web platform.

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Before going into the discussion, we need to know what precisely the fixed deposit is about and how we can calculate the fixed deposit. A fixed deposit is the best investment option for a person who opts for deposit safety rather than high returns. In addition, it provides high-interest rates with low risk compared to the savings account. An investor can calculate the rate of the FD interest at the Bank's official web platform.

How does the Karnataka Bank FD Interest Rates Calculator work?

Karnataka Bank made numerous available options under different FD interest rates. Based on how these FD interest rates work, the investor can learn how the Karnataka Bank FD Calculators help him choose the fixed deposits' viable option. Based on the factors that are shown below in the charts, i.e., tenure, interest rate, deposits, maturity amount, the said calculator works and renders accurate results, which is the main function that the calculator does. Karnataka Term Deposit rates cover the Domestic Term deposits, minor Deposit scheme, and interest rates for the senior citizens, NRE term deposits, which are projected below:

1. Domestic Term Deposits

Rates of Interest on Domestic Term Deposits w.e.f. 30-11-2020 (in %  pa)

Term

Interest Rate (% pa) for deposits below Rs 2 Crore

Interest Rate (% pa) for deposits Rs 2 Crore and up to Rs 10 Crore

7 days to 45 days

3.40

3.40

46 days to 90 days

4.90

4.90

91 days to 364 days

5.20

5.20

1 year to 2 years

5.30

5.30

Above 2 years to 5 years

5.55

5.55

Above 5 years to 10 years

5.70

5.70

Disclaimer: The above-mentioned interest rates are subjected to change according to the market conditions or according to the Bank's sole discretion.

2. Interest Rates for Senior Citizens

The interest rates for senior citizens are generally high compared to the other general plans. The extra interest will only be provided to the resident senior citizens under Domestic Fixed Deposit.

The senior citizen's interest rate benefit for term/ fixed deposits that are below one year can be withdrawn (w.e.f. 06-06-2019). Also, senior citizens' additional interest rate benefits for term deposits which are above Rs 5 Crore, will be withdrawn (w.e.f. 01-09-2019). There is no discount provided in the interest of the senior citizens.

Extra Rate of interest for Senior Citizens (in % pa) w.e.f. 09-11-2020

Extra interest (%pa)

Deposit

Tenure

0.40%

Up to and inclusive of Rs 5 Crore

1 to 5 years

0.50%

Up to and inclusive of Rs 5 Crore

5 to 10 years

Disclaimer: The above-mentioned interest rates are subjected to change according to the market conditions or according to the Bank's sole discretion.

Rates of Interest on Domestic Term Deposits for Senior Citizens w.e.f. 30-11-2020 (in % pa)

Term

Domestic Term Deposits up to and inclusive of Rs 5 Crore

1 year to 2 years

5.70

Above 2 years to 5 years

5.95

Above 5 years to 10 years

6.20

Disclaimer: The above-mentioned interest rates are subjected to change according to the market conditions or according to the Bank's sole discretion.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

3. Minor Deposit Term Interest

Rates of interest on Minor Domestic Term Deposits w.e.f. 01-08-2020 (in % pa)

Term

Interest rate (% pa) for domestic term deposits

7 days to 10 years

Same as domestic term deposits

Above 10 years

5.70

Disclaimer: The above-mentioned interest rates are subjected to change according to the market conditions or according to the Bank's sole discretion.

4. NRE Rupee Term Deposits

Rates of Interest on Term Deposits General Public for NRE Rupee w.e.f. 30-11-2020 (in % pa)

Term

Interest Rate (%  pa) for deposits below Rs. 2 crore

Interest Rate (% pa) for deposits Rs. 2 Crore and up to Rs. 10 Crore

1 to 2 years

5.30

5.30

Above 2 years to 5 years

5.55

5.55

Above 5 years to 10 years

5.70

5.70

Disclaimer: The above-mentioned interest rates are subjected to change according to the market conditions or according to the Bank's sole discretion.

FD interest have fallen consistently over the last 5 years.
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Steps to Calculate the FD Rates:

The bank's calculator is available on its official website to calculate the interest on the deposit amount. The following steps are to be followed to calculate FD:

  • Visit the Bank's official website karnatkabank.com
  • Search for the 'Rate Calculator'
  • Select the desired deposit amount
  • Select the tenure to pay the deposit amount
  • Select the rate of interest provided by the Karnataka Bank Fixed Deposit Scheme
  • The Initial investment, maturity amount, and interest earned will be displayed on the screen.

An investor can opt for the FD schemes after analyzing the different plans on the calculator.

Simple Interest vs. Compound Interest

The rate of interest on FD can be paid in two ways, i.e., either in simple interest or in compound interest. On a simple interest, the investor can earn interest on the principal amount only, which is calculated by using the formula:

SI=PRT/100,

Here:

 P= Original principal, T= tenure, R= rate of interest.

With compound interest, an investor can earn interest on the principal amount plus the accumulated interest also. Karnataka Bank calculates the maturity amount on a compound interest by using the below-mentioned formula:

Karnataka FD Interest Rate Calculation

A= P (1+r/n) *n*t

Where, [A= Amount at maturity, P= Original principal amount, t= tenure (no. of years), r= rate of interest, n= compound interest frequency, I= interest earned]

The interest rate grows along with the changes in the principal amount in the compound interest. In contrast, the interest rate is the same for the entire tenure, and the principal amount remains the same in the simple interest.

Steps to Use Karnataka Bank FD Calculator

The online fixed deposit calculator option is also available for the investors at the PolicyBazaar Karnataka Bank FD Interest Rates Calculator, which works the same as the Karnataka Bank FD Calculator and helps the investors in the same way. One can follow these steps to calculate the FD amount with the Karnataka Bank FD Calculator. They are:

Step 1: Go to the official website of the insurer.

Step 2: Click on the Karnataka Bank FD Calculator,

Step 3: Enter the deposit amount that needs to be invested in the deposit scheme,

Step 4: Select the tenure to pay the deposit amount,

Step 5: Select the rate of interest provided by the Karnataka Bank Fixed Deposit Scheme,

Step 6: Click the "Calculate” button.

Step 7: The maturity amount will be shown on the screen.

In this way, the said calculator will help the investors choose the viable scheme to opt for to deposit the fixed amount.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Advantages of using Karnataka Bank FD Calculator:

Some advantages of the Karnataka Bank FD Calculator are:

  • Estimates the accurate rate of interest for the given tenure and deposit amount.
  • It is an easy way to calculate the rate of interest rather than visiting the Bank and calculating manually.
  • This online tool will avoid human calculation errors.
  • Available at the official website and also on many online platforms.
  • Available in all flexible timings.
  • Aids in opening the term deposit accounts.

How can the Karnataka Bank FD Calculator help?

This calculator will help the investors to calculate the interest on their fixed amount, which is to be deposited in the Bank. This will also provide detailed information about the maturity amount that they are going to earn at the end of the term with the gained interest, which is compounded on a days/monthly/quarterly/yearly basis. This calculator is available online on the Bank's official portal, as mentioned above. Investors can easily calculate the interest of their fixed deposits and can estimate their maturity amount.

Bank provides various preferences in a term deposit range, which will be according to the selected initial investment (Deposit amount), interest rate, and term. Term deposit calculator will provide the exact report of the interest earned, maturity amount, and the whole structure of the selected FD range. In this way, it guides the investor to opt for the best FD plan without any confusion. By using the FD calculator, the investor can choose to continue the plan he opted for, or he/she can switch to another alternative best plan.

Final Words

Karnataka Bank FD calculator is the online fixed deposit calculator that helps investors identifies the preferable option to invest and switch to the preferable option at his/her flexible timings. It is a very feasible way to select the different schemes provided by the Karnataka bank. This online calculator for calculating the rate of interest is way more suggestible than the manual calculation by visiting the Bank.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

**Tax benefit is subject to changes in tax laws. Standard T&C apply.

Written By: PolicyBazaar - Updated: 14 October 2021

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