Karnataka Bank NRI FD Rates

Established in 1924, Karnataka bank is one of the leading commercial banks in the country with its branches spread across the country. The bank has over nine decades of experience in the banking sector. Run by qualified professionals, Karnataka bank offers banking and investment opportunities like savings accounts, fixed deposits for domestic and NRI customers, and mutual funds.

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Karnataka Bank FD for NRIs

The most preferred type of investment across Indian households is the FD. Karnataka bank offers attractive interest rates for Fixed deposit schemes. The FD scheme is a risk-free investment and offers periodic income to the person based on their method of deposits - monthly, quarterly, and yearly.

One can start a deposit account with an investment amount of Rs.100 for a minimum period of 7 days. The Bank offers a maximum deposit period of up to 120 months.

Karnataka bank NRI FD rates are impressive and encourage investment from Non-residential Indian citizens for the long term.

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Rates Associated with FD types

  1. NRE Rupee Term Deposit

    The interest rates for Karnataka Bank NRE term deposit as of 1st June 2021 are tabulated below:

    Maturity Pattern Interest Rate for deposits below 2 crore Interest Rate for deposits from 2 crores and up to 10 crore
    1 to 2 years 5.20 5.20
    Above 2 years to 5 years 5.50 5.50
    Above 5 years to 10 years 5.60 5.60
    Guaranteed Return Investment Plan Guaranteed Return Investment Plan
  2. Domestic Term Deposit Rates (Below Rs. 2 Crores)

    Rates with effect from 1st April 2022:

    Tenure Interest Rates (per annum)
    7 days to 45 days 3.40%
    46 days to 90 days 4.90%
    91 days to 364 days 5%
    1 year to 2 Years 5.10%
    Above 2 Year to 5 years 5.40%
    Above 5 year to 10 years 5.50%
  3. Domestic Term Deposit Rates (Above Rs. 2 Crores but less than Rs. 10 C)

    Rates with effect from 1st April 2022:

    Tenure Interest Rates (per annum)
    7 days to 45 days 3.40%
    46 days to 90 days 4.90%
    91 days to 364 days 5%
    1 year to 2 Years 5.10%
    Above 2 Year to 5 years 5.40%
    Above 5 year to 10 years 5.50%
  4. FCNR(B) Foreign Currency Non-Resident Deposits

    Rates with effect from 31st March 2022:

    Tenure USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
    1 Year Only 1.14% 1.46% 0.01% 0.58% 0.63% 0.35% 0.01% 0.4% 0.87% 0.87%
    1 years < 2 years 1.14% 1.46% 0.01% 0.58% 0.63% 0.35% 0.01% 0.4% 0.87% 0.87%
    2 years < 3 years 1.58% 1.72% 0.11% 1.37% 0.98% 0.35% 0.01% 0.61% 1.27% 1.29%
    3 years < 4 years 1.83% 1.82% 0.36% 1.61% 1.27% 0.44% 0.04% 0.91% 1.59% 1.59%
    4 years < 5 years 1.94% 1.89% 0.46% 1.65% 1.47% 0.45% 0.13% 1.05% 1.7% 1.79%
    5 Years only 2.02% 1.85% 0.52% 1.65% 1.55% 0.46% 0.18% 1.13% 1.78% 1.92%
    Investment Plans for NRIsInvestment Plans for NRIs
  5. Interest Rates for RFC

    The interest rates for the Karnataka Bank RFC deposit as of 1st July 2021 are tabulated below:

    Period USD GBP EUR CAD AUD JPY CHF
    Savings Bank 0.19 NIL NIL NIL NIL NIL NIL
    1 month to less than 3 months 0.30 NIL NIL NIL NIL NIL NIL
    3 months to less than 6 months 0.30 NIL NIL NIL NIL NIL NIL
    6 months but less than 1 year 0.30 NIL NIL NIL NIL NIL NIL
    Investment Plans for NRIsInvestment Plans for NRIs
  6. Broken period Interest on FCNR (B) Deposits

    The interest rates for Karnataka Bank FCNR as of 1st July 2021 are tabulated below:

    Currency USD GBP EUR CAD AUD JPY CHF
    Broken Period Interest 0.10% 0.10% NIL 0.10% 0.10% NIL NIL

Types of FD for NRIs

The types of FDs and the Karnataka Bank NRE FD rates are as follows:

  1. Non-Resident Rupee Term Deposits

    Depending on the maturity period, Karnataka bank offers the NRE term deposit at a rate of over 5%. The maturity period commences from a minimum of 1 year and can extend up to a maximum of 5 years. The NRE customer can avail loan facility based on NRE term deposits.

    The investor can also choose a nominee or a beneficiary to access his deposits after his death. The customer can also request his interest to be paid periodically, i.e. monthly, quarterly, half-yearly and yearly.

  2. Foreign Currency Non-resident Deposit

    FCNR deposit is available for 11 foreign currencies ranging from the USD, GBP, EUR, CAD, etc. The interest rates vary depending upon the currency and the maturity period of the deposit.

  3. Resident Foreign Currency Term Deposit

    RFC term deposits are offered only for USD at the moment. The maturity period is under 1 year ranging from 1 month to 6 months.

SIP Investment for NRIsSIP Investment for NRIs

About Karnataka Bank Fixed Deposit Interest Rate Calculator

Karnataka Bank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Premature Closure of the Term Deposits

  • For regular FD accounts, for deposits below Rs.2 crore, there is no penalty levied for premature closure.
  • In the case of single rupee term deposits, for deposits above Rs. 2 crore and above, a penalty of 1% on the applicable rate shall be levied for premature closure. 
  • In case of premature closure for reinvestment, interest shall be paid at the applicable rate without penalty for the amount reinvested, subject to conditions.
Investment Plans for NRIsInvestment Plans for NRIs

Summing It Up

The fixed deposit provides stable returns to the investor without jeopardizing the invested capital. However, the fixed deposit investor must read the terms and conditions of the scheme and understand the charges involved in case of premature withdrawal.

The investor can choose to make deposits both online and offline without much effort. The depositor must also understand that the interest rates are subject to change and are most likely to vary every quarter.

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