Karnataka Bank Savings Account

Karnataka Bank, situated in the beach town of Mangalore, has been designated by the RBI as an A1+-class scheduled commercial bank. It currently has a strong presence with over 678 branches spread around the country.

Karnataka Bank offers customers to open a Savings account and secure their investments. The Karnataka Bank savings account offers tremendous benefits which you can find here with features, interest rates and some prominent types of savings accounts offered.

Karnataka Bank Savings Account Interest Rate 2024

Balances

Karnataka Bank Savings Account Interest Rate

Rs. 1 lakh

2.75%

Rs. 1 lakh - Rs. 10 lakhs

2.75%

Rs. 10 lakhs - Rs. 50 lakhs

2.75%

Rs. 50 lakhs - Rs. 1 crore

3.50%

More than Rs. 1 crore

4.50%

Characteristics of the Karnataka Bank savings account

  • Deposit cash at any branch.
  • BNA offers a free cash deposit.
  • Withdraw cash from any branch.
  • Subscription includes SMS alert service.
  • You will receive a free monthly e-statement upon registration.
  • There are 25 free cheque leaves every calendar year.
  • Transfer of funds via RTGS/NEFT/IMPS.
  • Account holders can obtain a Rupay Debit/Visa/Chip card.
  • Banking over the internet.
  • Banking on the go.
  • Nomination service.

How to Open the Karnataka Bank Savings Account?

The simplest and most convenient way to start a savings account is online. The methods are straightforward. You will be prompted to provide information and update some documents. 

Once the documents have been approved, you will receive an email from the bank informing you of the following steps. If you do not want to open an account online, you can go to the nearest branch and open one.

Eligibility to Open a Savings Account with Karnataka Bank

Any individual who is an Indian resident can open an account with Karnataka Bank.

Documents Required to Apply

To open a savings account with Karnataka Bank, the applicant must furnish the following documents-

  • Passport sized photograph
  • Duly filled savings account application form
  • Proof of Address
  • Identity Proof

Fees and Charges for the Savings Account of Karnataka Bank

Duplicate Statement

Rs. 50 per sheet

Duplicate Passbook

Rs. 100 per sheet

Old Entry Enquiries

Rs. 100

Cheque Book Charges

Rs. 10

Photo Attestation

Rs. 150

Closure of Account

Rs. 100

Addition or Deletion of Name in Joint Account

Rs. 200

DD Cancellation

Rs. 100

Debit Card Issuance

Rs. 150

Lost Card and Replacement

Rs. 100

ATM PIN Regeneration

Rs. 100

SMS Alert

Rs. 0.15 per SMS

Types of Karnataka Bank Savings Accounts

Following are the types and features of the Savings Accounts offered by Karnataka Bank- 

1) KBL Vanitha Account

  • This type of account is open to any woman above the age of 18.
  • It is a zero-balance account that does not demand a minimum daily balance.
  • The average monthly balance should be Rs.1000. Insurance coverage for jewellery theft up to Rs.5000.
  • Up to Rs.50000 in free transactions in the name of the account holder's wards.
  • Money Plant VISA Global Debit Card Access
  • Net Banking, mobile banking, RTGS, NEFT, and online payments are all free.
  • Free SMS notifications for all transactional operations.

2) Karnataka Bank Tarun Account

  • There is no minimum balance required.
  • Account opening is a quick, straightforward, and instantaneous process.
  • Demand Drafts drawn in favor of educational institutions are free of charge.
  • Every month, a transaction limit of Rs.50000 can be sent from the parents' or guardians' account to the student's account.
  • Multiple branch banking and multi-city cheque service are available.
  • VISA Global Debit Cards from Money Plant
  • Free internet banking, mobile banking, RTGS, NEFT, and online payment services.
  • Free SMS notifications for all transactional operations.

3) Karnataka Bank Kishore Account

  • There is no minimum balance required.
  • Demand Drafts drawn in favor of educational institutions are free of charge.
  • Every month, a transaction limit of Rs.50000 can be sent from the parents' or guardians' account to the student's account.
  • Debit cards with a daily withdrawal limit of Rs.5000 and a monthly withdrawal limit of Rs.1500.
  • 'Cyber Kid' is a bank's specialized net banking function.

4) Insurance Linked Savings Account

  • Connect old and new accounts.
  • A minimum balance of Rs.15000 (urban branches) and Rs.10000 (rural branches) is required to take advantage of the offered benefits.
  • Personal accident coverage in the amount of Rs.2 lakhs.
  • Hospitalization benefits of up to Rs.10000 are available, which cover expenses like check-ups, prescriptions, and testing.
  • In the case of a joint account - only the user is insured.

5) Salary Privilege Account

  • With the multi-city cheque function, you can withdraw and deposit money from any branch.
  • Multiple branch banking and multi-city cheque service are available.
  • Free internet banking, mobile banking, RTGS, NEFT, and online payment services.
  • Free SMS notifications for all transactional operations.
  • Purchase Demand Drafts at any Karnataka bank branch.
  • Free cheque books with speedy cheque processing

6) SB General Account

  • A monthly average balance of Rs.1000 must be maintained, or a penalty fee will be levied.
  • Free internet banking, mobile banking, RTGS, NEFT, and online payment services.
  • Every transactional activity is alerted through SMS.

7) SB Platinum Account

  • The average monthly balance must be kept is Rs.3 lakhs.
  • There is no access to ATMs or Debit Cards, multiple branch banking, or fast crediting of cheques.

8) Sugama Savings Account

  • Account holders must have a total account balance of less than Rs.50000 across all of their accounts. In their combined accounts
  • The account holder is allowed six cash withdrawals each month via bank withdrawal slips, after which the account holder must pay Rs.10 per transaction.
  • Free passbook, cheque book, and nomination service
  • There is no access to ATMs or Debit Cards, multiple branch banking, or fast crediting of cheques.

9) Money Ruby Account

  • The average monthly balance would be kept at Rs.1 lakh.
  • Net Banking, mobile banking, RTGS, NEFT, and online payment services are all provided at no cost.
  • SMS notifications of all transactional activities
  • Cash transfers using RTGS or NEFT are free up to Rs.50000 per month.

10) Money Sapphire Account

  • The monthly average balance should be Rs.10000.
  • Net Banking, mobile banking, RTGS, NEFT, and online payment services are all provided at no cost.
  • SMS notifications for all transactional operations
  • Cash transfers using RTGS or NEFT are free up to Rs.50000 per month.
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