Karnataka Bank Savings Account

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Karnataka Bank Savings Account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank or NBFC and provides a nominal interest rate. A savings account is often the first bank account for many people.

There are many advantages to having a savings account. Following is an overview:

  • Accessibility: You can easily access your safely stored cash at any point of time.
  • Liquidity: It is the most liquid form of savings.
  • Habit: Inculcates a habit of saving.
  • Let your money grow: Your cash doesn’t sit idle—it accrues interest, which can be paid quarterly, half yearly or annually depending on the bank’s policies
  • Emergency Fund: Can use the savings account as an emergency fund and save money for a rainy day
  • Track spending: Helps keep a track of all the transactions made, including deposits and withdrawals.
  • Safety and security: No need to worry about theft or burglary, as your hard-earned money is safely deposited in the bank account.
  • Internet Banking facility lets you bank at ease while NEFT / RTGS /IMPS facilities make money transfers flexible, easy and convenient.
  • Facilities like SMS Banking, Phone Banking, Utility Bill Payment services, and much more makes having a savings account desirable.

However, there are some downsides as well:

  • Fees and charges: There are various fees associated with a savings account
  • Minimum balance required: You need to maintain a particular balance each month to avoid paying penal charges.
  • Penalty: If the balance goes lower than the minimum required amount, you will be required to pay penalty, depending on the kind of account maintained
  • Limitations: There is a limit on the number of withdrawals you can make in a month without attracting charges.
  • Least profitable: They are the least profitable type of short-term investments.
  • Low interest rates: The interest on a savings account is far lower when compared to, say, a Fixed Deposit account. Though they are liquid investments and easily accessible in times of need, they offer low returns in comparison to other forms of savings.

However, all the pros outweigh the cons, as a savings account is often the first account for many, and it is popular among the old and the young alike.

Karnataka Bank Savings Account

A Karnataka Bank savings account provides a host of banking benefits including flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Karnataka Savings Account.

Features and Benefit of Karnataka Savings Account

There are various benefits to having a savings account with Karnataka Bank. Following is an overview.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Net Banking

Types of Karnataka Bank Savings Accounts

KBL Vanitha

  • Savings account for women
  • Fast Collection of cheques and easy Utility Bill payment / Mobile Recharge
  • Free Monthly e-statements
  • Joint account can be opened – with females only. All major women are eligible to open a Vanitha savings account.
  • Free "All Risk" insurance cover for Jewelry covering loss due to snatching, theft and burglary (up to Rs. 50,000) exclusively to the first named woman of the SB account.
  • Multi Branch Banking Facility.
  • Money Plant VISA International Debit Cards.
  • Internet Banking, RTGS/NEFT facilities
  • Mobile Banking (M-Commerce) available free.

KBL Kishore

  • Savings Bank Account for students between the age of 10 years and 18 years
  • No Minimum Balance required
  • Free of charge Demand Drafts for the purpose of exam fee, prospectus fee, tuition fee etc.
  • Free fund transfer up to Rs. 50,000/- per month from Parent's Account to the student's account.
  • Debit card issued with daily withdrawal limit of Rs. 10,000 and purchase limit of Rs.5,000.
  • 'Cyber Kid' – Internet Banking facility available

KBL Tarun

  • Specially designed Savings Bank Account for the students between the age of 18 years and 25 years.
  • Any Branch Banking facility
  • No Minimum Balance required
  • Free of charge Demand Drafts for the purpose of exam fee, prospectus fee, tuition fee etc.
  • Free fund transfer up to Rs. 50,000 per month from Parent's Account to the student's account.
  • Any Branch Cash Deposit & Withdrawal
  • Multi city cheque facility and fast collection of cheques – cheques can be deposited at any branch
  • Internet Banking, NEFT/RTGS facility
  • Money Plant VISA International Debit Cards
  • Free cheque books / SMS alert facility / monthly e- statements

SB- General Savings Scheme

  • Multi city cheque facility and fast collection of cheques
  • Internet Banking, NEFT/RTGS facility
  • Free cheque books / SMS alert facility / monthly e- statements (T&C apply)

SB Money Sapphire

  • Free Personal Accident Coverage of up to Rs. 2,00,000 (for first holder only)
  • Free Debit Card
  • Free Internet Banking / Mobile Banking / Mobile Apps - mPassBook & ApnaApp / SMS alert facility / Monthly e-statements
  • Free 50 personalized Cheque Leaves per calendar year

SB Money Ruby

  • Free Personal Accident Coverage of Rs. 10,00,000 (T&C apply)
  • Free Debit Card
  • Free Internet Banking / Mobile Banking / Mobile Apps - mPassBook & ApnaApp / SMS alert facility / Monthly e-statements
  • Free Unlimited personalized Cheque Leaves.
  • Free fund transfer within the bank.

SB Money Platinum

  • Free Personal Accident Coverage of Rs. 10,00,000 (T&C apply)
  • Free Debit Card
  • Free Internet Banking / Mobile Banking / Mobile Apps - mPassBook & ApnaApp / SMS alert facility / Monthly e-statements
  • Free Unlimited personalized Cheque Leaves.
  • Free fund transfer within the bank.

Insurance Linked Savings Bank Account

  • This is a savings account with Accident/Hospitalization Insurance Coverage at the bank's cost
  • Free Debit Card / Internet Banking / Mobile Banking / SMS Alerts / Missed Call Banking / Mobile Apps
  • Free Anywhere Cash deposit
  • Cash withdrawal at any branch
  • Free 50 personalized Cheque Leaves per calendar year
  • Free 25 NEFT per month (through Internet/Mobile Banking)
  • Fast collection of cheques deposited at any branch

SB Sugama

  • A basic banking ‘no-frills’ account
  • 6 withdrawals per month through withdrawal slip
  • Collection of outstation cheques
  • Pass book facility
  • One free cheque book of 10 leaves per annum

Karnataka Savings Account Minimum Balance

The minimum balance required in Karnataka savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Minimum Balance Required
KBL Vanitha MAB: Rs. 1000
SB- General Savings Scheme MAB: With Cheque Book – Rs. 1000, without Cheque Book facility – Rs. 200
KBL Kishore -
KBL Tarun -
SB Money Sapphire MAB: Rs. 10,000
SB Money Ruby MAB: Rs. 1,00,000
SB Money Platinum MAB: Rs. 3,00,000
Insurance Linked Savings Bank Account Metro & Urban Branches: Rs 15,000
Rural and semi-urban branches: Rs. 10,000
SB Sugama Rural: Rs. 50; Semi Urban: Rs. 100; Urban: Rs. 150; Metro: Rs. 200

Karnataka Savings Account Interest Rate

Karnataka Bank savings account comes with interest rates of up to 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

Karnataka Bank Savings Account Charges

Different Karnataka Bank savings accounts have a different schedule of charges. It is best to contact Karnataka Bank directly for the most up to date charges.

How to open a Karnataka Bank Savings Account

Karnataka Bank savings account opening is easy and hassle-free, with the option to open an account online. You can go to the bank’s website and fill in your mandatory details required for account opening.

Upon successful submission of all the details, you will be sent an automated email acknowledgment with a reference number. You can keep the reference number handy for easy tracking of application. You would be required to visit the chosen branch with all relevant KYC documents within 6 working days of the online application submission to complete the account opening process.

Alternatively, you can directly walk into your nearest Karnataka Bank branch with your KYC documents and talk to a bank representative regarding your saving needs and open an account accordingly.

Karnataka Bank Savings Account FAQS

What is the best interest rate on a Karnataka Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is better to contact the nearest Karnataka Bank branch.

Who is eligible to open a basic savings account with Karnataka Bank?

An individual residing in India, HUF, minors (with the declaration of the parent / guardian) are eligible to open a Karnataka bank savings account.

Is it possible to open a Karnataka Bank savings account online?

Yes, absolutely. Just log on to the website, fill in the online application form and apply. However, you would be required to visit the chosen branch with your KYC documents after applying online.

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