CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
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As one of the leading scheduled ‘A’ class commercial banks in India, Karnataka Bank has been offering services to everyone who are in need of financial advice. The bank has around 840 branches across the country with over 8220 employees, serving the needs of over 10 million customers. The bank offers different types of savings accounts which the customer can select according to their needs.
About Karnataka Bank Savings Account
There are 8 types of savings accounts offered by the bank. They are
1. KBL Vanitha
2. KBL Kishore
3. KBL Tarun
4. KBL Salary Privilege
5. SB GEN (General)
6. Privilege Savings Bank Account
7. SB Sugama
8. SB SMALL
As the name says, this is an exclusive savings account for Women. This account can be opened by any women who are 18 years and above.
Features & Benefits
a. One can perform the daily banking activity through the free mobile app such as mPassbook, KBL Mobile, BHIM KBL UPI APP, ApnaApp
b. Free Insurance coverage for loss of jewellery due to theft while staying in a hotel, theft while traveling, and burglary while at home. The coverage can go up to Rs 50000 and this benefit is exclusively applicable for the primary account holder
c. Issuance of RuPay card, Visa Debit, EMV chip card is made available for the account holders who are eligible
d. Free cash deposit at BNA
e. Usage of Internet and Mobile Banking
1. The average monthly balance requirement is Rs 1000
2. The interest rate is 4 % on a daily balance and paid quarterly
3. Monthly transaction limits up to Rs 50000 is free of cost. Above that, the bank may levy a service charge
4. Since the bank has multiple branches, you can access your account from anywhere in the country
5. For every transaction, you will get an SMS alert
6. Joint accounts are permitted, however with females only
7. Upon registration, you will get monthly e-statement free of cost
8. Through the banking app, you can pay the utility bills
This savings bank accounts are for students between the ages of 10 and 18 years.
a. Transactions from the parent/guardian account to the students account up to Rs 50000 is allowed on a monthly basis
b. The daily money withdrawal limit for debit cards is Rs 5000 and for e-commerce shopping, the limit is Rs 1500
c. If the student wants to send any demand drafts for exam fee, or prospectus fee, then the bank will not levy any service charge
d. The students can use the mPassbook facility
1. A minimum balance is not required for this account
2. Hassle-free account opening procedures
3. Usage of the feature Cyber Kid for net banking
4. Visa Debit card can be offered to the student
This savings bank accounts are for students between the ages of 18 and 25 years.
a. Daily debit card cash withdrawal limit is Rs 25000 and Rs 30000 for online shopping and transaction
b. If the student wants to send any demand drafts for university fees, exam fee, or prospectus fee, then the bank will not levy any service charge
c. The parent can transfer up to Rs 50000 free of cost to the student’s account
d. Cash withdrawal from and deposit to any branch is permitted
e. Up to a limit, the fund transfer within the bank will not be charged
f. Interbank fund transfer is allowed through NEFT/RTGS.
g. A chequebook with 25 leaves is allowed in a year
h. Eligible account holders will be provided with Visa Debit card, Rupay card, EMV chip card
i. The students can use the free mobile apps such as BHIM, mPassbook, KBL Mobile
j. Internet and Mobile banking facility
1. Free SMS alert facility on every transaction
3. The account holder can deposit the cheque in any of the branches
4. Free monthly e-statements
5. Quick processing of cheques
6. No average monthly minimum balance is required
KBL Salary Privilege
This savings account is exclusively for salaried people as a group or not as a group.
a. The account holders can avail a free debit card with purchase protection
b. No charge for NEFT/RTGS transaction
c. No limit set for ATM withdrawals
d. On loan processing charges, the account holder can avail concession
e. The concession can be availed for safe deposit locker rent
f. Free demand draft and cheque book facility
g. Free mobile apps such as mPassbook and KBL mobile app
h. Free maintenance of trading and Demat account
i. The women account holders can get up to Rs 50000 as jewellery insurance
j. Up to Rs 10 Lakhs as Personal Accident death coverage
1. The minimum salary to be credited for Executive, prime, and classic account holders are Rs 1 lakh, Rs 30000, and Rs 5000 respectively
2. No minimum balance to be maintained
3. Free SMS alerts and monthly e-statements are available
4. Quick processing of cheques
5. Free cheque books are available
a. Free cash deposit at BNA
b. The account holder or the authorized person can deposit cash at any branch
c. The account holder with cheque book should maintain a minimum balance of Rs 1000. In the case of no cheque book, the balance should be Rs 200. If the monthly balance is not maintained, the account holder needs to pay a penalty of Rs 50.
d. Fast fund transfer through NEFT/RTGS
e. The account holder can avail visa debit, Rupay card, and EMV chip card
f. Free Mobile apps such as BHIM, KBL UPI APP, and KBL mPassbook
g. Free net and mobile banking facility
h. Cash withdrawals using own cheque at any branches
i. Nomination facility is available
1. Upon subscription, the account holder can avail SMS alert facility
2. On registration, you can get free monthly e-statement
3. The account holder can get free cheque leaves (25) every calendar year.
4. The account holder can deposit the cheque at any branches.
5. The easy portability of accounts, i.e. the transferring the account from one branch to another without changing the account number
6. Missed call banking facility, where a customer service associate will call you back to enquire
7. 24/07 customer service facility
Privilege Savings Account
This account can help you with the insurance coverage at the bank’s cost.
a. Up to Rs 2 lakh accident insurance coverage at the bank’s cost
b. Reimbursement of hospitalization charges up to Rs 10000 can be covered at bank’s cost
c. The account holder can get a platinum international debit card
d. Free mobile apps usages such as BHIM, KBL UPI App, mPassbook, and Apnaapp
1. The minimum required balance is Rs 15000 if the account is in a metro branch, and Rs 10000 if the account in a semi-urban branch
2. If the savings account is a joint account, the principal account holder will be getting the insurance coverage
3. The insurance coverage will start from the 31st day of the opening of the savings account
This account is the perfect one for individuals who can
a. Keep a minimum balance of Rs 50000 without fail
b. In a financial year, the total credit should not exceed Rs 1 Lakh
c. In a month the aggregate of transfers and withdrawals should not exceed Rs 10000
a. Upon registration, the account holder can get a subscription to free monthly e-statement and e-pass book.
b. Nomination facility is available.
c. Withdrawals can be done through withdrawal slip.
This savings account does not provide facilities such as
a. Collection of cheques
b. ATM cards
c. Internet Banking, Mobile Banking, E-commerce, and M-commerce
d. Chequebook facility
This account can be opened by any individual with no minimum balance.
a. The account holder is allowed to make a maximum of 4 cash withdrawals in a month. From 5th withdrawal, the bank will levy a service charge of Rs 20
b. Nomination facility is available
c. The account holder can get free passbook and cheque book
d. Free collection of outstation cheques
e. The customer can avail ATM/ debit cards and a chequebook facility
1. The account holder cannot enjoy multiple branch banking and immediate credit of outstation cheques.
1. What is the interest rate of Karnataka Bank Savings account?
The interest rate for the savings account can go up to 4 %.
2. How to open Karnataka Bank savings account?
The easiest and hassle-free way to open a savings account is to open it online. The procedures are quite simple. You will be asked to give some details and update some documents. Once the documents have been approved, you will get an acknowledgement email from the bank about the next procedures. If you do not want to open an account online, you can walk-in to the nearest branch and get the account opened.
3. Who can open a Karnataka Bank savings account?
Indian Citizens, Trusts, societies, Organizations, and Minors (with parents) can open a savings account with Karnataka Bank Savings account.
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