Having provided over 100 years of reliable and trustworthy banking services, Karnataka Bank is one of the most secure and transparent banking institutions of the nation. It has a diverse range of offerings for all of its client groups. One of its most preferred offerings the Karnataka Bank Savings Account. It provides a wide range of savings account types for its diverse customer group.
In this post, we will discuss the benefits and features of Karnataka Bank Savings Account, Karnataka Bank Savings Account Interest Rate, Minimum Balance requirements, zero balance account and all the other relevant details to help customers make an informed decision.
Karnataka Bank Savings Account Interest Rate
Let’s take a look at the Karnataka Bank Savings Account Interest Rate:
| Type of Account | Day-end Balance | Rate of Interest (per annum) |
| All SB accounts including NRE & NRO accounts | Up to & including ₹ 1 Lakh | 2.75% |
| Above ₹ 1 lakh up to ₹ 10 Lakh | 2.75% | |
| Above ₹ 10 lakh up to ₹ 50 Lakh | 2.75% | |
| ₹ 50 lakh up to ₹ 100 Lakh | 3.50% | |
| Above ₹ 100 lakh | 4.50% | |
(Disclaimer: Interest rates are subject to change. To be updated on the website regularly. Kindly check the website to know more)
Types of Karnataka Bank Savings Account
*M-Metro *U-Urban *SU-Semi Urban *R-Rural *FI-Financial Inclusion
Karnataka SB General
- Monthly Average Balance: Without Cheque Book – Rs 500 (M/ SU/ U), Rs 200 (R/ FI), With Cheque Book – Rs 2,000 (M/U), Rs 1000 (SU/ R/ FI)
- Cash deposit can be done at any branch
- Free Cash Deposit at BNA
- Free 25 Cheque Leaves per year
- Ensures speedy fund transfer through RTGS/ NEFT/ IMPS
- Free Internet and Mobile Banking
- Nomination and Account Portability Facility Present
- Free Fund Transfer within Bank
- Eligibility – Resident Individual, 18 years or above
Karnataka KBL SB Salary Scheme
- Designed specifically for Salaried Persons
- No Minimum Balance Account
- Free Debit Card with purchase protection
- Comes with unlimited free transactions at all ATMs (for selective variant)
- Free Mobile Banking facilities
- Free Fund Transfer through RTGS/ NEFT (for selective variant)
- Free Cheque book and Demand Draft Facility.
- Three variants based on minimum salary credited every month: Executive (Rs 1,00,000), Prime (Rs 30,000), Classic (Rs 5,000)
- Eligibility – Salaried Persons
Karnataka KBL Vanitha Savings Account
- Designed specifically for women
- Comes with free all risk jewellery insurance
- Free Mobile Banking / Internet Banking
- Free monthly e-statement
- Fast fund transfers through RTGS/ NEFT/ IMPS
- Eligibility – Females aged 18 years or above.
- Monthly Average Balance – Rs 2000 (M/U), Rs 1000 (SU/R/FI)
*M-Metro *U-Urban *SU-Semi Urban *R-Rural *FI-Financial Inclusion
Karnataka KBL Tarun Savings Account
- Specially designed for Students
- No minimum Balance
- Simplified account opening procedures.
- Free Debit Card available with “per day” cash withdrawal limit of Rs 25,000 and online transaction/purchase limit of Rs 30,000.
- Free of charge Demand drafts for the purpose of exam fee, prospectus fee, tuition fee etc.
- Free fund transfers up to Rs 50,000/- per month from Parent’s Account to the student’s account.
- Fund transfers within the bank are available for free of charges up to a specified limit
- Internet/ Mobile Banking Facility
- 25 cheque leaves free in a calendar year
- Eligibility – Students between the age of 18 to 25
Karnataka Kishore Savings Account
- Eligibility – Age of 10 years and 18 years
- No Minimum Balance
- Simple account opening procedures
- Free Debit Card available with “per day” cash withdrawal limit of Rs 10,000 and online transaction/purchase limit of Rs 5,000.
- Free transfer of Funds up to Rs50,000/- per month from parent’s Account to the student’s Account.
- Free Demand Drafts for the purpose of exam fee, prospectus fee, tuition fee etc.
- Free Mobile App – mPassBook facility
Karnataka Privilege Savings Account (Insurance Linked)
- Eligibility – Both new and existing SB accounts are eligible for this facility
- Accident insurance coverage of Rs 2 lakh at the bank’s cost in accordance with such insurance scheme as maybe in force from time to time.
- Hospitalisation cover for reimbursement of hospitalization expenses arising out of accident only for a maximum of Rs 10,000/- at the bank’s cost.
- Eligible for free Platinum International Debit Card
- Free Mobile Banking/ Internet Banking
- Variants: Sapphire, Ruby, Platinum
Karnataka SB Money Sapphire
- Minimum Balance of Rs 10,000
- Personal Accident Insurance Cover of Rs 2,00,000
- Cash withdrawal at any branch
- Free demand drafts of up to Rs 50,000 per month
- Free Mobile Banking
- Internet Banking Available
- Fast collection of cheques
Karnataka SB Money Ruby
- Monthly Average Balance of Rs 1 Lakh
- Personal Accident Insurance Cover of Rs 10,00,000
- Free anywhere cash deposit
- Cash withdrawal at any branch
- Free 20 DD per month
- Free Mobile Banking/ Internet Banking
- Fast collection of cheques
Karnataka SB Money Platinum
- Monthly Average Balance is Rs 3 Lakh
- Personal Accident Insurance Cover Rs 10,00,000
- Free anywhere cash deposit (by account holder)
- Free unlimited DD from any branch
- Free Mobile Banking/ Internet Banking
- Faster cheque collection
Karnataka SB Small Savings Account
- Eligibility – Keep balance not exceeding ₹50,000/- (Rupees Fifty Thousand only) in the account at any point of time, the total credit in the account is not expected to exceed ₹1,00,000/- (Rupees One lakh only) in a financial year, the aggregate of all withdrawals and transfers in a month to not to exceed ₹10,000/- (Rupees Ten thousand only).
- No ATM Card
- No Internet Banking
- No collection of cheques
Karnataka SB Sugama Savings Account
- No minimum balance
- Maximum cash withdrawal is 4 in a month
- Free ATM/ Debit card
- Cheque book facility
- Nomination facility
- Eligibility – Resident Indian above the age of 18
KBL Instant SB Account Online
- Paperless Digital Account Opening.
- Choose your preferred branch.
- No need to visit branch for KYC completion.
- 24×7 Mobile and Internet Banking facility.
- Instant Account opening.
Features of Karnataka Bank Savings Account
- Variety of choices: The bank offers multiple types of savings account with variety of features to accommodate the needs and requirements specific to certain customer groups. It has niche bank account types for salaried individuals, women, children, students, senior citizens etc.
- Flexible Minimum Balance: It offers various account types with flexible minimum balance requirement to appease the needs of account holders from all segments of the society. Depending on the minimum balance, various other benefits are also provided.
- Digital Banking Services: It provides various banking benefits involving modern day techniques like mobile banking and internet banking to transfer funds, check balance, check transaction history and other important details.
- Digital Account Opening: It provides one type of savings account which can be opened online through video KYC without much hassle and with complete assistance from the bank representatives.
- Customer Service: Customer assistance is one of the key features of the bank. They provide consistent help at faster intervals without any wait. The representatives are always ready to resolve customer issues.
How to Open Karnataka Bank Savings Account Offline?
The Karnataka Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements. Here’s how to open a Karnataka Bank Savings Account
STEP 1: Visit your nearest Karnataka Bank branch
STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details
STEP 3: Choose the kind of savings account that fits your need
STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)
STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.
STEP 8: After the documents are verified successfully you will receive your account information and details.
STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.
How to Open a Karnataka Bank Account Online?
Head on to the official website of the bank
STEP 1: Open the official website of the bank and go to the savings account section under the “personal” tab.
STEP 2: Open the KBL Instant SB Account Online
STEP 3: Keep all your documents ready and submit them after filling up the form with required details
STEP 4: You need to complete your KYC verification through video KYC
STEP 5: You need to make the initial deposit amount if any.
Once your account is activated, you will receive an alert on your registered mobile number
Documents Required to Open a Karnataka Savings Account
The applicant is required to submit following documents:
- Two latest Passport Size Coloured Photographs
- A duly filled up Account Opening Form (AOF)
- Copy of PAN Card/ Form 60 (with reasons of not having PAN Card)
- KYC (Know Your Customer) Form with Documents: Proof of Identity & Proof of Address
- Proof of Date of Birth (DOB) in case of Minor & Senior Citizen
When the customer submits all the above-mentioned documents for opening the account, the bank will verify the documents and the details mentioned in the application form in order to ascertain whether he is eligible for the savings account or not.
Eligibility for Opening a Karnataka Bank Account
1. Resident Indian Individuals, HUF, NRIs above the age of 18
2. Minors above the age of 10 can open accounts solely or with their parents
3. Estates, Corporations, Partnerships, Trusts, Associations, Companies, Sole Proprietorships
4. Senior Citizens
5. Joint Accounts for Couples
6. The person who wants to open an account must meet the requirements established by the Reserve Bank of India and must present the required address evidence.
7. For several types of savings accounts, the user is required to maintain a minimum account amount, therefore, the user must be fit to maintain the same.
Benefits of Opening Karnataka Bank Savings Account:
Here is a summary and explanation of the advantages of opening a savings account with Karnataka Bank:
- The bank asserts that by providing a wide range of account options, they are able to meet the specific requirements of any type of customer seeking to open a bank account.
- Having a savings account with Karnataka Bank eases the stress of applying for credit and loans from the bank, including personal loans, mortgages, and business loans.
- It offers tailored savings options and benefits for women, older people, children, and those making a salary, along with a variety of support options and interest rates based on their needs.
- Customers receive 24/7 customer assistance through a multitude of channels, assuring their happiness and cutting down on query times.
- Users of specific types of savings accounts are provided with various cashback incentives, retail discounts, and medical discounts for their benefit.
- A fund transfer may be started in a variety of methods, which makes the process straightforward and hassle-free. They include NEFT, RTGS, and IMPS, among others.
- To improve their entire experience, customers get individualised services. Personalised account packaging, doorstep banking, etc. are a few of these.
- Accounts with flexible minimum balance requirements and no minimum balance requirements make it easier for young people and those from disadvantaged backgrounds to open bank accounts and utilise banking services, fostering equality in society.
Karnataka Bank Savings Account vs. Current Account
Depending on their needs, the bank offers both current and savings account options to its customers. To assist you in deciding which you prefer, the following distinctions between the two are listed:
- Need: Savings accounts and current accounts are two separate types of accounts with various functions. Savings accounts are often preferred by those who wish to preserve money and see their money increase over time, whereas current accounts are made for companies and individuals who frequently trade for larger sums.
- Savings accounts often serve the working class and salaried people, although they have lower minimum balance requirements than current accounts, which have higher minimum balance requirements since they handle greater transactions.
- Transaction Limit: Since current accounts are used for more frequent transactions and therefore do not have a set transaction limit, savings accounts have a limit on transactions as frequent withdrawals prevent savings from growing. • Interest Rates: Typically, the rate of interest on savings is higher, helping people who want to grow their savings, while current accounts do not provide any interests on the funds that are held in the account.
- Overdraft: Current accounts frequently include overdraft rights, which permit both individuals and businesses to withdraw more money than is legally permitted. These advantages are normally absent with savings accounts.
Tabular Comparison of Karnataka Bank Savings Account vs. Current Account
| FEATURES | SAVINGS | CURRENT |
| Purpose | PERSONAL | BUSINESS |
| Interest Rate | Usually Higher | Usually Lower |
| Minimum Balance | Required (in some) | Required (in some) |
| Overdraft | Limited | Can be availed with interest |
| Transaction Fees | Usually low | Usually high |
| Cheque Book Issuance | Complementary but limited number of leaves | Chargeable |
| Online Banking | Available | Available |
Modes of Transferring Funds from Karnataka Bank Savings Account
Karnataka Bank offers a number of options for transferring money from savings accounts. The most well-liked models include:
1. NEFT: One of the most popular electronic fund transfer techniques for moving money supplied by banks is NEFT. One only has to supply the beneficiary’s bank account information and the transfer amount to complete a transfer.
2. RTGS: In a similar vein, RTGS is one of the online funds transfer techniques used to send a sizable sum of money to other bank accounts
3. IMPS: IMPS, which is accessible around-the-clock, is used to send money rapidly. One may employ this technique on holidays as well. Required Parameters: Mobile money identifier (MMID), account number, and IFSC code for the beneficiary
4. UPI: With the rise of cashless transactions, UPI use has become extremely popular. Using one’s UPI ID (Unified payment interface) is a simple, safe, and trustworthy method of transferring funds.
5. Cheque: A check is a written instrument that authorises a bank to transfer a certain amount of money from a person’s account to the individual or business listed in the check’s address.
Steps to Online Transfer Funds from Karnataka Bank Savings Account
The following steps can be followed for online transactions from your Karnataka Bank Savings Account
STEP 1: Log in to your Karnataka Bank Net banking account by entering your registered ID and password
STEP 2: Find the option of “Fund Transfer” and click it.
STEP 3: Choose the mode such as NEFT/RTGS or IMPS.
STEP 4: Enter beneficiary details.
STEP 5: Enter the amount you want to transfer.
STEP 6: Review the details and verify them.
STEP 7: Confirm the transaction by entering the transaction password and OTP.
Once the transaction is complete, you will receive an alert on your registered mobile number
Karnataka Bank Customer Care
Karnataka Bank Customer Care Number: 1800 425 1444 (Toll free), 1800 572 8031 (Toll free), 080-2202 1500
Karnataka Bank E-Mail: info@ktkbank.com
Karnataka Bank Savings Account: FAQs
Minimum balance requirements vary based on the type of accounts and the features or benefits you receive with it but the flexibility it offers can subsume people from all economic background.
Yes. There are options to open zero balance savings account for students, minors and for others too on specific account types.
Yes. The process is really simply and it involved video KYC.
You just need your Aadhaar Card, PAN Card and Mobile Number linked to Aadhaar.
Yes. Mobile Banking and internet banking facilities are available for free. You can use them to transfer funds, check transaction history and bank balance.
