A spectrum of Domestic Term Deposits

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DOMESTIC TERM DEPOSIT PRODUCTS

 

FIXED DEPOSIT ACCOUNT (FD)

This is ideal for those who desire to have periodical income by way of interest on their funds.

Deposit Amount: Minimum Rs.100 and in multiples of Rs.10 thereafter. Maximum -No Limit

Period of deposit: 7 days to 120 months

Receipt: Term Deposit Receipt will be issued to the depositor, indicating the terms and conditions in brief. Duly discharged receipt is to be surrendered, at the time of (a) availing loan against the pledge of the Deposit account (b) Encashment of the deposit amount either before due date or after due date (c) Renewal of term deposit either before due date or after due date.

Periodicity for payment of interest

Interest is payable monthly, quarterly or half yearly at the option of the depositor. Monthly interest is paid at a discounted rate. For Senior citizens (who have completed 60 years) monthly interest is being paid at par. For payment of monthly interest, minimum amount of Rs.5,000 is to be deposited for a minimum period of one year.

Mode of payment of interest

At the option of the depositor the amount of interest will be credited to the depositor's account maintained either in any of our branches through intersol transaction or at any branch of other bank through National Electronic Fund Transfer (NEFT), ‘free of cost’.

Interest amount can also be paid in cash, provided the total deposit amount held in the name of the depositor, including the accrued interest amount if any, does not exceed Rs. 20,000/-

Loan Facility: Available as per the prescribed rules of the Bank

Premature Payment: Available as per the prescribed rules of the Bank

Nomination Facility: Available

Rate of interest: Click Here for Latest Rate of Interest

 

 

ABHYUDAYA CASH CERTIFICATE (ACC)

This is a reinvestment plan where interest is compounded on quarterly rests. An ideal scheme for handsome return on initial investment.

Deposit Amount: Minimum Rs.100 and in multiples of Rs.100 thereafter. Maximum - no limit

Period: 6 months to 120 months.

Receipt: Term Deposit Receipt will be issued to the depositor, indicating the terms and conditions in brief. Duly discharged receipt is to be surrendered, at the time of (a) availing loan against the pledge of the Deposit account (b) Encashment of the deposit amount either before or after due date (c) Renewal of term deposit either before or after due date.

Loan Facility: Available as per the prescribed rules of the Bank

Premature Payment: Available as per the prescribed rules of the Bank

Nomination Facility: Available

Rate of interest: Click Here for Latest Rate of Interest

 

 

KBL-TAX PLANNER-FD and KBL-TAX PLANNER-ACC.

The schemes provide dual benefits of high returns and tax exemption under Section 80(C) of the Income Tax Act 1961.Under this scheme, an assessee can invest in the term deposit any amount not exceeding one lakh rupees in a year.

Deposit Amount: Minimum Rs.100/- and multiples thereof. Maximum Rs.1,00,000/-.

Period of investment: Fixed period of 5 years only

Who can invest?

An individual jointly with or without another individual who may be a minor with repayment condition as "Either or Survivor" or Karta of a Joint Hindu Family. In case of Joint holder type deposit, the benefit of exemption will be available only to the first holder of the deposit. The individual desiring to invest shall visit the branch in person.

Mode of Interest payment:

‘KBL - TAX PLANNER – FD’: The interest may be paid every quarter or every month. In case of payment of monthly interest, interest is paid at discounted rate as applicable to domestic Fixed Deposit scheme. If however the depositor or the first person is a senior citizen (who has attained the age of 60 years), monthly interest will be paid ‘at par’ provided the amount invested is Rs. 5,000/- or more.

‘KBL - TAX PLANNER – ACC’: The interest will be paid at the time of maturity and interest will be compounded at quarterly rest. The deposit receipt shall bear the yearly rate of interest and maturity value.

Nomination - Nomination facility is available. However no nomination can be made in case of deposits held in the name of a minor represented by a guardian.

Encashment on maturity only. No term deposit shall be encashed before the expiry of five years from the date of its receipt. No loan can be raised or lien can be exercised against the deposit.

Rate of interest: Click Here for Latest Rate of Interest

 

 

SOULABHYA DEPOSIT

In this deposit scheme, the depositor can withdraw the funds as and when required, in units of Rs.1,000/- each, without closing the account.

Deposit Amount: Minimum Rs.5,000/- and in multiples of Rs.1,000/- thereafter.

Maximum  No limit

The scheme provides for two options and the option once exercised at the time of deposit is irrevocable.

Option 1

Deposit will be accepted for a period of 46/30 days with automatic renewal along with interest for subsequent 38/59 blocks of 46/30 days each until there is an instruction to the contrary by depositor.

Option 2

Period of deposit: Minimum 3 months Maximum 60 months. Depositor shall specify the period at the time of opening the account. Option made is irrevocable during the tenor of the deposit.

Loan Facility: Available as per the prescribed rules of the Bank

Premature Payment: Available as per the prescribed rules of the Bank

Nomination Facility: Available

Rate of interest: Click Here for Latest Rate of Interest

 

 

 

CUMULATIVE DEPOSIT ACCOUNT (CD)

This scheme is suitable to those who wish to contribute fixed monthly amount (installment) over a stipulated period.

Deposit Amount: Minimum Rs.50/- per month or in multiples thereof. Maximum – No limit

Period of Deposit: Minimum six months and in multiples of 3 months thereafter subject to a maximum 120 months. The amount of installment and the period fixed can not be changed after opening of the account.

Maturity Date: The account matures for payment 30 days/one month after the last installment is paid or on the expiry of the period for which the deposit is opened, whichever is later, irrespective of whether the last installment is paid with penalty.

Remittance of Monthly installment amount: Monthly installment amount can be paid either by cash or by cheque payable locally. Alternatively standing instructions for debiting the operative account can also be given. Remittance of monthly installment amount at any other branch of our Bank will be made ’at par’. No installment will be accepted after completion of the period for which the account is opened.

Pass Book: The CD account holder will be provided with a pass book. The pass book is to be got updated each time when the installment amount is paid.

Penalty for delayed remittance of installment amount:

Every subsequent monthly installment amount falls due for payment on the date on which the account is opened. The installment amount paid during the calendar month, in which it is due for payment, will be deemed as payment made in time. In case of delay in payment, it will attract penal charges at the rate Rs.1.50 per month for every Rs.100/- or part thereof for deposits of five years and less and Rs.2/- for every Rs.100/- or part thereof for deposits over five years. Penalty levied on delayed installments may be set off against payment of equal number of advance installment/s. The penalty amount if any will be recovered from the maturity amount at the time of repayment of the balance held in the account.

Loan Facility: Available as per the prescribed rules of the Bank

Premature Payment: Available as per the prescribed rules of the Bank

No TDS on interest paid

Nomination Facility: Available

Rate of interest: Click Here for Latest Rate of Interest

 

 

HONEY DEPOSITS (HD) (at select branches)

This account is ideally suited to Traders, Shop - Keepers, Doctors, Lawyers, Industrialists and others having daily or weekly income. Contributions are collected by the Honey Deposit Canvasser of the branch free of charge. The depositors can also directly credit the amount to their respective Honey Deposit account. As a matter of policy, in case of cessation of the services of the existing HD canvasser of the branch, for whatever reason, the bank does not undertake to make alternative arrangement for collection of the daily/weekly contributions, at door step.

Minimum contribution: Daily Rs.5/- or in multiples thereof. Depositor has the option to contribute either on daily basis or weekly basis or any day of the week. The amount of installment and the period fixed can not be changed.

Period of Deposit: Account can be opened for a period of two, three, four or five years. Year means 52 weeks.

If the account is closed before the completion of one year, commission paid on the account to the HD canvasser will be recovered and interest will be paid as prescribed by the Bank.

Loan: Loan facility is available as per the prescribed rules of the Bank. The loan shall be got cleared within two years or before the date of maturity of the deposit account, whichever is earlier.

Nomination Facility: Available

 

General:

Interest Rate: Interest rates vary from time to time. For the latest interest rates one can contact any of the convenient branches or visit Bank's Web site www.karnatakabank.com.

Transfer of account from one branch to another: Transfer of account (except Honey deposit) from one branch to another branch is permitted ‘free of charge’.

Issuance of duplicate certificate

If the face value or the aggregate face value of the certificate or certificates lost, stolen, destroyed, mutilated or defaced is five hundred rupees or less, a duplicate receipt or receipts may be issued on the applicant furnishing an indemnity bond without any surety or guarantee: If the mutilated or defaced receipt is surrendered and the receipt is capable of being identified as the originally issued, then whatever face value, a duplicate receipt may be issued without any indemnity bond, surety or guarantee.

Income tax

Interest on the term deposits will be liable to tax as per the Income Tax provisions in force. However, the depositor can give declaration letter in F. NO. 15G (15H for senior citizens - who have attained the age of 65 years) along with PAN card details for claiming exemption from TDS. Form No 15G or 15H shall be invalid if it does not contain PAN details.

 

If the amount to be deposited on a single day is Rs.50,000/- or more, then the depositor either shall furnish PAN or shall give declaration letter in F. NO 60 (for non agriculturists) /F.No. 61

(for agriculturists) in triplicate. Bank is required to submit the declaration form in duplicate to Income Tax Department

 

 

NOTE: RULES AND REGULATIONS ARE SUBJECT TO CHANGE FROM TIME TO TIME.