Karnataka Bank offers a range of savings account options to suit the requirements of different individuals. Starting from a basic saving account to the rich premium account, the bank has all that one can ask for so that the banking experience of every individual is satisfactory. Let us discuss in detail about Karnataka Bank savings accounts.
Karnataka Bank Account Interest Rates 2023
|Account Balance||Rate of Interest (p.a.)|
|Up to and including Rs. 1 Lakh||2.75%|
|Above Rs. 1 lakh up to Rs. 10 Lakh||2.75%|
|Above Rs. 10 Lakh up to Rs. 50 Lakh||2.75%|
|Rs. 50 Lakh up to Rs. 100 Lakh||3.50%|
|Above Rs. 100 Lakh||4.50%|
Note: Interest rates are updated as of14th February, 2023.
Read more: Savings Account Interest Rates 2023
Types of Karnataka Bank Savings Account
Below-mentioned are the types of savings accounts offered by Karnataka Bank:
Features and Benefits of Karnataka Bank Limited Savings Account
SB General Savings Account
This savings account by Karnataka Bank is curated for the general public and provide benefits like free internet banking and mobile banking service, nomination facility, free fund transfer facility within the bank and many more. Let us discuss in detail about the benefits provided by this savings account.
- Minimum balance to be maintained without chequebook facility in metro, urban and semi-urban areas is Rs. 500. In rural and financial inclusion areas is Rs. 200
- Minimum balance to be maintained with chequebook facility in metro and urban areas is Rs. 2000. In semi-urban, rural, and financial inclusion areas is Rs. 1000.
- Option to deposit cash anywhere at the branch
- Missed call banking facility is free
- Access to mobile apps like KBL Mobile, KBL-mPassbook, BHIM KBL UPI App is provided for free
- On registering, free monthly e-statement is provided
- MoneyPlant Visa/RuPay Classic debit card/EMV chip card is available for eligible account holders
- 25 cheque leaves free per calendar year
- Account portability facility is provided
- 24×7 customer care facility through IVR
KBL Instant SB Account Online
Karnataka Bank offers an instant savings account which can be opened online just by sitting at home. This savings account is quite convenient to open and KYC can be done through a video call. The process doesn’t involve visiting the branch and is paperless. This savings account offers below-mentioned features:
- Mobile and internet banking is available 24×7
- This account will be opened instantly
- No need to provide physical documents for KYC at the time of account opening
- Withdrawals can be done through debit card, chequebook or cardless withdrawal facility
- The account holder can select preferred branch
- Debit card will be delivered at door step
It is to be noted that video call is available between 10 AM to 5 PM on all days except on Sundays and bank holidays.
KBL Salary Privilege
This savings account by Karnataka Bank is designed for salaried individuals. The account holder doesn’t need to maintain minimum balance in this savings account. A debit card with purchase protection is provided for free. This savings account has three variants namely executive, prime, and classic. Minimum salary to be credited every month in the executive account is Rs. 1,00,000, in prime is Rs. 30,000 and in classic is Rs. 5,000. Let us know about the features offered by this savings account.
|Cash deposit anywhere||Free||Free||Free|
|Fund transfers within the Bank||Free||Free||Free|
|NEFT, RTGS, Internet, Mobile banking facility||Free||Free||Free|
|Monthly e-statements (Conditions may apply)||Free||Free||Free|
|Cash withdrawal at KBL ATMs||Free||Free||Free|
|Cash Withdrawal at other bank’s ATMs||Free||Monthly 3 transactions at Metros and 5 transactions at other centres are free||Monthly 3 transactions at Metros and 5 transactions at other centres are free|
|Cash withdrawal at base branch||Free||Monthly first 5 withdrawals are free||Monthly first 5 withdrawals are free|
|Cash withdrawal at other branches||Free||Monthly first 5 withdrawals or Rs. 1,00,000 is free||Monthly first 5 withdrawals or Rs. 1,00,000 is free|
|Issuance of debit card||International debit card (Visa/RuPay Platinum) (Eligible for international cards on request)||International debit card (Visa/RuPay Platinum) (Eligible for international cards on request)||Visa/RuPay Classic|
|Issuance of demand draft||Free||Charges are applicable||Charges are applicable|
|Cheque book facility||Free||Free 10 leaves in a quarter||Free 25 leaves in a calendar year|
|Locker rent||25% concession||Charges are applicable||Charges are applicable|
It is to be noted that the above-mentioned charges and features may vary from time to time.
KBL Vanitha savings account by Karnataka Bank is specially curated for women. The objective of this savings account is to inculcate savings habits in women in order to let them know how they can manage their wealth. The account provides free personal accident insurance coverage of Rs. 1,00,000 to the first account holder only and all risk insurance coverage for jewellery up to Rs. 50,000. To open this account, the account holder needs to ensure that they maintain an average balance of Rs. 2,000 in metro and urban areas. An average balance of Rs. 1,000 needs to be maintained in semi-urban, rural, and financial inclusion areas. The savings account offers below mentioned benefits to women.
- Free internet and mobile banking facility
- Free monthly e-statements upon registration
- Mobile apps like mPassbook, ApnaApp and BHIM KBL (UPI) can be accessed for free
- Missed call banking facility is free
- 25 cheques will be provided per calendar year
- Free 1 NEFT facility through internet, mobile banking, or mobile apps
- Nomination facility is available
- Account portability facility is available
KBL Tarun savings account is a zero-balance savings account for students. Having a savings account for students is mandatory in today’s time to let them know the importance of savings. This savings account by Karnataka Bank will educate students on financial importance and the account also offers some benefits to students. Below-mentioned are the benefits provided by this savings account.
- Internet and mobile banking facility is free
- 24×7 customer care service can be accessed through IVR facility
- Free debit card with withdrawal limit of Rs. 25,000 per day and POS limit of Rs. 30,000
- Up to Rs. 50,000 can be transferred from the parent’s account to the student’s account
- SMS alert facility
- 25 cheque leaves in a calendar year are free
- Purchase demand draft from any branch for free
KBL Kishore savings account by Karnataka Bank is designed for children. This account offers simplified account opening procedure. This savings account offers fixed deposit schemes with higher interest rates. Below-mentioned are the features provided by this savings account.
- Free debit card with withdrawal limit of Rs. 10,000 per day and POS limit of Rs. 5,000
- Parents can transfer funds up to Rs. 50,000 to children’s account per month
- Purchase demand draft for free for the purpose of exam fee, prospectus fee, tuition fee, etc.
- Missed call banking for free
Privilege Savings Account
Privilege savings account by Karnataka Bank comes in four variants. All the variants are designed keeping in mind the needs of the customers. This account gives the customer the opportunity to choose from the four provided variants.
- KBL ILSB (Insurance Linked SB)
- SB Money Sapphire
- SB Money Ruby
- SB Money Platinum
Let us discuss in detail about all the above-mentioned variants provided by this savings account.
KBL ILSB (Insurance-Linked SB)
KBL ILSB is an insurance linked savings account. To open this account, the account holder needs to maintain minimum balance of Rs. 15,000 in metro and urban branches and Rs. 10,000 to be maintained in semi-urban and rural branches. Below-mentioned are the features provided by this account.
- Free Platinum International Debit Card
- 50 personalized cheque leaves per calendar year on request
- 2 NEFT transactions for free per month of any amount
- Free accidental death coverage of Rs. 2,00,000 to the first account holder only
- Free permanent total disability coverage of Rs. 2,00,000 to the first account holder only
- Free permanent partial disability coverage of Rs. 1,00,000 to the first account holder only
- Free accidental hospitalization coverage of Rs. 10,000 to the first account holder only
- Free internet and mobile banking, SMS alerts and missed call banking
SB Money Sapphire
This savings account by Karnataka Bank is a specially designed savings bank account with lots of benefits like cash deposit and withdrawal at any branch, free internet and mobile banking, free monthly e-statements, free fund transfer facility within the bank, etc. The customer is expected to maintain average monthly balance of Rs. 10,000 in this account. This savings account offers below-mentioned features.
- Free International Platinum Debit Card
- 50 personalised cheque leaves per calendar year for free
- Free personal accident coverage of Rs. 2,00,000 to the first account holder only
- Customers can avail 24×7 customer care services through IVR
- Nomination facility is available
- Co-branded credit card facility is also available
- Cheques can be deposited at any branch
- Demand drafts up to Rs. 50,000 can be purchased from any branch supported by cheque
- Mobile Apps like mPassbook, and BHIM KBL UPI App can be accessed for free
- Account portability from one branch to another is also available
SB Money Ruby
This savings account by Karnataka Bank is loaded with benefits. The customer needs to make sure that he/she maintains an average monthly balance of Rs. 1,00,000 to avail maximum benefits and facilities provided by this account. The added benefits of this account are mentioned below:
- First account holder can avail personal accident coverage of Rs. 10,00,000
- The account holder is eligible for free Platinum International debit card
- 200 cheque leaves in a calendar year are provided for free
- The customer can avail free internet and mobile banking
- Free monthly e-statements can be provided upon registration
- The customer can make 30 free fund transfers in a month through RTGS/NEFT for any amount
- The customer can deposit cash up to Rs. 25,00,000 at any branch
- Cash withdrawal at any branch is free
- 20 demand drafts can be purchased from any branch per month for free
SB Money Platinum
This savings account by Karnataka Bank is a unique and premium account for individuals having high net worth. To open this savings account, the account holder is expected to maintain a monthly average balance of Rs. 3,00,000 in order to avail premium benefits provided by this account. The account provides the below-mentioned facilities.
- Personal accident coverage of Rs. 10,00,000 is provided for free to the first account holder
- International Platinum debit card is provided for free
- The account holder can deposit cash of up to Rs. 50,00,000 per month at any branch
- Facility to transfer funds within the bank is provided for free
- Free and unlimited demand drafts for any amount can be purchased from any branch (debits to be supported by cheque)
- Free and unlimited personalised cheque leaves
- Nomination facility is available
- Cash withdrawal at any branch is free
This is a small savings account provided by Karnataka Bank for individuals who intend to keep low balances or zero balance in their savings account. In this savings account, the account holder cannot maintain balance exceeding Rs. 50,000 at any point in time. The account holder must ensure that the total credit in this savings account should not exceed Rs. 1,00,000 in a financial year. Below-mentioned are the features offered by this savings account.
- Withdrawals can only be done through withdrawal slip
- Passbook and monthly e-statement will be provided for free upon registration
- Aggregate withdrawals and transfers should not exceed Rs. 10,000
Since it’s a no frills savings account, the services provided in the account are restricted. Below-mentioned are the services that are restricted in this savings account.
- Chequebook facility
- Collection of cheques
- ATM card facility
- Internet and mobile banking
Note: If the account holder fails to follow the above-mentioned rules, this account will automatically be converted to a regular savings account and the norms of a regular savings account will be applicable thereafter.
Sugama – BSBD
This savings account by Karnataka Bank is a zero balance savings account aimed at the vast section of population to provide them with a savings account. Individuals can open this savings account with no minimum balance. This savings account provides below-mentioned services.
- The account holder can make maximum 4 withdrawals in a month
- ATM/debit card will be provided
- Nomination facility is available
- Chequebook and passbook facility is available
- 20 will be charged per withdrawal if the withdrawal limit in the month is exceeded
Documents Required for Opening a Savings Account in Karnataka Bank
The applicant needs to provide the below-mentioned documents to open a savings account in Karnataka Bank:
- Proof of Address
- Identity Proof
- Passport sized photograph
- Duly filled savings account application form
Note: Documents required for KYC may vary from time to time as per the bank’s internal policy.
Karnataka Bank Savings Account Fees and Charges
|Category||Fees and Charges|
|Issuance of statements of account||Free|
|Duplicate statement of account||Rs. 50 per sheet|
|Duplicate Passbook||Rs. 100 per sheet|
|Enquiry related to old entries||Rs. 100 per instance|
|Issuance of chequebook charges||Rs. 10 per cheque leaf|
|Stop payment instructions||
|Attestation of photo||Rs. 150 per attestation|
|Closure of savings account with chequebook||Rs. 100 if closed within a year, thereafter, no charges are applicable|
|Closure of savings account without chequebook||Rs. 200 if closed within a year, thereafter, no charges are applicable|
|Addition or deletion of name in joint account||Rs. 100 per instrument|
|Cancellation of demand draft||Rs. 100 per instrument (subject to maximum value of DD cancelled)|
|Debit card issuance||Debit card is provided for free, though, annual maintenance charges are Rs. 150|
|Lost card and replacement||Rs. 100|
|Regeneration of ATM PIN||Rs. 100 (Free, if done through IVR)|
|SMS alerts||Rs. 0.15 per SMS|
Eligibility Criteria for Opening a Savings Account in Karnataka Bank
|Name of the Account||Eligibility Criteria|
|SB General||Any individual|
|KBL Instant SB Account Online||Residents who are above 18 years of age|
|KBL Salary Privilege||Salaried employees|
|KBL Tarum||Students who are between the age of 18 – 25 years|
|KBL Kishore||Children between the age of 10 – 18 years|
|Privilege Savings Account||Both new and existing savings bank account customers are eligible for this account|
|Small Account||Any individual|
|Sugama – BSBD||Any individual can open this account under Sugama scheme|
How to Open Karnataka Bank Savings Account Online
To open a savings account in Karnataka Bank online, the applicant will have to keep in mind the below-mentioned things:
- The applicant must have a stable internet connection
- The documents for verification must be kept handy such as PAN, Aadhaar, etc.
- The applicant must ensure that he/she provides the mobile number which is linked to Aadhaar card
- A device with camera and video feature for video KYC
- Provide location access at the beginning of creating the account
The applicant can follow the below-mentioned steps to open a savings account online in Karnataka Bank.
Step 1: Go to Karnataka Bank’s official website and navigate towards “Personal”
Step 2: Under “Personal” tab click on “KBL Instant SB Account Online”
Step 3: All the necessary details required to open this account will appear
Step 4: Select the type of savings account you want to open and provide your verification details such as mobile number linked to your Aadhaar, PAN card, and Aadhaar details
Step 5: Submit the application by providing your personal details and choose the services you would like to take
Step 6: Once you provide the details, the bank will verify the provided details and will ask you to complete your video KYC
Step 7: Once the video KYC is completed, you will be on-boarded with the bank
How to Open Karnataka Bank Savings Account Offline
If the applicant wants to open a savings account in Karnataka Bank offline, the applicant will have to visit the nearest bank’s branch. The below-mentioned steps explain how to open a savings account in Karnataka Bank by visiting the bank.
Step 1: Visit the nearest branch of Karnataka Bank
Step 2: The bank official will provide you with the savings account application form, fill in the application form
Step 3: The official will ask you to choose the type of savings account and will ask for your personal details as per the type of account you choose
Step 4: Provide the bank official with your basic details and self-attested PAN and Aadhaar card
Step 5: You will have to deposit money in the bank depending on the type of savings account you have chosen, though, if it’s a zero balance savings account, there is no need to deposit any amount
Step 6: Collate all the documents and submit the documents with the deposit cash slip and other proof of your identity
Step 7: The bank will verify all the details provided by you and upon successful verification, your account will be opened
Once the account is opened, the bank will provide a welcome kit containing all the necessary details required to operate your account
Know More about Karnataka Bank
Karnataka Bank Savings Account FAQs
Q. Is video KYC considered as full KYC procedure to open a savings account in Karnataka Bank?
Ans. Yes, video KYC is considered as full KYC procedure to open a savings account in Karnataka Bank. It not only makes things convenient, but it also makes the account opening process easier since it is a new age banking procedure.
Q. Will I be provided all the features and services in an Instant Savings Account in Karnataka Bank as Regular Savings Account?
Ans. Yes. You will be provided with all the services and features in an instant savings account as provided in a regular savings account.
Q. What is the name of the net banking app of Karnataka Bank?
Ans. MoneyClick is the net banking app provided by Karnataka Bank.
Q. Are there any charges on internet banking services provided by Karnataka Bank?
Ans. There are no charges on internet banking services provided by Karnataka Bank.
Q. What is the name of the mobile banking app of Karnataka Bank?
Ans. The name of mobile banking app of Karnataka Bank is KBL Mobile Plus.