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Savings Account

Karnataka Bank offers many varieties of savings accounts to suit the requirements of different individuals.Starting from a basic account and ending on a rich premium account, the bank has all that one can ask for and more so that the banking experience of every individual is most satisfactory.
 

B. Types and features of Karnataka Bank Savings Accounts

  1. Karnataka Bank SB Money Platinum

This is a savings account with premium features from Karnataka Bank with a range of features to satisfy the customer’s needs. Here are the features of the account:

  • The monthly average balance to be maintained in this account is Rs. 3 lakhs
  • Free cash withdrawals as well as balance enquiries at all domestic Karnataka Bank ATMs
  • The cash withdrawal and other facilities at the base branch are free
  • At non-base branches, the maximum that can be withdrawn via self-cheque is Rs. 10 lakh per day
  • At non-base branches, cash withdrawal is free up to Rs. 5 lakh per day. Thereafter, the customer is charged Rs. 2 per thousand or part thereof.
  • Multi-city cheque payments may be used free of cost at all branches
  • Expansive network of bank branches and thousands of ATMs for daily banking needs
  • Free RTGS/ NEFT fund transfer
  • Free demand draft facility at all Karnataka Bank branches
  • Cash deposits at base branch and non-base branches are free
  • Free commission for outstation cheque collection
  • The charge for non-maintenance of the monthly average balance is Rs. 200 per month plus the total amount of concession availed in that particular month
  • Free unlimited number of personalized cheque books will be given to the customer
  • Customers receive a MoneyPlant Visa Gold Debit Card that has a per day withdrawal of up to Rs. 40,000 and POS limit of Rs. 1 lakh
  • Free mobile banking and net banking services
  • Free email statements
  • Interest rate offered by the savings account is 5%

Karnataka Bank Savings Account Eligibility

2. KBL SB Gen or General Savings Account

A simple account which meets the daily banking needs of an individual. Karnataka Bank offers the following features for this savings account:

  • Karnataka Bank minimum balance requirements for this account is Rs. 1,000
  • Wide network of branches and about ATMs for daily banking needs
  • Convenience of banking with net banking and mobile banking services
  • ATM-cum-Debit card is issued to account holders, which is the MoneyPlant International Debit card
  • Cash withdrawal at the base branch is free, while at non-base branches, it is free up to a maximum amount of Rs. 1 lakh per month. Karnataka Bank savings account charges for exceeding this limit are Rs. 2 per thousand.
  • Cash deposit at the base branch is free, while at non-base branches, it is free up to a maximum of Rs. 25,000 per month. On exceeding this limit, the account holder will be charged Rs. 3 per thousand.
  • The debit card daily withdrawal limit is Rs. 15,000
  • The debit card daily spending limit is Rs. 25,000
  • Free email statement facility
  • Free facility of pass book updation at any branch

Eligibility

  • All resident individuals either solely or jointly can open this account
  • A Hindu Undivided Family can also open this account

3. KBL Vanitha or Women’s Savings Account

A savings account targeted at women customers by offering them special privileges as well as offerings to meet their unique lifestyle and banking requirements. The detailed features of this Karnataka Bank women’s savings bank account are as follows:

  • This account may be opened by all females over the age of 18. Joint savings accounts are permitted only with another female.
  • There is no daily minimum balance that is required to be maintained with this account
  • This account can be opened with a zero initial deposit
  • Account holders receive a free MoneyPlant International Visa Debit Card
  • The monthly average balance is Rs. 1,000 only
  • Account holders receive the facility of free multi-branch banking
  • Account holders have the convenience of net banking and mobile banking
  • Free funds transfer through RTGS and NEFT
  • Free online utility bill payment facility
  • Account holders have the option of free mobile recharge
  • Account holders receive free monthly e-statements
  • There is free SMS alert facility for all debit card and credit card transactions over Rs. 5,000
  • Account holders receive a free “All Risk” insurance cover for jewellery that covers the loss of jewellery by snatching while travelling, theft while staying at a hotel or burglary at home for Rs. 50,000

Eligibility

  • All resident female individuals can open this account either solely or jointly. In the case of a joint account, both account holders should be women.

4. KBL Kishore Account

This is a savings account for students to teach them various banking processes and help them understand the importance of money. Here are the features of the account:

  • Parents can open an account for their minor kids who are between the ages of 12 and 18 years
  • There is no minimum balance to be maintained in this account
  • The account opening procedure is highly simplified
  • Demand drafts are issued free of cost for the purpose of exam fee payment, prospectus fee payment, tuition fee payment, etc.
  • Account holders have the facility of free fund transfer of up to Rs. 50,000 per month, from the parents’ account to the student’s account
  • Account holders receive debit cards with a per day cash withdrawal limit of Rs. 5,000 and per day purchase limit of Rs. 1,500
  • Account holders receive the facility of ‘Cyber Kid’, which is internet banking

Eligibility

  • A minor child is eligible to opt for and operate this account as long as the legal guardian or parent or a guardian who has an existing account with the bank. The parents’ account needs to be opened first in case they do not have an account already.

5. KBL Tarun Account

A savings account meant for students whose age is between 18 and 25 years. The KBL Tarun Account features and benefits are as follows:

  • Account holders receive free any branch banking facility
  • There is no minimum balance to be maintained in this account
  • The account opening procedure has been greatly simplified
  • Demand drafts are issued free of cost for the purpose of exam fee payment, prospectus fee payment, tuition fee payment, etc.
  • Account holders may make fund transfers free of cost up to a specified limit
  • Free RTGS and NEFT facilities available
  • Account holders receive free multi-cheque facility
  • Account holders receive a fee MoneyPlant International Visa Debit Card
  • Free net banking facility is provided to account holders
  • Free monthly e-statements are sent to account holders
  • Account holders receive a free SMS alert facility
  • Cheque books are issued free of cost to account holders
  • Account holders have the facility of fast collection of cheques and cheques may also be deposited at any branch

Eligibility

  • All resident individuals who are students between the ages of 18 and 25 either may open this account

6. KBL Salary Privilege Account

This is an account exclusively meant for salaried individuals. The features and benefits of this account are as follows:

  • No minimum balance is required to maintain this account
  • Account holders have the convenience of banking at any branch. They can withdraw and deposit cash at any Karnataka Bank branches without incurring any charges.
  • Account holders receive multi-city cheque facility
  • Fund transfers may be made within the bank free of charge up to a specified limit
  • Free RTGS and NEFT facilities are available for account holders
  • Account holders receive a free MoneyPlant International Visa Debit Card
  • There is the convenience of internet banking and mobile banking
  • Demand drafts may be purchased at any Karnataka Bank branch
  • Cheque books are received free of cost by account holders
  • There is the facility of free SMS alerts
  • Account holders receive free monthly e-statements
  • Account holders have the facility of fast collection of cheques and cheques may also be deposited at any branch

Eligibility

  • Any resident individual can open and maintain their salary account with Karnataka Bank

7. Karnataka Bank SB Money Sapphire

This is a privileged savings account with a plethora of features to suit the customer’s needs and requirements. Here are the account’s key features:

  • The monthly average balance to be maintained with this account is Rs. 10,000
  • Free of charge cash withdrawals/balance enquiries at all domestic Karnataka Bank ATMs
  • The cash withdrawal and other facilities at the base branch are free
  • At non-base branches, the maximum amount that can be withdrawn via self-cheque is Rs. 2 lakh per day
  • At non-base branches, cash withdrawal is free up to Rs. 2 lakh per day. Thereafter, the customer is charged Rs. 2 per thousand or part thereof.
  • Multi-city cheque payments may be used free of cost at all branches
  • Wide network of branches and about ATMs for daily banking needs
  • Free RTGS/ NEFT fund transfer up to Rs. 50,000 per month.

Thereafter, the account holder will be charged (for transfer through NEFT):

  • Up to Rs. 10,000 – Rs. 2.50
  • From Rs. 10,001 up to Rs. 1 lakh – Rs. 5
  • Above Rs. 1 lakh up to Rs. 2 lakh – Rs. 15
  • Above Rs. 2 lakh – Rs. 25

The account holder will be charged (for transfer through RTGS):

  • Above Rs. 2 lakh and up to Rs. 5 lakh – Rs. 25
  • Above Rs. 5 lakh – Rs. 50
  • Free demand draft facilities at all Karnataka branches up to Rs. 50,000 per month
  • Cash deposits at the base branch and non-base branches are free
  • Free commission for outstation cheque collection
  • The charge for non-maintenance of the monthly average balance is Rs. 200 per month plus the total amount of concession availed in that particular month
  • Free 50 cheque leaves will be given to the customer in a single calendar year. Thereafter, the account holder will be charged Rs. 4 per leaf.
  • Customers receive a MoneyPlant Visa Gold Debit Card, that has a per day withdrawal of up to Rs. 40,000 and POS limit of Rs. 1 lakh
  • Free mobile banking and net banking services
  • Free email statements

Eligibility

  • Any resident individual either solely or jointly or a Hindu Undivided Family can open an account

8. Karnataka Bank SB Money Ruby

This is a privileged savings account with a host of features to satisfy the customer’s needs and requirements. Here are the features of the account:

  • The monthly average balance to be maintained with this account is Rs. 1 lakh
  • Free cash withdrawals and balance enquiries at all domestic Karnataka Bank ATMs
  • The cash withdrawal and other facilities at the base branch are free
  • At non-base branches, the maximum amount that can be withdrawn via self-cheque is Rs. 5 lakh per day
  • At non-base branches, cash withdrawal is free up to Rs. 5 lakh per day. Thereafter, the customer is charged Rs. 3 per thousand or part thereof.
  • Multi-city cheque payments may be used free of cost at all branches
  • Wide network of branches and about ATMs for daily banking needs
  • Free RTGS/ NEFT fund transfer up to Rs. 50,000 per month.

Thereafter, the account holder will be charged (for transfer through NEFT):

  • Up to Rs. 10,000 – Rs. 2.50
  • From Rs. 10,001 up to Rs. 1 lakh – Rs. 5
  • Above Rs. 1 lakh up to Rs. 2 lakh – Rs. 15
  • Above Rs. 2 lakh – Rs. 25

The account holder will be charged (for transfer through RTGS):

  • Above Rs. 2 lakh and up to Rs. 5 lakh – Rs. 25
  • Above Rs. 5 lakh – Rs. 50
  • Free 30 demand draft facilities at per month for any amount
  • Cash deposits at base branch and non-base branches are free
  • Free commission for outstation cheque collection
  • The charge for non-maintenance of the monthly average balance is Rs. 200 per month plus the total amount of concession availed in that particular month
  • Free unlimited number of personalized cheque books
  • Customers receive a MoneyPlant Visa Gold Debit Card that has a per day withdrawal of up to Rs. 40,000 and POS limit of Rs. 1 lakh
  • Free mobile banking and net banking services
  • Free email statements

Eligibility

  • Any resident individual either solely or jointly or a Hindu Undivided Family can open an account

9. Insurance Linked Savings Bank Account

This is a facility that is available to both old and new customers to park their savings with Karnataka Bank. The features and benefits of this facility are as follows:

  • The minimum balance to be maintained in this account is Rs. 15,000 in metropolitan and urban areas and Rs. 10,000 in rural and semi-urban areas
  • Account holders receive a free accident insurance coverage of Rs. 2 lakh
  • Account holders receive a hospitalization cover for the reimbursement of hospitalization expenses arising due to an accident up to a maximum of Rs. 10,000
  • The insurance cover starts from the 31st day after opening this account
  • Only the first account holder is covered in case of joint accounts

10. Sugama or Basic Savings Bank Account

This is a no-frills account. The other features and benefits are as follows:

  • The maximum balance to be maintained in this account is Rs. 50,000
  • The initial deposit and minimum balance to be maintained in rural areas is Rs. 50, Rs. 100 in semi-urban areas, Rs. 150 in urban areas and Rs. 200 in metropolitan areas
  • Six withdrawals in a month are permitted using a withdrawal slip
  • Account holders have the facility of nomination with this account
  • Free pass book is provided to account holders
  • Account holder may collect outstation cheques
  • Account holders receive one free cheque book with 10 leaves, in a single year
  • The account holder can get access to safe deposit lockers as well as super saver and sweep-in facilities.

Eligibility

  • Any Indian resident can open this account solely/jointly. Hindu Undivided Family (HUF) can open this Karnataka Bank account.

11. KBL Small Account

This is a no-frills account for basic banking needs.

Eligibility

  • A resident individual not having all the required KYC documents, i.e. one who does not have a photo identity proof or address proof as per the bank’s acceptable list of documents

12. KBL NMB

This is a basic account for basic banking needs in which no minimum balance is required to be maintained.

Eligibility

  • A resident individual may open this account
  1. Karnataka Bank Saving Account Interest Rates

The savings accounts earn interest rate @ 4% per annum on the daily end of day balance.

  1. Applying for a Savings Account

Karnataka Bank offers customers 2 ways to apply for a savings account with Karnataka Bank – online application and branch application.

Interested applicants may log on to the website and download the application form for opening a Karnataka Bank savings account online. They simply need to log on to the website.

Click on the ‘Application Form’ tab in the left-hand corner. A new page will open, and then the applicant will have to click on the ‘SB & Current A/c Opening (Individuals)’ tab. The application form will get downloaded in the form of a PDF document. The applicant will then have to print the form, fill in the necessary details and take it down with the relevant documents to the nearest Karnataka Bank branch.
 

The applicant can also apply for a savings account through Paisabazaar.com.  The applicant will be required to provide key details such as name, address, income, etc. as per the requirements specified on the savings account application form. Based on the data provided by you, the bank can match the eligibility criteria for opening the appropriate account. If the details provided match the bank’s criteria, the applicant will be contacted by a bank representative to complete any other formalities that may be necessary for opening of the account.
 

  1. Documentation for Karnataka Bank Savings Account

Original documents are required to be shown for verification. For opening any type of savings account, the following documents are required to be submitted:

  • Latest passport size coloured photographs
  • Identity proof – self-attested copy and original for verification
  • Address proof – self-attested copy and original for verification
  1. Role and Responsibility of Customers
  • It is the responsibility of the customer to immediately intimate the bank in case of any change in address, telephone number, e-mail address, etc.
  • The customer should immediately inform his/ her branch over the phone, followed by a letter in the event of a loss of cheque leaf/ book, demand draft, deposit receipt, pass book, locker key, etc.
  • The customer should ensure safe custody of savings bank account pass book and cheque book
  • The customer should make sure that he/ she issues crossed/ account payee cheques
  • Cheques, drafts etc. should be sent by registered post only
  • The customer should not issue a cheque if he/ she does not have sufficient funds in his/ her Karnataka Bank saving account
  • It is the duty of the customer to get the pass book updated periodically. Any mistake(s) in the pass book/ account statement should be immediately brought to the notice of the home branch.
  • The customer should bring his/ her pass book at the time of withdrawing cash from his/ her savings bank account
  • The customer should make use of the nomination facility wherever possible so that funds in his/ her account can be given to the nominee if something unfortunate were to happen to the account holder
  • The customer should make use of the standing instruction facility for repeat transactions
  • Karnataka Bank discourages the practice of signing blank cheques. It advises customers not to sign a blank cheque.
  • The bank recommends customers not to record their specimen signature in the pass book, cheque book, etc. of their Karnataka Bank savings accounts
  • The bank advises customers not to introduce a person who is not personally known to them for the purpose of opening a savings account with Karnataka Bank
  • The bank expects the customer/ account holder to co-operate with it, police department or any other authority during an investigation
  • The customer is advised not to share his/ her debit card, ATM PIN, password and other security information with others for safety and security of his/ her savings account with Karnataka Bank
  • The bank advises account holders to use the reverse carbon in order to avoid chemical alteration while writing a cheque
  • It is the responsibility of the customer to count the currency notes before leaving the cash counter
  • The bank requests customers not to write on currency notes and seeks their cooperation by remitting notes in unstapled and unstitched condition, required under the ‘clean note policy’ of Reserve Bank of India.