A spectrum of Domestic Term
Deposits
MAKE A RIGHT MOVE
Invest today and get High Returns
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:
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:
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:
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:
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:
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.