Karnataka Bank Savings Account

Get a complete guide of Karnataka Bank Savings Account - Types of Savings Account Offered, Interest Rates, Minimum Balance, Eligibility, Customer Care, etc. With over nine decades of experience in providing professional banking services and quality customer service, Karnataka Bank is currently a leading 'A' Class Scheduled Commercial Bank in India. It incorporated back in the year 1924 at Mangaluru, and since then, the bank has grown by leaps and bounds.

Karnataka Bank has a national presence with a network of 858 branches spread across 22 states and two Union Territories. The bank has over 10.21 million customers, which is well managed by a dedicated and professional management team.

The bank as developed a comprehensive Range of customized products and services suitable for all kinds of customers. One such product is 'Savings Account', which has a wide number of variations, ideally designed to suit the diverse needs of the users. Read on to know more about Karnataka Bank Savings Account.

Types of Savings Account by Karnataka Bank

1. SB General

As the name goes, this account caters to the general public with a host of benefits. You can enjoy cash withdrawal at any branch. The bank offers an SMS alert on subscription, free monthly e-statement and a free Debit Card. Nomination Facility is also available.

For hassle-free transaction, the bank offers free Internet and Mobile Banking facility. Furthermore, you can do free fund transfer within the bank.

2. KBL SB Salary Schemes

This Karnataka Bank Savings Account exclusively for Salaried Persons and they can do banking needs at any bank branch. While operating account, there is no requirement of minimum balance. You get a free debit card with purchase protection and unlimited free ATM transactions. The account also offers Personal accident death insurance cover up to Rs. 10 lakh.

There are three variations in the KBL SB Salary Schemes, such as - Executive, Prime and Classic, and their salary credit amount varies accordingly -

*Conditions applied by the bank.

3. KBL Vanitha

KBL-Vanitha Savings Bank Account focuses on encouraging savings habits among women. The account can be opened by females aged 18+ years and the joint account is permitted with females only.

The bank offers free mobile banking Apps such as - KBL Mobile, passbook, ApnaApp, BHIM KBL UPI APP. The account holders are allowed for a free cash deposit, along with internet banking.

4. KBL Tarun

This savings account is specially designed for the students between the age of 18 years and 25 years. It is a zero balance account, which means you don't have to maintain any minimum balance. KBL Tarun Savings Account holds a very simplified account opening procedure.

You will get a free debit card with a daily withdrawal limit of Rs. 25,000 and online purchase limit of Rs. 30,000. Also, Demand drafts are free of charge for the purpose of the exam fee, prospectus fee, tuition fee, etc.

5. KBL Kishore

This Karnataka Savings Bank Account is for students between the age of 10 years and 18 years. This too is a zero balance account. You can open the account with simplified procedures. The daily cash withdrawal limit on the debit card is Rs. 10,000 and online purchase limit of Rs. 5,000.

Parents can transfer free fund up to Rs. 50,000 per month from their account to the student’s account. Also, Demand drafts are free of charge for the purpose of the exam fee, prospectus fee, tuition fee, etc.

6. Privilege Savings Account

Karnataka Bank has designed a range of Privilege Saving accounts to cater to your various financial needs. You can choose the account that best suits you.

a. KBL ILSB (Insurance Linked SB)

This is a insurance linked savings account. KBL ILBS is a 'premium SB Account' that offers insurance cover for Accident or Hospitalisation at the bank's cost.

• Benefits of KBL ILBS

• The account offers an accident Insurance Coverage of Rs. 2 lakh at the bank’s cost

• Reimbursement of hospitalisation expenses arising out of accident will be covered to a maximum of Rs. 10,000 at the bank’s cost

• The insurance cover will commence from 31st day of opening of the account

• In case of joint accounts, only the first account holder is covered

• The account holder is eligible for free Platinum International Debit Card

The other products of KBL ILSB are mentioned in the table below -

7. SB Small Account

The SB Small Account is a No-Frills account. The holder can only keep balance up to Rs. 50,000 at any point in time. Also, the total credit should not exceed Rs. 1,00,000 in a financial year. Furthermore, the aggregate of all withdrawals and transfers in a month should not exceed Rs. 10,000.

The withdrawals in SB Small Account will only be carried through withdrawal slip.

8. SB Sugama

This Karnataka Bank Savings Account is a new basic banking ‘no-frills’ account that intends to be accessible to a vast section of the population. Any individual can open SB Sugama scheme. The best part is there is no minimum balance requirement.

You can withdraw money four times in a month. Pass book, nomination, ATM/Debit Card, check book facility is offered on the account.

How to Open Karnataka Bank Savings Account?

Visit the nearest Karnataka Bank and request the bank executive for Savings Account opening form. While filling the form, ensure all the fields are filled correctly. The details mentioned in the application form should match those mentioned in the KYC documents.

The bank will verify your documents. Once the verification is done, you need to make an initial deposit depending upon the type of account. Your account will open in the next few days.

Karnataka Bank Customer Care

For any query or doubt, request or grievances, you can Call the customer care unit of Karnataka Bank @ 1800 425 1444.