Karnataka Bank is one of the major banking institution located in Mangaluru, Karnataka. The Reserve Bank of India has denoted Karnataka Bank as the A1+ Class Scheduled Commercial Bank. Currently, the Karnataka Bank has a wide network of 781 Branches, 1382 ATMs and 123 mini e-lobbies/ e-lobbies across 22 States and 2 Union Territories. The Tagline of the Bank is “Your Family Bank Across India”.
The Bank offers its customers a wide range of products and services out of which, the savings account is the most used one. In this article, we will be discussing the Karnataka Savings Account., its types, and features of each account.
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Types of Karnataka Savings Account
The Karnataka Banks has a wide variety of savings account as per the needs and requirements of the customers.
The types of Savings Account of Karnataka Bank are as follows:
- KBL Vanitha
- KBL Kishore
- KBL Tarun
- KBL Salary Privilege
- SB GEN (General)
- SB Money Sapphire
- SB Money Ruby
- SB Money Platinum
- Insurance-Linked Savings Account
- SB Sugama
- SB Small
- SB- Namitha
Now, Let’s have a detailed look at these above savings account.
KBL Vanitha
This account is specially designed for the women. This savings account offers an interest rate of 4% on the daily balance; interest paid quarterly. The account holder of this account is provided with a Visa Debit Card.
The Features and Benefits of KBL Vanitha Savings Account are:
This account can be opened by any woman whose age is 18 years or above. You can even open the joint accounts as well.
You can also start with “Zero” opening deposit and you don’t have to care about maintaining a minimum balance.
Average Monthly Balance Requirement is Rs 1000.
- Through this account, you will also get a cover for your jewelry in case any snatching or theft event has taken place. The cover given will be up to Rs 50, 000.
- You can transact funds up to Rs 50, 000 every month free of charge to the accounts.
- Through this account, you can avail multiple branch banking facilities.
- You can enjoy many privileges such as Money Plant VISA Global Debit Cards.
- It provides facilities such as Mobile Banking, Internet Banking, RTGS/NEFT as well as free online payments or transactions.
- You can also get free SMS Alerts about your transaction records and activities.
KBL Kishore Savings Account
This Savings account is specially designed for the students aged between 12 to 18.
The Features and Benefits of this Savings Account are as follows:
- There is no requirement to maintain a specified minimum balance.
- The procedure for opening this account is quite simple and quick.
- The bank does not charge if you are sending Demand Draft to your University/ College/ Institute to Pay Tuition Fee, Prospectus Fee or Exam Fee.
- Allows funds transfer transactions for up to Rs 50, 000 every month (from the account of parent or guardian of the student).
- You can avail multiple branch banking facilities.
- Enjoy privileges such as Money Plant VISA Golden Debit Cards.
- You can also get free SMS Alerts about your transaction records and activities.
- You can avail a “daily” money withdrawal limit of Rs 5000 and shopping (Pos or E-Commerce Portals) limit of Rs 1500.
- Offers “Net Banking Feature” called “Cyber Kid”.
KB Tarun
The KB Tarun Savings Account is specially designed for the students who are aged between 18 to 25 years and this account can be operated at any branch.
The Features and Benefits of this Savings Account are as follows:
- No specific minimum balance required.
- Account opening procedure is quick and simple.
- The bank does not charge any amount if you want to send any Demand Draft to your University/College/ Institute to Pay Tuition Fee, Prospectus Fee or Exam Fee etc.
- Through this account, you can avail multiple branch banking facility and multi-city Cheque facility.
- Provides Add-On Privileges such as Money Plant VISA Golden Debit Cards.
- You can also get free SMS Alerts and monthly e-mail alerts, to keep the record of the transaction activities.
- Demand Drafts can be bought at any Karnataka Branch.
- You can avail free checkbooks and can enjoy the benefit of quick processing of cheques.
KBL Salary Privilege
This type of account is specially designed for the salaried individuals.
The Features and Benefits of this Savings Account are as follows:
- There is no need to maintain any minimum balance for this account.
- You can easily deposit or withdraw amount at any branch. You can also avail the multiple city cheque facilities as well.
- Allows free transactions to a certain limit.
- You can also avail multiple branch banking facility and multi city-cheque facility.
- You can enjoy privilege such as Money Plant VISA Golden Debit Cards.
- Offers Net-Banking, Mobile Banking, RTGS/NEFT Funds Transfers, as well as online payment is enabled free.
- You can receive free SMS Alerts and E-mail Notifications regarding your Transaction Activities.
- The Demand Drafts can be bought at any Karnataka Bank Branch.
- You can avail free checkbooks and enjoy the benefit of quick processing of cheques.
Insurance-Linked Savings Account
The Insurance Linked Savings Account includes Personal Accident/ Hospitalization Cover. The account holder is provided with a Visa Debit Card.
The Features and Benefits of the Insurance Linked Savings Account are as follows:
- You can avail this facility for your prevailing savings account as well as for the one you are opening the account for.
- A Minimum Balance of Rs 15, 000 is required to be maintained, if your account is in a metro branch and Rs 10, 000 is maintained if your account is maintained in any semi-urban or rural bank branch.
- A personal accident cover worth of Rs 2 Lakhs is provided to the account holder.
- Provides Hospitalization Benefits such as Check-up. Medicines and Tests up to Rs 10, 000.
- The Accident Insurance Cover will start from the 31st day of starting of your Karnataka Bank Branch.
- If it is a Joint Account, then only the primary account user is protected and not both the stakeholders.
SB General Scheme Savings Account
This type of savings account offers additional perks. The Features and Benefits of this account are as follows:
- An average monthly balance of Rs 1000 must be maintained along with the checkbook and Rs 200 must be maintained without a checkbook. A penalty of Rs 50 will be charged if the minimum balance is not maintained.
- Provides facilities such as Mobile Banking, Internet Banking, RTGS/NEFT as well as Online Payment is enabled free.
- The account holder can receive free SMS and E-mail Alerts which will help you to track your transaction activities.
SB Sugama Savings Account
The SB Sugama Savings Account is a simple basic savings Bank Deposit Account. The average monthly balance requirements for the Metro Cities is Rs 200, for Urban Cities is Rs 150, for Semi-Urban Cities- Rs 100 and for Rural Cities the minimum balance required is Rs 50/-.
The Features and Benefits of SB Sugama Savings Account are as follows:
- Any Individual who wants to keep less than Rs 50, 000 in their account balance (includes Term Deposit Account such as CD, ACC, FD etc.) and an overall credit in all the accounts together must not be more than Rs 1 Lac annually.
- Offers Six Cash Withdrawals monthly via Bank withdrawal slips, Further withdrawals will be charged to Rs 10.
- You can also collect the outstation cheques for free.
- Provides Free Passbook, Chequebook, and Nomination
- With this account, you will not be provided with an ATM/Debit card facility, multiple branch banking facility and Instant Crediting of the cheques.
SB Money Platinum
The SB Money Platinum is a savings account that offers a plenty of additional perks. The average monthly balance requirement for this account is Rs 3 Lakhs and the account holder will be provided with a Visa Debit Card.
The Features and Benefits of this Savings Account are as follows:
- The account offers an average monthly balance of Rs 3 Lakhs.
- Provides free Monetary Transactions from one account to another account of the same or the account holder of the other bank within KBL or across banks.
- You will not be provided with facilities such as Multiple Branch Banking and Instant Crediting of Cheques.
SB Money Sapphire
This is a customized savings account which offers a plenty of complementary features, facilities, and benefits. The average monthly balance requirement is Rs 10, 000.
The features and benefits of SB Money Sapphire Savings Account are as follows:
- This account allows an average monthly balance requirement of Rs 10, 000.
- Net Banking, Mobile Banking, RTGS/NEFT as well as the online payment is enabled free.
- You can receive free SMS Alerts, which will track your transaction activities.
- Allows NEFT/RTGS Fund Transactions and is free up to Rs 50, 000 per month. After that the charges are as follows:
Through NEFT:
- Up to Rs 10, 000 – Rs 2.50
- Rs 10, 001 to 1 Lakhs- Rs 5
- Between 1 Lakh to 2 Lakh- Rs 15
- More than 2 Lakhs- Rs 25
Through RTGS:
- Between 2 Lakhs to 5 Lakhs- Rs 25
- For more than 5 Lakhs- Rs 50
SB Ruby Savings Account
The SB Ruby Savings account is a customized savings account which offers a plenty of complementary features, facilities, and benefits. The average monthly balance requirement is Rs 10, 000.
The features and benefits of SB Money Sapphire Savings Account are as follows:
- This account allows an average monthly balance requirement of Rs 10, 000.
- Net Banking, Mobile Banking, RTGS/NEFT as well as the online payment is enabled free.
- You can receive free SMS Alerts, which will track your transaction activities.
- Allows NEFT/RTGS Fund Transactions and is free up to Rs 50, 000 per month. After that the charges are as follows:
Through NEFT:
- Up to Rs 10, 000 – Rs 2.50
- Rs 10, 001 to 1 Lakhs- Rs 5
- Between 1 Lakh to 2 Lakh- Rs 15
- More than 2 Lakhs- Rs 25
Through RTGS:
- Between 2 Lakhs to 5 Lakhs- Rs 25
- For more than 5 Lakhs- Rs 50