Skip to content

Karnataka Bank Zero Balance Savings Account, Features, Interest Rates

  • by

Karnataka Bank Offers SB – SUGAMA BSBD Accounts and SB Small. Both Accounts aim to reach financial inclusion for the Unbanking section of the country.

About SB – SUGAMA BSBD Accounts.

This is a new basic banking ‘no-frills’ account  “SB – SUGAMA BSBD Accounts” that designed to provide help banking & financial solutions. This account is a panacea for those who struggle to manage an average monthly balance in the account.

Features of SB – SUGAMA BSBD Accounts.

1- Sugama Account is a ‘no-frills’ account’ with No Minimum Balance.

It means that your account doesn’t need to maintain an average monthly balance in your account.

2- Interest Rate

You will get an Interest Rate of Up to 4.5% on your amount. It decides as per the deposit available at end of the day.

3- ATM/Debit Card.

This Card helps safe and secure payments digital transactions at various payments mode.

4- Multi Branch Banking.

Karnataka bank uses the most modern information technology to deliver products & services. it’s very secure in terms of buying and making Internet/Mobile Banking transactions.

Zero Balance Saving Account with Karnataka Bank
Zero Balance Saving Account with Karnataka Bank

Benefits of SB – SUGAMA BSBD Accounts.

1-Cheque book facility.

2-Pass Book.

3-Collection of outstation cheques and immediate credit of outstation cheques.

4-Nomination

You can make The Nominee. This can help in unforeseen death casualties.

Things to Remember in SB – SUGAMA BSBD Accounts

1-Your withdrawals don’t exceed the stipulated 4 withdrawals per month. Above 4 withdrawals you will pay ₹20/- per withdrawal.

2- All other charges as applicable to regular Savings Bank account.

Features and Benefits of SB Small.

1-No Frills Account.

It means the account holder need not maintain the average monthly balance and not account maintenance services charges.

2-You can withdrawal through a withdrawal slip.

3-You will get a free monthly e-statement (if registered)

4-Nomination facility as per rules.

How to open SB – SUGAMA BSBD Accounts and SB Small?

You can visit your nearest  Karnataka Bank Branch.

Things to Remember in SB Small?

You have to complete your full KYC before completing one year of the Account

You can not exceed ₹50,000/- (Rupees Fifty Thousand only) in the account at any point in time.

Your total credit in the account is not expected to exceed ₹1,00,000/- Per financial year.

Your aggregate of all withdrawals and transfers in a month to not exceed ₹10,000/-.

If the Account holder does not comply with rules and guidelines as per rbi.

The account shall be treated as a regular Savings Bank account.

Zero Balance Saving Account with Karnataka Bank
Zero Balance Saving Account with Karnataka Bank

Karnataka Bank FAQS

  1. What is an SB – SUGAMA BSBD Accounts and SB Small?

This is a Basic saving bank account with limited features. It’s Provides an interest rate of up to 4.5 % on the savings account balance, and much more.

  1. What are the Eligibility Criteria to open this account?

An individual residing in India, HUF, minors (with the declaration of the parent/guardian), above 18 years of age, have a PAN & Aadhaar linked with a phone number.

  1. Is this Mandatory to provide Aadhaar?

Definitely Yes. If you don’t have Aadhaar, please nearest bank branch and choose from another range of products.

  1. Is This Video KYC Available for This Account?

No.

  1. What Can Happen if I don’t complete KYC within one year?

Your account will be automatically closed if you are unable to do so.

  1. Are there Joint Account Facilities in This Account?

Yes

  1. Can I apply for this account online without a visit to the branch?

Definitely Not.

8- I want to rack the remittance transaction?

Yes once the funds are credited you get notified through SMS if you activated

9- How much can I get through the interest rate of the Karnataka Bank Savings account for my deposit?

You will get an interest rate for the savings account that can go up to 4 %.

10- How to open a Karnataka Bank savings account?

This is a very simple procedure once your documents have been approved you will get an acknowledgment from the bank or you simply walk the nearest branch and get the account opened.

Zero Balance Saving Account with Karnataka Bank
Zero Balance Saving Account with Karnataka Bank

About

Karnataka Bank considered as a leading ‘A’ Class Scheduled Commercial Bank in India.

Karnataka Bank offers a wide range of banking and financial services in Savings Account, Current Account, Deposit Accounts, deposits, withdrawals of funds, and much more.

This Bank serves 10.21 million customers with 8,220 employees a strong network of 857 Branches in Pan India.

Currently, Karnataka Bank Managing Director & CEO is Mahabaleshwara M. S, and Its Headquarters is Mangalore, Karnataka Bank

Your Review on Karnataka Bank Savings Account?

[saswp-reviews-form]

Leave a Reply

Your email address will not be published. Required fields are marked *