Karnataka Bank raises Deposit Interest Rates

Karnataka Bank has increased interest rates on its Domestic and NRE Rupee term deposits for an amount below Rs 2 crore with effect from July 1, 2022. The bank has increased the term deposits by 10 BPS for 1 to 2 years period deposits as well as above 2 years to 5 years deposits.

Accordingly, the rate of interest for 1-2 years deposits will be 5.35 per cent per annum and above 2 years to 5 years, the rate will be 5.50 per cent per annum. The above rates are effective from July 1, 2022.

The bank in a statement said, the upward revision in the deposit interest rate will encourage retail customers to invest more in various term deposit schemes of the Bank.

Karnataka Bank Limited is an old-generation private sector bank. It is an 'A' Class Scheduled Commercial Bank based in Mangaluru in Karnataka, India. The bank has adopted Core banking, and Internet banking and has established its "MoneyPlant" [885 ATMs, 563 Cash Recyclers and 546 e-lobbies/mini e-lobbies] system across the country.