Karnataka Bank has revised interest rates on both its domestic and NRE fixed deposit interest rates. The revised interest rates are effective from July 29, 2022. will now offer a 3.40 percent interest rate on term deposits maturing in 7 to 45 days, and 4.90 percent interest rate on term deposits maturing in 46 to 90 days. Fixed deposits maturing in 91 days to 364 days will earn 5 percent interest, while term deposits maturing in 1 year to 2 years would pay 5.50 percent. Karnataka Bank will pay 5.65 percent interest on deposits maturing in 2 to 5 years and 5.70 percent on deposits maturing in 5 to 10 years.
According to the website, “0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only for tenure 1 to 5 years and 0.50% extra over the general rate for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn.”
NRE Rupee Term Deposits
On NRE term deposits with terms ranging from one year to ten years, the bank will offer interest rates ranging from 5.50 percent to 5.70 percent.