Interest rates

This private sector bank is revising interest rates on term deposits: Details here

Interest rates on term deposits below 2 crore was reviewed by private sector lender Karnataka Bank. According to the bank’s official website, the new rates are effective from July 29, 2022. Following the revision, the bank now offers interest rates on deposits with maturities between 7 days and 10 years , ranging from 3.40% to 5.70% for the general public and from 3.40% to 6.20% for senior members.

Karnataka Bank FD Rates

On time deposits with a maturity between 7 days and 45 days, the bank now offers an interest rate of 3.40% and on time deposits with a maturity between 46 days and 90 days , the bank now offers an interest rate of 4.90%. Term deposits maturing between 91 days and 364 days will now offer an interest rate of 5.00% and term deposits maturing between 1 year and 2 years will now offer an interest rate of 5.50%. Karnataka Bank will now offer an interest rate of 5.65% on time deposits with a maturity of more than 2 to 5 years and 5.70% on time deposits with a maturity of more than 5 years to 10 years.

For the benefit of the elderly, Karnataka Bank mentioned on its website that “Additional 0.40% over the general rate up to 5 crore included only under domestic FD and ACC schemes (no deposit under NRE/NRO/FCNR(B) accounts) for Senior residents only for occupancy periods of 1 to 5 years and 0.50% more than the general rate for occupancy periods of 5 to 10 years.

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Karnataka Bank FD Rates (karnatakabank.com)

Seniors will benefit from an interest rate of 5.90% on deposits maturing in one to two years and a rate of 6.05% on deposits maturing in two to five years. Senior citizens would receive the highest interest rate of 6.20% on deposits maturing in more than 5 to 10 years. Interest rates for special deposit schemes, such as KBL – Tax Planner, will be 5.65% for the general public and 6.05% for seniors. KBL – Tax Planner is a tax saving fixed deposit product offered by Karnataka Bank. It offers tax benefits under Section 80C of up to Rs. 1.5 lakh but is only effective with a lock-up term of 5 years, so premature withdrawals are not permitted.

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