Karnataka Bank on Friday raised the interest rate on its domestic and Non-Resident External (NRE) rupee accounts term deposits of 1 to 2 years by 15 basis points. It has increased to 5.25 percent per annum from 5.1 percent for deposits up to Rs 10 crore.
The new interest rates are effective from May 21.
The bank said in a release, “Karnataka Bank has increased interest rates on its domestic and NRE (Non-Resident External) rupee term deposits (1 to 2 years term) by 15 basis points to 5.25 percent per annum from 5.10 percent per annum for deposits up to Rs 10 crore.”
Mahabaleshwara M S, Managing Director, and CEO, Karnataka Bank said, “The upward revision in the interest rate on deposits is aligned with the market trend, and is expected to encourage the people to invest in the various term deposit schemes of the bank.”
