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Karnataka Bank Revises Interest Rates On Fixed Deposits, Now Offers Highest 7.30% Interest
Private sector lender Karnataka Bank revises the interest rates on fixed deposits under 2 Crore and above Rs 2 Crore to Rs 10 crore. The revised interest rates are effective from April 10, 2023, according to the Karnataka Bank's official website.
Following the modification, the bank offers interest rates on deposits with tenors ranging from 7 days to 10 years that vary from 4.50% to 7.30% for the general public. Also, the bank revises the interest rates on Minor Deposit Scheme.
In addition, the bank hikes interest rates for Rupee term Deposits below Rs 2 Crore and for deposits Rs 2 Crore and up to Rs 10 Crore. On deposits that mature in 375 days (the KBL Centenary Deposit), the maximum interest rate now offering 7.30%.
Rates of Interest on Domestic Term Deposits w.e.f. 10th April 2023
| Maturity Pattern | Interest Rate (% p.a) for Deposits below Rs.2 Crore | Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore |
|---|---|---|
| 7 days to 45 days | 4.5 | 5 |
| 46 days to 90 days | 4.5 | 5 |
| 91 days to 364 days | 5.25 | 5.25 |
| 1 year to 2 years | 7 | 7 |
| 375 days (KBL Centenary Deposit) | 7.3 | 7.3 |
| Above 2 Year to 5 years | 6.5 | 6.5 |
| Above 5 year to 10 years | 5.8 | 5.8 |
Minor Deposit Scheme w.e.f. 10.04.2023
| 375 days (KBL Centenary Deposit) | 7.30% |
| 7 days to 10 years | As applicable for Domestic Term Deposits |
| Above 10 years | 5.50% |
Interest rate for Senior Citizens:(FD & ACC Only)
According to the bank's official website, "*0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and ACC 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 Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019."
| Maturity Pattern | Interest Rate (% p.a) for Deposits below Rs.2 Crore | Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 5 Crore |
| 375 days (KBL Centenary Deposit) | 7.7 | 7.7 |
| 1 year to 2 Years | 7.4 | 7.4 |
| Above 2 Year to 5 years | 6.9 | 6.9 |
| Above 5 Year to 10 years | 6.3 | 6.3 |
Interest rates for NRE Rupee Term Deposits w.e.f. 10.04.2023
| Maturity Pattern | Interest Rate (% p.a) for Deposits below Rs.2 Crore | Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore |
| 375 days (KBL Centenary Deposit) | 7.3 | 7.3 |
| 1 Year to 2 Years | 7 | 7 |
| Above 2 Year to 5 Years | 6.5 | 6.5 |
| Above 5 Year to 10 Years | 5.8 | 5.8 |
Source - karnatakabank.com
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