Karnataka Bank hikes term deposit interest rates INDIA BUSINESS PORT

Karnataka Bank hiked the interest rate on term deposits for amounts up to ₹10 crore across various maturity periods.

For deposits below ₹2 crore invested for seven days to 90 days, the bank will now offer 5.25% rate of interest. For the same period, on deposits between ₹2 crore and ₹10 crore, the revised rate of interest will be 5.60%.

For a maturity period of one to two years, interest rate on deposits below ₹2 crore has been increased to 6.40%. The revised rate for deposits ranging from ₹2 crore to ₹10 crore for the same period will be 6.50%.

The revised interest rates are effective from September 29, 2022.

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