Interest rates

Karnataka Bank revises interest rates on fixed deposits under ₹2 Cr

Private sector lender Karnataka Bank has changed interest rates on term deposits 2 crores. On the official website of the bank, it is stated that the new rates will come into effect on September 1, 2022. The bank has now introduced a new term of one year, on which it will now guarantee interest rates of 6.20 % for the general public and 6.60% for the elderly.

Karnataka Bank FD Rates 2022

The bank will continue to offer an interest rate of 3.40% on term deposits with maturities between 7 days and 45 days and a rate of 4.90% on term deposits with maturities is between 46 days and 90 days. Term deposits with maturities between 91 and 364 days will continue to pay an interest rate of 5.00%, while deposits with an additional new maturity of 1 year will now pay an interest rate of 6.20 %. On term deposits with a maturity between one and two years, Karnataka Bank will continue to offer an interest rate of 5.50%, and on deposits with a maturity between two and five years , the bank will continue to offer an interest rate of 5.65%. The interest rate on term deposits remained constant at 5.70% for maturities over 5 to 10 years.

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Karnataka Bank FD Rates (karnatakabank.com)

Karnataka Bank also mentioned on its website that “the new deposit scheme ‘KBL Amrith Samriddhi’ is being introduced for a fixed period of 75 weeks (525 days) at an interest rate of 6.10% per annum commencing from 15.08.2022, valid for a limited period only.”

Seniors would continue to receive 0.40% more than the general rate via the national FD and ACC schemes, excluding NRE/NRO/FCNR(B) accounts, for durations of 1 to 5 years and 0.50% more than the general rate for terms of 5 years. 10 years from Karnataka Bank. The bank will grant an interest rate of 5.65% for the general public and 6.05% for senior citizens on the “KBL – Tax Planner” scheme, which is a fixed deposit at a fixed rate of 5 years.

For early withdrawals of term deposits of less than 2 Cr, Karnataka Bank mentioned on its website that a “penalty of 1% on the applicable rate will be imposed in case of early closure of a single rupee term deposit of 2 crores and up. For this purpose, the applicable rate means the interest rate applicable for the period during which the deposit has remained with the Bank or the contractual rate, whichever is lower. »

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