Karnataka Bank Revises Interest Rate On FDs of Less Than Rs 2 Cr

Karnataka Bank, a private sector lender, adjusted interest rates on fixed deposits of less than Rs 2 crore, as well as deposits of Rs 2 crore and up to Rs 10 crore. The new interest rate took effect today, April 1, 2022, and the bank now promise a maximum interest rate of 5.50 percent on domestic term deposits as a result of the modification.

Karnataka Bank Rates of Interest on Domestic Term Deposits w.e.f. 01st April 2022

The bank will now pay 3.40 percent interest on domestic term deposits of less than Rs 2 crore that mature in 7 to 45 days. Karnataka Bank will now provide a 4.90 percent interest rate on deposits maturing in 46 to 90 days. Customers with fixed deposit accounts will get a 5% interest rate on deposits maturing in 91 to 364 days. The bank is currently offering 5.10 percent, 5.40 percent, and 5.50 percent interest rates on domestic term deposits maturing in 1 year to 2 years, above 2 years to 5 years, and above 5 years to 10 years, respectively.

Tenors	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	3.4	3.4
46 days to 90 days	4.9	4.9
91 days to 364 days	5	5
1 year to 2 Years	5.1	5.1
Above 2 Year to 5 years	5.4	5.4
Above 5 year to 10 years	5.5	5.5
Source: Bank Website

Karnataka Bank Rates of Interest on Domestic Term Deposits For Senior Citizens

For senior citizens, Karnataka Bank will continue to offer 0.40 percent over the general rate on domestic FDs up to and including 5 crores for terms of 1 to 5 years, and 0.50 percent over the general rate on terms of 5 to 10 years. The bank is offering older persons a below-listed interest rate of interest on deposits up to and including Rs.5 crore.

Tenors	Rate of interest in % per annum
1 year to 2 Years	5.5
Above 2 Years to 5 years	5.8
Above 5 Years to 10 years	6
Source: Bank Website