Karnataka Bank Revises Interest Rates On Fixed Deposits (W.e.f. 1st March 2022)

Karnataka Bank, a private sector lender, has revised interest rates on fixed deposits of less than Rs 2 crore. The new interest rates are effective as of 01st March 2022. After the adjustment, the bank now promises a maximum interest rate of 5.5 percent for the general public and 6% for senior citizens. The current interest rates on fixed deposits under Rs 2 crore are briefly discussed below.

Karnataka Bank Fixed Deposit Interest Rates For Regular Customers

The bank is currently giving a 3.40 percent interest rate on fixed deposits of less than Rs 2 crore maturing in 7 days to 45 days, beginning March 1, 2022. On term deposits maturing in 46 to 90 days, the bank is currently offering a 4.90 percent interest rate. On fixed deposits maturing in 91 days to 364 days, regular customers will now receive a 5.00 percent interest rate. The general public will now receive a 5.10 percent interest rate on term deposits maturing in 1 to 2 years. Non-senior citizens will now receive a 5.40 percent interest rate on term deposits maturing in 2 to 5 years and 5.50 percent on deposits maturing in 5 to 10 years.

Tenor	Interest Rate (% p.a) for Deposits below Rs.2 Crore
7 days to 45 days	3.4
46 days to 90 days	4.9
91 days to 364 days	5
1 year to 2 Years	5.1
Above 2 Years to 5 years	5.4
Above 5 years to 10 years	5.5
Source: Bank Website

Karnataka Bank Fixed Deposit Interest Rates For Senior Citizens

On deposits maturing in 1 to 5 years, the bank gives elderly citizens an additional rate of 0.40 percent over the regular rate on deposits up to and including 5 crores exclusively under Domestic FD. Senior citizens will receive an additional 0.50 percent on deposits maturing in 5 to 10 years over the general rate.

Tenor	Interest rates in % p.a. for senior citizens
7 days to 45 days	3.4
46 days to 90 days	4.9
91 days to 364 days	5
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

Karnataka Bank Minor Deposit Scheme

Karnataka Bank also offers a minor deposit scheme which can be accepted upto 31.03.2022 only. On this scheme, the bank is now offering the following interest rates.

7 days to 10 years	As applicable for Domestic Term Deposits
Above 10 years	5.5
Source: Bank Website