Karnataka Bank raises Deposit Interest Rates

Deepthi | Myequity news | Date : 28-09-2018 19:50:00 IST

Karnataka Bank has raised interest rates on its Domestic and NRE Rupee term deposits by 10 basis points. Interest on Domestic and NRE Rupee term deposits for a period of 1 year to 2 years now stands revised to 7.40% from 7.30% per anum [for deposits upto Rs.10 crores] representing a hike of 10 basis points. The above rates are effective from 29-09-2018. Further, Resident Senior Citizens are eligible for additional 0.50% per anum interest over the General rate for term deposit upto Rs. 5 crore across all maturity slabs.

About Karnataka Bank Limited:

The Karnataka Bank Limited is a scheduled commercial banking institution based in Mangaluru in Karnataka, India. Karnataka Bank Limited has a network of 814 branches, 1374 ATMs and 160 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,220 employees and over 9.65 million customers throughout the country. Its shares are privately owned by over 1,46,000 shareholders. In August 2008, Karnataka Bank Limited received the Sun and NDTV Green IT Award. Sun Microsystems and NDTV gave the award to in recognition of the bank's "green policies" and use of earth-friendly technology such as solar power. The bank has the Best Bank Award for "Managing IT Risk" under small bank category for the year 2010-11, instituted by Institute for Development and Research in Banking Technology (IDRBT). Karnataka Bank Limited has adopted Core banking, Internet banking and has established its "MoneyPlant" [1374 Automated Teller Machine] system across the country.

More from Myequity