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Business News/ Industry / Banking/  This private bank hikes interest rates on 1 to 2 years fixed deposits (FDs)
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This private bank hikes interest rates on 1 to 2 years fixed deposits (FDs)

Karnataka Bank, a private sector lender, revised its fixed deposit interest rates on May 21, 2022. Following the recent modification, the bank has increased the interest rate on domestic term deposits of less than ₹2 crore maturing in one year to two years.

Previously, the bank offered an interest rate of 5.1 per cent, but it has been raised by 15 basis points to 5.25 per cent on deposits of one to two years. The bank has left the interest rate on the remaining tenors constant.Premium
Previously, the bank offered an interest rate of 5.1 per cent, but it has been raised by 15 basis points to 5.25 per cent on deposits of one to two years. The bank has left the interest rate on the remaining tenors constant.

Karnataka Bank, a private sector lender, revised its fixed deposit interest rates on May 21, 2022. Following the recent modification, the bank has increased the interest rate on domestic term deposits of less than 2 crore maturing in one year to two years. Previously, the bank offered an interest rate of 5.1 per cent, but it has been raised by 15 basis points to 5.25 per cent on deposits of one to two years. The bank has left the interest rate on the remaining tenors constant.

Karnataka Bank FD Rates

The bank will pay an interest rate of 3.40 per cent on domestic term deposits for 7 to 45 days. Karnataka Bank will continue to give a 4.90 per cent interest rate on deposits due in 46 to 90 days. Karnataka Bank will now provide a 5.00 per cent interest rate on deposits maturing in 91 days to 364 days, and a 5.25 per cent interest rate on deposits maturing in 1 year to 2 years. Deposits of more than two years to five years and more than five years to ten years will now return 5.40 per cent and 5.50 per cent, respectively.

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- 5.25

Above 2 Years to 5 years- 5.4

Above 5 years to 10 years- 5.5

Karnataka Bank FD Rates For Senior Citizens

Karnataka Bank would give 0.40 per cent more than the standard rate under Domestic FD for resident senior citizens for maturity duration of 1 to 5 years and 0.50 per cent more than the general rate for a tenure of 5 to 10 years.

1 year to 2 Years- 5.65

Above 2 Years to 5 years- 5.8

Above 5 Years to 10 years- 6

Source: Bank Website

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 22 May 2022, 11:12 AM IST
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