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Home / Money / Personal Finance /  Independence Day: Karnataka Bank unveils new term deposit scheme with 6.10% rate
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Mangaluru-based Karnataka Bank has launched a new term deposit scheme on the occasion of 75 years of Independence as Azadi Ka Amrit Mahotsav. The new scheme will be called KBL Amrit Samriddhi under ACC and Fixed Deposit category. The bank is offering a 6.10% per annum interest rate on the deposit scheme with a tenure of 75 weeks (525 days).

Mahabaleshwara M S, MD & CEO of the Bank said, “India is celebrating the glorious history of its people, culture, and achievements in a jubilant way. Karnataka Bank, portraying the rich patriotic tradition and values, has always been ready to meet the aspirations and dreams of its valued patrons."

Further, the MD added, "With the new product, KBL Amrit Samriddhi, Bank extends the benefit of increase in the interest rates to our customers. I request each one of you to make use of this opportunity, which will be available for a limited time."

Currently, the bank offers a 5.50% interest rate on fixed deposits below 2 crore to the general public, while the rate is 5.65% for tenure above 2 years to 5 years, and the rate is 5.70% on maturity period for above 5 years and up to 10 years. The rate varies from 3.40% to 5% on short-term tenures between 7 days to 364 days. These rates are the same for FDs from 2 crore to 50 crore.

Meanwhile, the bank offers a 5.90% rate to senior citizens on deposits below 2 crore for a tenure of 1 year to 2 Years, while the rate is 6.05% and 6.20% on maturity period above 2 years to 5 years and above 5 years up to 10 years.

Also, on its website, the bank highlights that "0.40% extra over the general rate up to and inclusive of 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only for tenure 1 to 5 years and 0.50% extra over the general rate for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019."

The rates are similar on FDs between 2 crore to 5 crore for senior citizens.

Last week, on Friday, Karnataka Bank shares closed at 78.55 apiece up by 2.95% on BSE. The company's market valuation is around 2,445.21 crore.

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