Karnataka Bank has increased interest rates on its Domestic and NRE Rupee term deposits. Interest on domestic term deposit for a period of 1 year to 449 days stands revised to 7.10% from 6.90% [for deposits upto 10 crores] and for 451 days to 2 years stands revised to 7.10% from 6.90% [for deposits upto 10 crores] representing a hike of 20 basis points. A new slab of 450 days has been introduced with Rate of Interest of 7.25% [for deposits upto    10 crores]. The above rates are effective from 30-01-2018. Further, Resident Senior Citizens are eligible for additional 0.50% interest over the General rate for term deposit upto 5.00 crore across all maturity slabs.

The Managing Director & CEO of the bank, Mahabaleshwara M.S. said: “This upward revision in the deposit interest rate is in line with the market trend and is expected to encourage the public to invest more in the bank’s various term deposit schemes.”