Karnataka Bank FD Interest Rates: Karnataka Bank increases FD interest rates by 10 bps: Check latest rates

Karnataka Bank increased interest rates on domestic term deposits and NRE Rupee term deposits for amounts under 2 crore, according to a BSE filing. The new interest rates are effective from July 1, 2022.
has raised interest rates by 10 bps for FD tenures between one and two years as well as for those between two and five years. As a result, the rate of interest on deposits with a term of 1-2 years will be 5.35 percent per annum, and from 2 to 5 years it will be 5.50 percent per annum.

According to the website, “0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and

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 Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn.

The bank offers FD interest rates between 3.40 percent and 5.50 percent for tenures between 7 days and 10 years. There will be no penalty levied for premature closure for amounts below Rs 2 crore

Savings account interest rate

The bank offers 2.75 percent interest rate for savings accounts with balance up to Rs 50 lakh, 3.50 percent interest on amounts between Rs. 50 lakh and Rs. 100 lakh, and 4.50 percent interest on amounts over Rs. 100 lakh.

Other banks

Many banks including

, , , and others have already hiked their interest rates after the Reserve bank of India hiked the repo rate by 50 basis points.

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