Karnataka Bank raises interest rates on deposits by 15 basis points

Karnataka Bank on Friday said it has raised interest rates on term deposits in domestic as well as non-resident external rupee accounts by 15 basis points to 5.25 per cent per annum.

Karnataka Bank has increased interest rates on its domestic and NRE (Non-Resident External) rupee term deposits (1 to 2 years term) by 15 basis points to 5.25 per cent per annum from 5.10 per cent per annum for deposits up to Rs 10 crore, the bank said in a release.

The rate is effective from May 21, 2022.

Mahabaleshwara M S, the managing director & CEO of Karnataka Bank, 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 our bank's various term deposit schemes."