Karnataka Bank revises FD rates, senior citizens earn 7.70% on 555 days tenor | Mint – Mint

  • Karnataka Bank has revised interest rates on fixed deposits of less than 2 Cr.

Karnataka Bank has revised interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of 1st January, 2023. Following the revision, the bank is currently providing interest rates on deposits with maturities ranging from 7 days to 10 years that range from 5.25% to 5.80%. Karnataka Bank is now giving a maximum interest rate of 7.30% for the general public and 7.70% for senior citizens on a deposit tenor of 555 days (KBL Centenary Deposit).

Karnataka Bank FD Rates

The bank is providing an interest rate of 5.25% on deposits maturing in 7 days to 364 days, and a rate of 7.30% on deposits maturing in 555 days (the KBL Centenary Deposit). Karnataka Bank has pledged to pay 6.80% in interest on deposits held for between one and two years, while the bank will now pay 5.75% on deposits held for between two and five years. Deposits maturing between five and ten years from now on will earn an interest rate of 5.80%.
On domestic fixed deposit tenor of 1 to 5 years, resident senior citizens will get an additional rate of 0.40% over and above the standard or card rates on deposits of up to 5 crore only. Whereas for a tenure of 5 to 10 years, resident senior citizens will get an additional interest rate of 0.50% over and above the standard or card rates.
Meanwhile, Indian Overseas Bank today has announced a hike in fixed deposits of less than 2 Cr by up to 75 bps. The new FD rates of IOB are in force as of January 1, 2023. The bank lifted FD interest rates on short-term deposits with tenors of 7 to 90 days by up to 75 bps as a result of the revision. In contrast, PNB has stated that effective as of 1st January 2023 interest rates would climb for savings accounts and fixed deposit accounts under 2 crore. Thanks to PNB, savings account interest rates have risen by 25 basis points, and across a range of tenors, fixed deposit interest rates have been raised by up to 50 basis points.
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