Karnataka Bank has revised the interest rates for fixed deposits below Rs 2 crore. The new rates have come into effect from September 29. According to the information given on the bank’s website, now customers will get an interest of 5.25 percent to a maximum of 6.40 percent on FD. The tenure of these FDs is from 7 days to 10 years.
It is worth noting that the bank will give the maximum interest rate on FDs maturing in 1-2 years. At the same time, the bank is giving 0.50 percent more interest to senior citizens than the normal interest rate on one tenure. It is worth noting that this change is before the increase in the repo rate by the RBI. It is being speculated that further banks may increase FD interest rates further.
Interest Rates of Karnataka Bank The bank is giving 5.25 percent interest for FDs of 7 to 90 days on deposits of less than Rs 2 crore. Customers will also get 5.25 percent interest on 91-364 days FD. The bank is giving the highest interest of 6.40 percent on FDs between 1-2 years. After this, the bank will give an annual interest of 5.75 percent on FDs maturing in more than 2 years and in 5 years. It is giving an interest of 5.80 percent on FDs of more than 5 years to 10 years.
Interest rate for senior citizens
According to the information given by Karnataka Bank on the website, senior citizens of India are being given an additional interest of 0.50 percent on FDs of less than Rs 2 crore by the bank. The bank is giving 6.80 percent interest on FDs of 1-2 years. Interest will be 6.15 percent on FDs of 2-5 years and 6.30 percent on FDs of more than 5 years to 10 years. The interest rate for senior citizens for the longest tenure is 0.50 per cent higher than the simple interest rate.
Increase in Repo Rate
RBI announced an increase in the repo rate once again on 30 September i.e. Friday. After the 3-day meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das has announced an increase of 0.50 percent in interest rates. After the increase in rates for the fourth consecutive year, the repo rate has now reached 5.90 percent. Due to this, FD interest rates are expected to rise. Also, there is an estimate of increase in loan rates by banks.
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