National Day: Karnataka Bank announces new term deposit program with interest rate of 6.10%

Mangaluru-based Karnataka Bank has launched a new term deposit program on the occasion of the 75th Anniversary of Independence Azadi Ka Amrit Mahotsav. The new scheme will be called KBL Amrit Samriddhi in the category of ACC and Fixed Deposit. The bank is offering an interest rate of 6.10% per annum on the deposit program with a term of 75 weeks (525 days).

Mahabaleshwara MS, MD & CEO of the Bank said, “India is jubilantly celebrating its glorious history of people, culture and achievements. Karnataka Bankdepicts rich patriotic traditions and values, always ready to fulfill the aspirations and dreams of esteemed patrons. “

Furthermore, MD added, “With the new product, KBL Amrit Samriddhi, Bank extends the benefits of interest rate hikes to our customers. I ask each of you to take advantage of this opportunity. This opportunity will be limited. time.”

Currently, the bank offers an interest rate of 5.50% for fixed deposit below 2 crore for the public, while the rate is 5.65% for maturities over 2 years to 5 years and the rate is 5.70% for maturities over 5 years and up to 10 years. Rates vary from 3.40% to 5% for short term tenors from 7 days to 364 days. These rates are the same for FDs from 2 crore to 50 crore.

Meanwhile, the bank offers a rate of 5.90% for the elderly on the deposits below 2 crore for maturities from 1 year to 2 years, while rates are 6.05% and 6.20% for maturities over 2 years to 5 years and over 5 years to 10 years.

Additionally, on its website, the bank emphasizes that “additional 0.40% above the general rate up to and including Only 5 crore under Domestic FD and ACC Program (Not applicable for deposits under NRE/NRO/FCNR(B)) Only for Seniors Resident with a term of 1 to 5 years and add 0, 50% of the general rate for a term of 5 to 10 years wef 09.11.2020. The Elderly interest benefit for deposits with a term of less than 1 year will be withdrawn on June 6, 2019.

Similar ratio on FDs between 2 crore to 5 crore for the elderly.

Last week, on Friday, shares of Karnataka Bank closed at 78.55 each up 2.95% on BSE. The company’s market valuation is approx 2.445.21 crore.

Catch them all Business newsletter, Market News, Hot news Events and Latest news Update on Live Mint. Download Mint News app to get Daily Market Updates.

Less than

Register Mint Newsletter

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link


News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button