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

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 The Elderly interest benefit for deposits with a term of less than 1 year will be withdrawn on June 6, 2019.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.

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