Karnataka Bank hikes deposit interest rates from today

The Karnataka Bank raised the interest rates on deposits of up to 10 crores for various maturity periods. The bank will now offer 5.25 percent on deposits of less than Rs 2 crore for 7 to 90 days. For the same time period, the new rate for deposits between Rs 2 crore and Rs 10 crore will be 5.60 percent.

For deposits under Rs 2 crore, the interest rate is raised to 6.40 percent for terms of 1 to 2 years. For the same time period, the new rates for loans between Rs 2 crore and Rs 10 crore will be 6.50 percent.

From September 29, 2022, these new interest rates will be in place.

The bank said in a statement that Dussehra is the first festival of the season, and that many more auspicious festivals, like Diwali, will follow. Karnataka Bank joins in the happiness and celebrations by raising the interest rates on term deposits for all of its customers and potential customers, the bank said.

In June of this year, the bank raised the interest rates on its domestic and non-resident Indian (NRE) rupee term deposits of less than Rs 2 crore. The rate of interest on deposits for one to two years was raised to 5.35 percent, and the rate for three to five years was 5.50 percent.

In July, the bank said that its net profit for the June quarter of 2022-23 had gone up by almost 8 percent, to Rs. 114 crore. Most of the profit came from a rise in core income and a drop in bad loans.

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