Financial Daily from THE HINDU group of publications
Sunday, Apr 30, 2006
Financial Daily from THE HINDU group of publications Sunday, Apr 30, 2006 |
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Money & Banking
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Fixed Deposits Industry & Economy - Economy Karnataka Bank hikes term deposit rates Our Bureau
Mangalore , April 29 Karnataka Bank Ltd has announced revision of domestic term deposit rates with effect from May 2 on fresh deposits and renewals of maturing deposits. A bank release said here on Saturday that the bank has introduced one more maturity slab of five years and above carrying an interest of 8 per cent to 8.50 per cent. The bank also offers the highest interest of 9 per cent for deposits belonging to senior citizens for a period of five years and above. The bank, which has changed interest rates on the maturity patterns between 181 days and five years, has not changed rates for term deposits in the maturity patterns between seven days and 180 days. In the maturity pattern of 181 days to less than one year, term deposits below Rs 15 lakh will get an interest of 6.50 per cent (6.25 per cent), term deposits in the range of Rs 15 lakh to Rs 50 lakh will get an interest of 6.75 per cent (6.50 per cent), and deposits from Rs 50 lakh to below Rs 5 crore will get an interest of 7 per cent (6.75 per cent) In the maturity pattern of one year to less than 3 years, term deposits below Rs 15 lakh will get an interest of 7.50 per cent (6.50 per cent), deposits in the range of Rs 15 lakh to Rs 50 lakh will get an interest of 7.75 per cent (6.75 per cent), and deposits from Rs 50 lakh to below Rs 5 crore will get an interest of 8 per cent (7 per cent). In the maturity pattern of three years to less than 5 years, term deposits below Rs 15 lakh will get an interest of 7.75 per cent (7 per cent), deposits in the range of Rs 15 lakh to Rs 50 lakh will get an interest of 8 per cent (7.25 per cent), and deposits from Rs 50 lakh to below Rs 5 crore will get an interest of 8.25 per cent (7.50 per cent). Senior citizens will get an interest of 8.50 per cent (7.50 per cent) on maturities of one year to less than three years and 8.75 per cent (8 per cent) on maturities of three years and above, irrespective of the quantum of deposit.
More Stories on : Fixed Deposits | Economy | Interest Rates | Private Banks
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