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MangaloreFeb. 1Karnataka Bank Ltd has lowered interest rates on its NRE and FCNR(B) deposit schemes with effect from February 1.

The interest rate on NRE deposits is now 5.93 per cent (6.33 per cent) for the tenure of one year to less than two years, 5.85 per cent (6.16 per cent) for two to less than three years, and 5.80 per cent (6.08 per cent) for three to five years.

The rate on dollar deposits for the tenure of one year to less than two years is 5.18 per cent (5.33 per cent), two to less than three years is 5.10 per cent (5.16 per cent), three to less than four years is 5.05 per cent (5.08 per cent), four to less than five years is 5.05 per cent (5.07 per cent), and for five years only it is 5.06 per cent (5.09 per cent).

(This article was published in the Business Line print edition dated February 2, 2007)
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