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Mangalore, Aug. 1

Karnataka Bank Ltd has reduced interest rates on NRE deposits with effect from August 1. A bank release said here on Tuesday that interest rate on NRE term deposits has been reduced to 6.54 per cent (6.70 per cent) for one year to less than two years and to 6.44 per cent (6.70 per cent) for two years to less than three years.

For the maturity period of three years to five years, the rate has been decreased to 6.42 per cent (6.70 per cent), the release added.

(This article was published in the Business Line print edition dated August 2, 2006)
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