Karnataka Bank hikes deposit rate

Karnataka Bank has increased the interest rates on its domestic and NRE rupee term deposits by 10 basis points. A press release by the bank said here on Friday that interest on domestic and NRE rupee term deposits for periods of one year to two years has been increased from 7.30 per cent to 7.40 per cent (for deposits up to ₹10 crore) with effect from September 29. Resident senior citizens are eligible for additional 0.50 per cent interest over the general rate for term deposits up to ₹5 crore across all maturity slabs, it added.