Karnataka Bank has increased interest rates by 10 basis pointson its domestic and NRE rupee term deposits for amount below ₹2 crore with effect from July 1.
A statement said that the rate of interest for 1-2 years’ deposits will be 5.35 per cent per annum; and above 2 years to 5 years, the rate will be 5.50 per cent per annum.
The upward revision in the deposit rates will encourage retail customers to invest more in various term deposit schemes of the bank, it said.
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