As a precursor to its centenary year in 2023-24, Karnataka Bank has launched a term deposit scheme -- ‘KBL Centenary Deposit Scheme’ -- with effect from October 17.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a statement said the bank has launched a unique term deposit scheme ‘KBL Centenary Deposit Scheme’ with higher rate of interest in order to mark the glorious journey towards centenary and to reward its patrons.

This deposit will be for a period of 555 days with interest rate of 7.20 per cent. The rate of interest will be 7.60 per cent for senior citizens. He said it is a golden opportunity to the customers to save and invest to realize better returns.

P Pradeep Kumar, Chairman of the bank, said: “By launching this deposit scheme, we are amongst the list of leading banks currently offering the highest rate of interest for term deposits in the banking industry. I wish everyone a roaring Diwali and I am sure this deposit scheme will definitely add to the happiness of our customers during this festive season.”