Karnataka Bank raises deposit interest rates

The city-headquartered private sector Karnataka Bank has increased interest rates on its domestic and NRE rupee term deposits for amount below Rs 2 crore.

The rate of interest for 1-2 years deposits will be 5.35 percent and above two years to five years, the rate will be 5.50 percent. The above rates are effective from July 1 this year, a bank release here said.

The upward revision in the deposit interest rate will encourage retail customers to invest more in various term deposit schemes of the bank, the release said.

(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)