Karnataka Bank FD Rates
The bank is providing an interest rate of 5.25% on deposits maturing in 7 days to 364 days, and a rate of 7.30% on deposits maturing in 555 days (the KBL Centenary Deposit). Karnataka Bank has pledged to pay 6.80% in interest on deposits held for between one and two years, while the bank will now pay 5.75% on deposits held for between two and five years. Deposits maturing between five and ten years from now on will earn an interest rate of 5.80%.
On domestic fixed deposit tenor of 1 to 5 years, resident senior citizens will get an additional rate of 0.40% over and above the standard or card rates on deposits of up to ₹5 crore only. Whereas for a tenure of 5 to 10 years, resident senior citizens will get an additional interest rate of 0.50% over and above the standard or card rates.
Meanwhile, Indian Overseas Bank today has announced a hike in fixed deposits of less than ₹2 Cr by up to 75 bps. The new FD rates of IOB are in force as of January 1, 2023. The bank lifted FD interest rates on short-term deposits with tenors of 7 to 90 days by up to 75 bps as a result of the revision. In contrast, PNB has stated that effective as of 1st January 2023 interest rates would climb for savings accounts and fixed deposit accounts under ₹2 crore. Thanks to PNB, savings account interest rates have risen by 25 basis points, and across a range of tenors, fixed deposit interest rates have been raised by up to 50 basis points.
