Karnataka Bank makes upward revision in deposit interest rates; stock skids ~2%

10 Jun 2022 , 12:59 PM

Karnataka Bank informed that the bank has increased interest rates on its Domestic and NRE Rupee term deposits for amounts ranging from Rs2 crore & up to Rs10 crore.

The bank has made a 10-bps increase in 1 to 2 years period deposits and a 20-bps increase for above 2 years to 5 years deposits.

Accordingly, the rate of interest for 1-2 years deposits will be 5.35 % p.a. and above 2 years to 5 years and above 5 years to 10 years the rate will be 5.60 % p.a. & 5.70 % p.a. respectively for amount ranging from Rs2 crore & up to Rs10 crore.

The bank further stated that above rates will be effective from June 10, 2022.

At around 1.02 PM, Karnataka Bank was trading at Rs65.05 down by Rs0.95 or 1.44% from its previous closing of Rs66 on the BSE. The scrip touched intraday high and low of Rs65.75 and Rs64.85 respectively.