Karnataka Bank surges Deposit Interest Rates by 10 bps; stock marginally down

30 Jun 2022 , 02:15 PM

Karnataka Bank informed that it has increased the interest rates on its Domestic and NRE Rupee Term Deposits for amounts below Rs2 crore.
The bank has increased 10 basis points for 1 to 2 years period deposits as well as above 2 years to 5 years deposits.

Accordingly, the new effective rates for 1-2 years deposits will be 5.35% p.a. For deposits above 2 years to 5 years the new rate will be 5.50% p.a.

Bank has further stated that new rates are applicable from July 1, 2022.

The increase in the deposit interest rate will encourage retail customers to invest more in the Bank’s various term deposit schemes.

Karnataka Bank is currently trading at Rs64.75 down by Rs0.25 or 0.38% from its previous closing of Rs65 on the BSE. The scrip touched intraday high and low of Rs65.60 and Rs64.30 respectively.