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.