Finance

interest rates: Karnataka Bank raises interest rates

Mangaluru-based leading private sector has increased interest rates on its domestic and NRE rupee term deposits for amount ranging from Rs 2 crore up to Rs 10 crore, a bank release said here. There will be 10 basis points (BPS) increase for 1 to 2 years period deposits and 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 per cent per annum and above 2 years to 5 years and above 5 years to 10 years the rate will be 5.60 per cent and 5.70 per cent respectively.

The above rates are effective from Friday, June 10, the release said.

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