Karnataka Bank has revised its fixed deposit (FD) interest rates for various tenures, effective from December 2, 2024. The new rates range from 3.5% to 7.5% per annum for general citizens and 8.0% for senior citizens. For deposits above 2 years, the interest rate is 7.25% for senior citizens and 6.75% for general citizens. The bank has also introduced a new rate of 5.50% for deposits above 10 years under its minor deposit scheme. These revised rates reflect stable market conditions, as the Reserve Bank of India (RBI) is unlikely to reduce repo rates in its upcoming meeting on December 4, 2024. The new rates are applicable for callable and non-callable deposits, with differences in rates for general citizens, senior citizens, and deposits with varying tenures.
Karnataka Bank adjusts fixed deposit interest rates for specific maturities
by newsworm | Dec 4, 2024 | Banking, Karnataka Bank, RBI