Independence Day: Karnataka Bank unveils new time period deposit scheme with 6.10% price

Mangaluru-based Karnataka Bank has launched a brand new time period deposit scheme on the event of 75 years of Independence as Azadi Ka Amrit Mahotsav. The new scheme shall be known as KBL Amrit Samriddhi underneath ACC and Fixed Deposit class. The financial institution is providing a 6.10% every year rate of interest on the deposit scheme with a tenure of 75 weeks (525 days).

Mahabaleshwara M S, MD & CEO of the Bank mentioned, “India is celebrating the wonderful historical past of its folks, tradition, and achievements in a jubilant means. Karnataka Bank, portraying the wealthy patriotic custom and values, has all the time been prepared to satisfy the aspirations and goals of its valued patrons.”

Further, the MD added, “With the brand new product, KBL Amrit Samriddhi, Bank extends the good thing about improve within the rates of interest to our prospects. I request every one among you to utilize this chance, which shall be obtainable for a restricted time.”

Currently, the bank offers a 5.50% interest rate on fixed deposits below ₹2 crore to the general public, while the rate is 5.65% for tenure above 2 years to 5 years, and the rate is 5.70% on maturity period for above 5 years and up to 10 years. The rate varies from 3.40% to 5% on short-term tenures between 7 days to 364 days. These rates are the same for FDs from ₹2 crore to ₹50 crore.

Meanwhile, the bank offers a 5.90% rate to senior citizens on deposits below ₹2 crore for a tenure of 1 year to 2 Years, while the rate is 6.05% and 6.20% on maturity period above 2 years to 5 years and above 5 years up to 10 years.

Also, on its website, the bank highlights that “0.40% further over the final price as much as and inclusive of ₹5 crore solely underneath Domestic FD and ACC Schemes (Not for deposit underneath NRE/NRO/FCNR(B) accounts) for resident Senior Citizens just for tenure 1 to five years and 0.50% further over the final price for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen rate of interest profit for time period deposits beneath 1 12 months is withdrawn w.e.f. June 06, 2019.”

The charges are comparable on FDs between ₹2 crore to ₹5 crore for senior residents.

Last week, on Friday, Karnataka Bank shares closed at ₹78.55 apiece up by 2.95% on BSE. The firm’s market valuation is round ₹2,445.21 crore.

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