Categories: Banking

Karnataka Bank launches term deposit scheme “KBL Amrit Samriddhi”

On the occasion of 75 years of Independence as Azadi Ka Amrit Mahotsav, Karnataka Bank has introduced a new Term Deposit Scheme, KBL Amrit Samriddhi under Abhyudaya Cash Certificate (ACC) and Fixed Deposit for a tenure of 75 weeks (525 days). The interest rate for this Deposit Scheme is 6.10% per annum. Karnataka Bank, portraying the rich patriotic tradition and values, has always been ready to meet the aspirations and dreams of its valued patrons. With the new product, KBL Amrit Samriddhi, Bank extends the benefit of the increase in the interest rates to our customers.

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Normal Rate:

Currently, the bank offers a 5.50% interest rate on fixed deposits below ₹2 crores 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 crores.
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.

Important takeaways for all competitive exams:

Karnataka Bank Headquarters: Mangaluru;
Karnataka Bank CEO: Mahabaleshwara M. S;
Karnataka Bank Founded: 18 February 1924.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.