Karnataka Bank has raised interest rates on savings bank account for large balance above Rs 1 crore to 5% while for small balances below Rs 1 lakh, the bank has reduced it to 3%. Earlier the private bank was charging 4% irrespective of the amount in the account.
Karnataka Bank has said that the bank will offer 4% on deposits in savings account between Rs 50 lakhs and Rs 1 crore. For deposits between Rs 1 lakh and Rs 50 lakhs, the bank will offer 3.5%. The reduction in rate will be with immediate effect.
Important Takeaways from Above News-
- Mr.Mahabaleshwara M.S is the Managing Director & Chief Executive Officer of Karnataka Bank.
- Karnataka Bank was incorporated in 1924 at Mangaluru.
Source- The Economic Times