Karnataka Bank to offer 5% for Saving Deposits over Rs 1 crore, 3% for Deposits Below Rs 1 lakh

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


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