How to find the best rates for Karnataka Bank
Karnataka Bank was incorporated in the year 1924 at Mangalore, a coastal city in Karnataka. Karnataka Bank is a leading private sector bank headquartered in the city of Mangalore in Karnataka. The bank has been scheduled as A1+ commercial bank by the Reserve Bank of India. The bank has a strong national presence with branches spread across 21 states of the country. The bank has functions across the whole banking spectrum. These services include retail banking, private banking, investment banking as well as asset management. Deposit products by the bank include a host of financial products like fixed deposits, insurance linked deposits, recurring deposits etc. All these products are offered at great and competitive rates of interest.
Karnataka Bank Short-Term Fixed Deposit Rates
Short-term deposits by Karnataka Bank are an extremely good short-term investment option for people looking for returns and for customers who do not want to lock their money for a considerable time period. Short-term fixed deposits that have a deposit period of 7-45 days earn an interest rate of 3.50% per annum which is the lowest rate offered by the bank on deposits. For deposit periods between 46-90 days the rate of interest is upped considerably to 6.50% per annum. A deposit period of 91-120 days earns an attractive interest rate of 7.50%. For deposits ranging between 121-180 days, the rate offered is attractive as well as competitive as compared to other peer banking institutions and is 7.9% per annum.
Karnataka Bank Mid-Term Fixed Deposit Rates
The rate of interest increases by a considerable 0.85% and becomes 8.75% per annum for deposits that have a deposit tenure between 1 - 2 years.
Karnataka Bank Long-Term Fixed Deposit Rates
The rates offered are considerably attractive for fixed deposits that have a deposit period of 2-5 years. The interest rate offered on these is 8.5% per annum which is in line with the rate trend of almost all competing banks.
Karnataka Bank Fixed Deposit Rates for Senior Citizens
Karnataka Bank customers who are above 60 years of age get higher rates of interest on fixed deposit schemes. These deposits offer a great investment option to senior citizens who want to avail a comfortable return option along with substantial interest rates. These deposit rates are meant especially for senior citizens and are 0.5% more than the regular rates offered on each of the deposit schemes of Karnataka Bank.
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