Customers will now get 5.40 per cent interest on term deposits maturing in 2 to 5 years and 5.50 per cent on deposits with maturities of 5 to 10 years.
Karnataka Bank of the private sector has given a gift to the customers on the first day of the new financial year 2022-23. Karnataka Bank has made changes in the fixed deposit interest rates of less than Rs 2 crore . The interest rates will be effective from April 1, 2022. The bank now offers a maximum interest rate of 5.50 per cent.
The bank is offering 5.10 per cent interest rate on term deposits payable in one to two years . Customers will now get 5.40 per cent interest on term deposits maturing in 2 to 5 years and 5.50 per cent on deposits with maturities of 5 to 10 years.
The interest rates for all savings bank accounts, including Non-Resident External (NRE) and Non-Resident Ordinary (NRO) savings accounts, range between 2.75-4.50 per cent. According to the bank’s website, under Domestic FD, FD up to Rs 5 crore will get 0.40 percent more interest.
ACC Schemes for Resident Senior Citizens for 1 to 5 years only and 0.50 per cent extra over the normal rate for tenures of 5 to 10 years. The Senior Citizen interest rate benefit for fixed deposits of less than 1 year has been withdrawn with effect from 06 June 2019.
These two banks changed the savings account interest rates
In the new financial year 2022-23, two banks have revised their savings account interest rate from April 1. These two banks are RBL Bank and IDFC First Bank. It needs to be noted that the interest rates in the banking sector are subject to change from time to time.
IDFC First Bank-
From April 1, 2022, 4 percent interest will be available on deposits up to 1 lakh in bank savings accounts. This rate is higher than 4.5 per cent on savings of Rs 1 lakh or equivalent to Rs 10 lakh and 5 per cent is offered on savings of Rs 10 lakh and Rs 25 lakh.
The interest rate is 4.5 per cent on savings of less than Rs 100 crore or equal to Rs 200 crore, while 5 per cent is also given on savings above Rs 1 crore or less than or equal to Rs 100 crore.
Here the highest interest rate offered on savings accounts is 6 per cent on deposits above Rs 25 lakh and below Rs 1 crore, while the lowest rate is 3.5 per cent and it is given on savings of more than Rs 200 crore.
RBL Bank-
RBL.Bank has reduced its savings account interest rate by 25 basis points to 1 per cent on different savings balances. From April 1, the bank is offering 4.25 per cent interest on savings up to Rs 1 lakh and 5.5 per cent on savings of Rs 1 lakh to Rs 10 lakh. These rates remained unchanged. However, the bank is providing 6 per cent interest on savings above Rs 10 lakh to Rs 3 crore and Rs 3 crore to Rs 5 crore as compared to the previous 6.25 per cent.
