Karnataka Bank introduces four variants of interest rates
DSIJ Intelligence / 03 Aug 2017
Banking sector player, Karnataka Bank, has introduced four interest variants on the balances maintained in savings bank account by its customers.
Banking sector player, Karnataka Bank, has introduced four interest variants on the balances maintained in savings bank account by its customers. This is part of its asset liability management.
For daily balances of above Rs 1 crore, the interest rate is revised to 5% per annum from the existing 4% per annum whereas for daily balances from Rs 50 lakh to Rs 1 crore, the applicable interest rate is 4% per annum.
Similarly, for daily balances in the range of more than Rs 1 lakh to Rs 50 lakh, the interest rate is reduced to 3.5% from the existing 4%.
The interest rate is applicable to resident Indians and also to SB-NRO and NRE accounts.
Karnataka Bank is engaged in providing a range of banking and financial services, including retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business.
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