Karnataka Bank has adjusted the interest rates on fixed deposits under Rs 2 crore. According to the bank’s official website, the new rates will go into effect on September 1, 2022. With the introduction of a new one-year term, the bank can now guarantee interest rates of 6.2% for the general public and 6.6% for senior citizens.

On fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 3.4%, and on term deposits maturing in 46 days to 90 days, it will offer a rate of 4.9%.

Fixed deposits with a new additional maturity of one year will now pay an interest rate of 6.2%, while those with maturities between 91 and 364 days will continue to pay an interest rate of 5%. Karnataka Bank will continue to offer an interest rate of 5.65% on fixed deposits between two and five years and an interest rate of 5.5% on deposits maturing in between one and two years. For maturities greater than five years and up to ten years, the interest rate on fixed deposits has stayed steady at 5.7%.

On its website, Karnataka Bank also states that the “New Deposit Scheme “KBL Amrith Samriddhi” is introduced for a defined period of 75 weeks (525 days) at an interest rate of 6.10% per annum, effective as of 15.08.2022, and applicable for a short time only. “

With the exception of NRE/NRO/FCNR(B) accounts, senior persons would continue to get from Karnataka Bank domestic FD and ACC schemes 0.4% above the normal rate for terms of 1 to 5 years and 0.5% over the general rate for terms of 5 to 10 years. The bank will offer a 5.65% interest rate to the general public and a 6.05% interest rate to senior citizens on the “KBL – Tax Planner” programme, a 5-year fixed deposit that saves taxes.