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MANGALORE, Feb. 18

KARNATAKA Bank has reduced its interest rates for domestic and NRE rupee term deposits with effect from February 15.

As per the revised rate structure, the interest will remain at 5 per cent on domestic term deposits for a period of 7 to 14 days (only for bulk deposits of Rs 15 lakh and above) and 5 per cent for deposits in the 15-45 days category.

In the 46-90 days category, however, the bank will pay 5.50 per cent (6 per cent earlier) and in the 91-179 days category, the new rate will now be 6 per cent (reduced from the earlier 6.50 per cent).

Deposits for a period of 180 days to less than one year will now earn 6.50 per cent (7 per cent), while deposits for one year up to three years will fetch 7 per cent (7.50 per cent). Deposits for a period of over three years will earn interest at the rate of 6.75 per cent (7.25 per cent).

For NRE term deposits between six months and less than one year, the interest rate will be 6.50 per cent (7 per cent). Deposits for a period of one year to three years will earn 7 per cent (7.50 per cent) and deposits of over three years will fetch 6.75 per cent (7.25 per cent).

For senior citizens, an additional 0.50 percentage points over and above the normal rates will be applicable to fixed deposits and Abhyudaya certificates on all maturities, according to a Karnataka Bank press release.

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