Karnataka Bank raises NRE deposit rates

Karnataka Bank Ltd has increased interest rates on NRE deposits with effect from December 19.

A bank release said here that the bank has increased the interest rates on NRE deposits from 3.82 per cent to 9.75 per cent for one year to less than two years; from 3.51 per cent to 9.50 per cent for two years to less than three years; and from 3.64 per cent to 9.50 per cent for three years to five years.

The above rates are applicable to all fresh NRE term deposits and renewals of maturing deposits from December 19.

The bank hopes to accelerate the flow of foreign funds with the enhanced interest rates, the release added.