Karnataka Bank has revised its fixed deposit (FD) interest rates on callable and non-callable deposits. The new rates are effective from December 2, 2024.

Highlights of the revised rates

General citizens

Interest range: 3.5% to 7.50% per annum for tenures from 7 days to 10 years.

Peak rate: 7.50% for 375-day deposits.

Senior citizens

Additional benefit: Senior citizens receive 0.50% higher rates on domestic fixed deposits (excluding NRE/NRO accounts).

Peak rate: 8.00% for 375-day deposits.

Domestic/NRO/NRE non-callable term deposits

Maturity Period	Interest Rate (% p.a.) for ₹2 cr – ₹3 cr	Interest Rate (% p.a.) for ₹3Cr – ₹10 cr	Interest Rate (% p.a.) for Senior Citizens (₹2 cr – ₹3 cr)	Interest Rate (% p.a.) for Senior Citizens (₹3 cr – ₹10 cr)
1-2 years	7.5	7.5	8	8
375 days	7.75	–	8.25	–
Above 2 years to 3 years	6.75	6.75	7.25	7.25

(Source: Karnataka Bank website)

Domestic callable term deposits (General public)

Maturity Period	Interest Rate (% p.a.) below ₹3 cr	Interest Rate (% p.a.) ₹3 cr – ₹5 cr	Interest Rate (% p.a.) ₹5 cr – ₹10 cr
7 days to 45 days	3.5	3.5	3.5
46 days to 90 days	4	4	6
91 days to 179 days	5.25	5.25	6.25
180 days to below 1 year	6.25	6.25	6.25
1 year to 2 years	7.25	7.25	7.25
375 days	7.5	–	–
Above 2 years to 5 years	6.5	6.5	6.5
Above 5 years to 10 years	5.8	5.8	5.8

(Source: Karnataka Bank website)

Additional information

The minor deposit scheme offers rates as applicable to domestic callable and non-callable deposits, with a special rate of 5.50% for deposits above 10 years.

With the Reserve Bank of India (RBI) unlikely to reduce repo rates in its upcoming Monetary Policy Committee (MPC) meeting on December 4, 2024, these revised FD rates reflect stable market conditions.