Daijiworld Media Network - Mangalore (SP)
Mangalore, Jul 12: Karnataka Bank has, through a press release, informed that it will be launching a new 400 days deposit scheme carrying a rate of interest of 10% per annum with effect from July 12, 2008. The scheme will carry 10.5% p a interest for senior citizens. Minimum deposit amount prescribed under the scheme is Rs 5,000 and the maximum has been pegged at one crore rupees.
For other deposits for different terms, the bank will be offering a minimum of 4.5% for general public and 5.25% p a for senior citizens for seven to 45 days deposits, with the maximum being 9.5% p a for a term of 401 days to three years while senior citizens will get 10.25% for the same term, for all deposits made or renewed on or after July 12, 2008. For other terms, varying rates of interest are offered.