South based lenders, Karnataka Bank and Karur Vysya Bank have announced a rise in interest rates of fixed deposits across different maturities.
Karnataka Bank has raised interest in the range of 25 to 50 bps across different maturities. The revised rates are to come into effect from today, February 8, 2011.
Karur Vysya Bank has however revised rates with effect from February 4, 2011.
Following the hike, the 46 to 90 days deposit of the bank would fetch interest of 4.5% which is a 150 bps rise over the previous figures.
A new deposit slab has been introduced by the lender through the 555 days deposit which will fetch the depositor an interest of 10.25%.
Tax saver deposits have a revised interest of 9%, a 50 bps rise.
For deposits of tenor of 2 to 3 years, the interest rate has been revised to 10%.