South based regional rural bank, Karnataka Vikas Grameena Bank (KVGB) has announced a revision in interest rates of its fixed deposits. Deposits having maturity ranging from 15 days to 10 years have had their interest rates revised.
The revised rates have come to effect from August 03, 2011.
According to Mr C Sambasiva Reddy, Chairman, KVGB, the rates were revised following a conference held for all regional managers.
As per the revised rate structure, senior citizens will be offered an additional 1% interest on all interest slabs. The maximum interest thus offered would be 10.25%.
The 15-29 days deposit will have interest of 4%, 30-45 days deposit will have 5.5% and the 46-90 days deposit will have 7% interest.
The 91-120 days deposit has revised interest of 7.5% while the 121-180 days deposit will have 7.6% interest.
For deposits of 181 days and above, the interest will be 9.5%.