Karnataka Bank hikes interest rate on select NRE a/c by 0.5%

Interest rates on NRE a/c effective from Sept 2

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Private lender Karnataka Bank today raised interest rates on non-resident (external) rupee deposit account for select maturities by 0.5%.

"Karnataka Bank has raised its NRE rupee deposit interest rate by 50 basis point (0.5%) for 3 years to 10 years maturity effective from September 2, 2013," it said in a regulatory filing to the BSE.

The revised interest rate for 3 to 5 years maturity has increased to 9.5% from 9%, and 5 years to 10 years maturity stands increased to 9.25% from 8.75%, it said.

In a separate filing to the exchange, the Mangalore headquartered bank said it has appointed M S Mahabaleshwara Bhat as its chief general manager.

Bhat, 54, has over 29 years of banking experience in operational and administrative levels.