Karnataka Bank revises NRE rates

Mangalore-based Karnataka Bank Limited has increased interest rates on its non resident (external) rupee deposit (NRE) scheme with effect from 19 April 2006. The rate per annum for one year to less than two years and for two years to less than three years is revised to 6.29 per cent (6.04 per cent previous) and for three years and upto five years is 6.27 per cent (6.02).

The changes in the rates will also apply to repatriable NRE deposits renewed after their present maturity period.

The country's premier private sector bank has 395 branches in 18 states and 2 union territories with over 320 offices run on core banking solution.