Karur Vysya Bank increases interest rates

Karur Vysya Bank increased its interest rates on term deposits, which will come into effect from August 11. The Karur-based bank increased the interest rate for senior citizen deposits to 10.25 per cent from the current 10 per cent on 1 year and above but less than 2 years deposits.

On deposits of 2 years and above and inclusive of 3 years, interest rate increased to 10.50 per cent from 10.25 per cent. Interest rates on deposits for periods from 181 days and above but less than 1 year increased by 50 basis points to 8.50 per cent. Deposits of 1 year and above but less than 2 years rates increased to 9.75 per cent from 9.50 per cent and deposits of 2 years and above and inclusive of 3 years interest rates increased to 10 per cent from 9.75 per cent.

 

The Benchmark Prime Lending Rate (BPLR) of the bank has been hiked to 15.25 per cent with effect from August 14.