Karnataka Bank Revises NRE Rates

Mangalore: Karnataka Bank has brought down interest rates on its NRE and FCNR(B) deposit schemes with effect from April 3. The rate on NRE deposits has been reduced to 5.72 per cent (5.74 per cent) for tenure of one year to less than two years, 5.52 per cent (5.55 per cent) for two to less than three years and 5.46 per cent (5.48 per cent) for three to five years. In the case of FCNR(B) deposits, the interest rate on dollar deposits is 4.97 per cent (4.99 per cent) for tenure of one year to less than two years, 4.77 per cent (4.80 per cent) for two to less than three years, 4.71 per cent (4.73 per cent) for three to less than four years, 4.72 per cent (4.72 per cent) for four to less than five years and 4.76 per cent (4.74 per cent) for five years.