Mangalore, October 17: Karnataka Vikas Grameen Bank has offered a big Bonanza to its depositors as a Diwali gift. Accordingly senior citizens will going get maximum of 7. 55 % and general public 7.05 %. At present, this interest rate is the highest among Government-run banks, the bank's release said. The Bank has introduced a new deposit scheme for 1111 days in the name of “Vikas Siri Samruddhi” and according to Bank’s release this interest rate will be applicable for that scheme. Otherwise also the bank has substantially increased the interest rate on the remaining slabs too.
Speaking on the occasion, P Gopi Krishna, Chairman, KVGB said that the upward revision in the deposit interest rate is in line with the market trend and is expected to encourage the public to invest more in the Bank’s various term deposit schemes and “Vikas Samrudhi will be for limited period.
The revised rates are as under. 7 to 14 Days -3.25 % (3.05%) ,15 to 29 Days 3.25 % (3.05%) , 30 to 45 days 3.30 % (3.05%) , 46 days to 60 days 4.50% (4.10%), 61 days to 90 days 4.50% (4.25 %) 91 days to 180 days 4.60% (4.60%),181 days to 364 days 6.00% (4.90%), One year only 6.00 (4.90%) , Above one year and below 2 years 6.50 % (5.65 %), 2 years and below 3 years 6.50 % (5.80 %), 3 years and above 5 years 6.50 % (5.90%), Special deposit Scheme for 1111 days 7.05.
Senior citizens are eligible for additional interest of 0.50% over the card rate on term deposit up to Rs.2 cr and with maturity tenor of one year and above only. As the rate of interest is high at present, Gopi Krishna has requested the general public to indirectly participate in the rural development by investing their savings in KVGB.
KVGB a front line regional rural Bank of the country has revised the deposit rates upward. To inform the public kindly consider this NEWS for publication.