Saturday, October 8 2005 19:23 Hrs (IST) - World Time -

Mangalore: Mangalore-based Karnataka Bank Limited has effected an upward revision of interest rates on its Non-Resident (External) (NRE) Rupee Deposit Scheme with effect from October one.

The revised rates for a period of one year to less than two years is 5 per cent per annum from 4.80 per cent PA, for a period of two years to less than three years 5.10 per cent PA from 4.90 per cent PA and for three years and upto five years 5.20 per cent PA from 4.90 per cent PA, a bank statement said here today (Oct 8, 2005).

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

Further, the interest rate on NRE savings has also been revised from 3.70 per cent PA to 4.20 per cent PA, the statement added.

The country's premier private sector bank has 386 branches in eighteen states and two Union Territories with over 285 branches run on core banking solution (CBS) and the bank is eyeing a business turnover of Rs 20000 crore for the year 2005-06, the statement said.