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Karnataka Bank Revised NRE Deposits Rates To 9.75%

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Karnataka Bank has announced their revised interest rates for their Non Resident Accounts (NRE) deposits. As per the revised interest rates, now bank will offer 9.75% interest for the “repatriable” NRE account deposits for a year.

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After deregulation in the domestic saving account, latest move of RBI to regulate NRE deposits will offer better interest rates to its non residential Indian customers too. As interest on NRE accounts is not taxed in India, so customers residing outside India will get benefit of high interest with either no or lower tax payments.

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