The Karur Vysya Bank has reduced its base rate by 35 basis points to 10.40 per cent from 10.75 per cent per annum. The BPLR has also been reduced from 15.75 per cent to 15.40 per cent.
The bank had reduced the rate of interest offered on its deposits of less than Rs. 1 crore by 25 basis points. The bank now offers 8 per cent per annum on deposits of one year and above. For senior citizens the rate of interest on deposits for 1 year to 5 years will be 8.50 per cent. The changes had come into effect from October 5, according to a press release from K. Venkataraman, Managing Director and CEO, KVB.
