Karnataka Bank has reduced the rate of interest on its KBL-Mahila Udyog scheme by 30 basis points with effect from September 1. The rate of interest on the scheme, to support women entrepreneurs, has been reduced to 9.90 percent from 10.20 percent.
The bank has reduced its one-year marginal cost of fund-based lending rate (MCLR) by 5 bps with effect from September 1. Now the one-year MCLR stood at 8.85 percent per annum.
Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.
