Karnataka Vikas Grameen Bank (KVGB) has announced a hike in interest rates for its flagship deposit scheme, ‘Vikas Ashadeep’ (400-day deposit scheme). The interest rate has been increased from 7% to 7.3% for general public and 7.8 % for senior citizens.

Bank chairman Shreekant M. Bhandiwad in a release stated that the revision aligns with market trends and is aimed at encouraging the public to invest more in the bank’s deposit schemes. He emphasised that deposits in KVGB not only offer attractive returns but also contribute to rural development. The revised rates will be effective from Saturday, March 1.