Mumbai: Private sector Kotak Mahindra Bank has upped interest rates on its term deposits by up to 0.50% with effect from 9 December.
Deposits with a maturity of one-year and above up to and inclusive of 699-days will now carry a rate of 8 per cent as against the earlier 7.50%, a press release issued here stated.
For 701-days and above but less two-years, the new rate is 8% as against the earlier 7.50%.
For two-year and above but less than three years and three years and above but less than five-year, the rate has been increased to 8.25% from the earlier 8.10%, the release said.
For five-year and above up to and inclusive of 10-year, the new rate is 8.25% as against the earlier 8.10%.
Senior citizens enjoy an additional 0.50% across maturities, the release said.