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Kotak Mahindra Bank hikes interest rates on fixed deposits (FDs) by up to 15 bps
- One of the leading private sector Kotak Mahindra Bank has hiked interest rates on fixed deposits of less than ₹2 Cr.
One of the leading private sector Kotak Mahindra Bank has hiked interest rates on fixed deposits of less than ₹2 Cr. According to the bank's official website, the new rates are in effect as of today, November 9, 2022. Following the modification, the bank increased interest rates by up to 15 basis points. Currently, Kotak Mahindra Bank is giving a maximum interest rate of 6.30% for the general public and 6.80% for senior citizens on fixed deposits due in 390 Days (12 months 25 days) to less than 3 years.
Kotak Mahindra Bank FD Rates
The bank will continue to give an interest rate of 2.75% on fixed deposits maturing in the next 7 to 14 days, while Kotak Mahindra Bank will continue to offer a rate of 3.00% on deposits maturing in the next 15 to 30 days. Deposits that mature in 31 to 45 days will continue to pay 3.25% interest, while those that mature in 46 to 90 days will continue to pay 3.50% interest. The interest rates offered by Kotak Mahindra Bank will remain at 4.00% for FDs maturing in 91 to 120 days and 4.25% for those maturing in 121 to 179 days.
The bank will continue to give an interest rate of 5.50% on fixed deposits maturing in 180 days to 270 days, while Kotak Mahindra Bank will continue to offer a rate of 5.75% on deposits maturing in 271 days to 363 days. On FDs that mature in 364 days, Kotak Mahindra Bank will continue to give an interest rate of 6.00%, but on those that mature in 365 days to 389 days, the bank has increased the interest rate by 15 basis points, from 6.10% to 6.25%. Deposits maturing in 390 Days (12 months 25 days) to less than 23 Months will now provide an interest rate of 6.30%, up from 6.25% before, a 5 basis point increase.
The bank will continue to provide an interest rate of 6.30% on FDs maturing in 23 months to less than 3 years, and 6.25% on those maturing in 3 years and above but less than 4 years. On fixed deposits (FDs) maturing in 4 years or more but less than 10 years, Kotak Mahindra Bank would continue to provide an interest rate of 6.20%.
Additionally, Kotak Mahindra Bank offers senior citizens an interest rate that is 50 bps higher than the standard rates. On FDs maturing in 7 days to 10 years, senior citizens will get an interest rate ranging from 3.25% to 6.70%. On NRO/NRE deposits, the senior citizen rate is not applicable. A fixed deposit at Kotak Bank may be started for as little as Rs. 5,000. The amount of a fixed deposit has no upper limit, and under certain circumstances, you have the option of premature withdrawal from fixed deposit accounts.
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Business NewsIndustryBankingKotak Mahindra Bank hikes interest rates on fixed deposits (FDs) by up to 15 bps
First Published:9 Nov 2022, 04:16 PM IST
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