Home/ Industry / Banking/  Kotak Mahindra Bank raises FD rates by upto 25 basis points. Check details

Making its fixed deposits more lucrative for the public, Kotak Mahindra Bank Limited, on Thursday, raised the FD interest rates under different categories of amount and tenure by up to 25 basis points. The revised FD rates will be applicable from 10 February, as per the bank's press release.

Now, the top private sector lender is giving is 7.6% of interest rates to senior citizens. For the tenure lasting for 15 months to 2 years, Kotak Mahindra Bank will offer 7.25% of interest on FD amount of 2 crores to 5 crores. For deposits up to 2 crore, the revised interest rate is fixed at 7.10%. Fixed Deposit interest rate of 7.60 % will be provided to senior citizens on amounts up to 2 crores.

"With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers offering them a higher return on their savings," said Virat Diwanji, Group President and Head of Consumer Bank, Kotak Mahindra Bank.

Kotak Mahindra Bank Limited revised FD rates, that will be applicable from 10 February
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Kotak Mahindra Bank Limited revised FD rates, that will be applicable from 10 February (Kotak Mahindra Bank Ltd)

Kotak Mahindra Bank FD rate under 2 crore

Fixed Deposit interest rates on amount less than 2 crore for general public was fixed at 6% for a tenure of 6 months to a year. FD amount set by the private lender for a duration of 364 days is 6.25% for general public and 6.75% for senior citizens for amount less than 2 crore.

The FD rates grow to 6.90% for general public if the tenure is increased to 365-389 days for the same amount. For senior citizens, FD interest rate is fixed at 7.40% for senior citizens for duration of 365-389 days for the same amount. For the same deposit amount, the interest rate is set at 7.10 % for general public for the tenure of 12 months 25 days to 2 years. For senior citizens it is 7.60% for the same tenure and amount.

Regular Kotak Bank FD rates for amount upto 5 crore

For the general public depositing FD of amount greater than 2 crore and less than 5 crore, the rate is fixed at 6.50% for tenure of 180-270 days. FD rates increase to 6.75% for duration of 280 days to 364 days. Kotak Bank increases the FD rates further to 7.20 % for depositing for 36 days to 15 months. If the tenure is further increased from 15 months to maximum 2 years, then the FD rates is fixed at 7.25%.

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Updated: 09 Feb 2023, 08:54 PM IST
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