BackKotak Mahindra Bank hikes interest rates on fixed deposits: Check details
Kotak Mahindra Bank, a private sector lender, has announced an increase in interest rates for fixed deposits below ₹2 crore.
PremiumKotak Mahindra Bank, a private sector lender, has announced an increase in interest rates for fixed deposits below ₹2 crore. According to the bank's official website, the new rates take effect on August 10, 2022. Following the revision, the bank has hiked interest rates on fixed deposits of multiple tenors. On fixed deposits maturing in 7 days to 10 years, the bank is now offering an interest rate ranging from 2.50% - 5.90% for the general public and 3.00% - 6.40% for senior citizens.
Kotak Mahindra Bank FD Rates
The bank will continue to provide an interest rate of 2.50% on fixed deposits maturing in 7 to 14 days, and it has increased the interest rate on fixed deposits maturing in 15 to 30 days by 15 basis points (bps), from 2.50% to 2.65%. Fixed deposits with maturities between 31 and 90 days will now have interest rates of 3.25% instead of 3%, a 25 basis point increase. Additionally, term deposits maturing in 91 to 179 days will now have an interest rate of 3.75% instead of 3.50%, a 25 basis point increase.
On fixed deposits maturing in 180 days to 363 days, Kotak Mahindra Bank will now provide an interest rate of 5.00%, up from 4.75% previously, a 25 basis point increase. The bank will continue to give an interest rate of 5.25% on fixed deposits that mature in 364 days, but it will now offer an interest rate of 5.75%, up from 5.60% previously, on term deposits that mature in 365 days to 389 days. Fixed deposit interest rates for maturities of 390 days (12 months 25 days) to less than 3 years were increased by 10 basis points to 5.85% from 5.75%. The bank will continue to offer an interest rate of 5.90% on term deposits maturing in three years or more but less than ten years.
Across all tenors, senior citizens will continue to get an additional rate of 0.50%. Senior folks will now receive an interest rate at Kotak Mahindra Bank ranging from 3.00% to 6.40% on fixed deposits maturing in 7 days to 10 years. Elderly adults will get a maximum interest rate of 6.40% on deposits maturing in 3 years or more but less than 10 years.
On the other hand, Yes Bank increased interest rates on fixed deposits below ₹2 crore. According to the Yes Bank website, the new rates are effective as of August 10, 2022. While IndusInd Bank increased its savings account interest rates. According to the IndusInd Bank website, the higher rates for savings accounts go into effect on August 10, 2022.
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