BackKotak Mahindra Bank hikes interest rates on fixed deposits of less than ₹2 Cr
Interest rates on fixed deposits below ₹2 Cr have been hiked by the private sector lender Kotak Mahindra Bank
PremiumInterest rates on fixed deposits below ₹2 Cr have been hiked by the private sector lender Kotak Mahindra Bank. According to the bank's official website, the new rates are effective as of September 1, 2022. The bank increased interest on fixed deposits with terms ranging from 390 days to 10 years as a result of the revision.
Kotak Mahindra Bank FD Rates
The bank will continue to provide interest rates of 2.65% on term deposits maturing in 15 to 30 days and 2.50% on fixed deposits maturing in 7 to 14 days, respectively. The interest rate on fixed deposits maturing in 31 to 90 days will remain at 3.25%, while the interest rate on term deposits maturing in 91 to 179 days will remain at 3.75%.
On fixed deposits maturing in 180 days to 363 days, Kotak Mahindra Bank will continue to give an interest rate of 5.00%, and on term deposits maturing in 364 days, 5.25%. Fixed deposits maturing from 365 days to 389 days will still earn interest at a rate of 5.75%, while those maturing in 390 days (12 months and 25 days) to less than 23 months will now earn interest at a rate of 6%, up from 5.90% before, a 10 basis point increase. The bank will now offer fixed deposits with maturities between 23 months and less than 2 years at an interest rate of 6.10%, up from 5.90% before, a hike of 20 basis points.
Kotak Mahindra Bank increased interest rates on fixed deposits maturing in 2–10 years, from 5.90% to 6%—a 10 basis point increase. Following the bank's modification, fixed deposit customers can now take advantage of higher fixed deposit rates for periods of 23 months to less than two years, at a rate of 6.10% p.a.
The bank has mentioned on its website that “The depositor needs to open a fixed deposit account with at least a minimum amount for Fixed Deposit, which is Rs. 5,000 for Kotak Mahindra Bank. The amount remains fixed for a pre-determined time period against the promise of a specific interest rate. There are multiple interest withdrawal options for a fixed deposit. With Kotak Mahindra Bank, you choose among cumulative, monthly, or quarterly pay-out options of the FD interest amount."
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