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Home / Money / Personal Finance /  Kotak Mahindra Bank hikes rates on fixed deposits of 390 days to 3 years
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Interest rates on fixed deposits below 2 Cr have been raised by the private sector lender Kotak Mahindra Bank. According to the bank's official website, the new rates are in force from August 17, 2022. The bank had last hiked its fixed deposit interest rates on 10th August and on Wednesday the bank again raised the interest rates on fixed deposits with maturities ranging from 390 days to 3 years as a result of the modification. The bank is now offering interest rates on fixed deposits with maturities ranging from seven days to ten years that range from 2.50% to 5.90% for the general public and from 3.00% to 6.40% for senior citizens.

Kotak Mahindra Bank FD Rates

For fixed deposits that mature in 7 to 14 days, the bank will continue to give an interest rate of 2.50%, and for term deposits that mature in 15 to 30 days, Kotak Mahindra Bank will continue to offer an interest rate of 2.65%. Fixed deposits maturing in 31 to 90 days will continue to pay 3.25% interest, while term deposits maturing in 91 to 179 days will continue to pay 3.75% interest. Furthermore, Kotak Bank will continue to give an interest rate of 5.25% on fixed deposits maturing in 364 days.

Kotak Mahindra Bank will continue to offer an interest rate of 5.00% on fixed deposits maturing in 180 days to 363 days. The bank will continue to give an interest rate of 5.75% on fixed deposits maturing in 365 days to 389 days, but it has increased the interest rate by 5 basis points to 5.90% from 5.85% on fixed deposits maturing in 390 days (12 months and 25 days) to less than 3 years. The interest rate on fixed deposits will remain constant at 5.90% for maturities of three years and longer, up to and including ten years. Senior citizens will continue to get an additional interest rate of 0.50% over and above the regular rate across all tenors.

Kotak Mahindra Bank FD Rates
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Kotak Mahindra Bank FD Rates (kotak.com)

The two major lenders, HDFC Bank and Punjab National Bank (PNB), have both increased interest rates on fixed deposits below 2 crore. The HDFC Bank raised interest rates on a variety of tenors by 15 to 40 bps as a result of the modification, which was announced on August 18, 2022. However, PNB revealed its revised interest rates on August 17, 2022, and as a result of the revision, PNB increased its interest rates on a variety of tenors by up to 20 bps.

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