Kotak Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed period of time
The bank has revised interest rates on its fixed deposits (FD) with effect from 11 July 2019
Kotak Mahindra Bank has revised interest rates on its fixed deposits (FD) with effect from 11 July 2019. FD interest rates in the bank range from 3.5% to 7.2% for deposits with a tenure ranging from seven days to 10 years, according to the bank’s website. Kotak Bank is the latest to join the list of top lenders like ICICI Bank, HDFC Bank, Axis Bank, Punjab National Bank (PNB), Yes Bank, Canara Bank and Bandhan Bank, who tweaked the interest rates for their term deposits for general customers as well senior citizens. All the major banks are revising rates on their fixed deposits after the Reserve Bank of India (RBI), cutting the key policy rate by another 25 basis points on 6 June had asked banks to do more. RBI had said banks have cut rates by a measly 0.21% as against the 0.50% cut in key rates.
Kotak Mahindra Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed period of time. Kotak Mahindra Bank is offering 5.5% interest rate on deposits maturing between seven days to 90 days.
On maturity period of 91 days to 270 days, the bank is offering a 6.50% rate of interest. The bank is offering 7% interest rate on the maturity period of 271 days to 389 days. On FDs maturing in 390 days to 23 months, Kotak Mahindra Bank offers 7.10% interest rate. On the maturity period of 23 months to less than four years, the bank offers a 7% rate of interest. On fixed deposits maturing in 4 years and above but less than 5 years, the bank offers 6.75% interest rate. Deposits above 5 years and above upto 10 years will fetch a 6.5% interest rate in Kotak Mahindra Bank.
FDs of Kotak Bank have a higher interest rate compared to their saving deposits.