Private sector banks hike their fixed deposit rates
- Kotak Mahindra Bank said the rate of interest on the popular, 390-day (12 months and 25 days) deposit has been raised by 30 bps to 5.5% and that on the 23-month deposit by 35 bps to 5.6%
Coming close on the heels of the surprise 40 basis points (bps) hike in the repo rate to 4.4% by the RBI, Kotak Mahindra Bank has announced an increase in deposit rates across tenures for retail customers. The new rates are applicable on all deposits below Rs. 2 crore and come into effect from May 6.
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