Senior citizens are getting interest ranging from 3.25 percent to 7.75 percent from the bank. The bank has increased the interest rate on FDs with tenure between two years and less than three years by 10 basis points. Now it has increased to 7.10 percent.
Despite no change in the repo rate by the RBI, the interest rates are being continuously increased by the banks. After increasing the interest rate by ICICI Bank recently, now the veteran private sector bank Kotak Mahindra Bank has increased the interest rate on FD. In the month of October itself, public and private sector banks have increased the interest rates.
Increased interest rate implemented from October 25
Kotak Bank has made this increase on FDs with certain tenures for deposits of less than Rs 2 crore. The increased rate has been implemented from October 25. The bank is offering interest rates ranging from 2.75 percent to 7.25 percent to the common people. Senior citizens are getting interest ranging from 3.25 percent to 7.75 percent from the bank. The bank has increased the interest rate on FDs with tenure between two years and less than three years by 10 basis points. Now it has increased to 7.10 percent.
According to the tenure, the interest being given
By the bank on FDs for tenure between 23 months and one day to less than 2 years is being increased from 7.20 percent to 7.25 percent. The bank is offering 3.5 percent to 7.75 percent interest on FD for senior citizens. This is for a period of 10 years according to different tenures. Customers are getting six to seven percent interest on Bank RD.
For senior citizens, interest on RD ranges from 6.50 percent to 7.70 percent. It was told by the bank that if the deposit is closed within one month, no interest will be given. In such a situation, only the amount deposited by the customer will be returned.
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