On fixed deposits under ₹2 crore, the private sector lender Kotak Mahindra Bank has increased interest rates.
Kotak Mahindra Bank FD Rates: On fixed deposits under ₹2 crore, the private sector lender Kotak Mahindra Bank has increased interest rates. The new rates are in effect as of October 3, 2022, according to the bank’s official website. After the amendment, the bank increased interest rates on deposits with maturities of 271 days to under 3 years. The bank presently offers interest rates for fixed deposits maturing in 7 days to 10 years that range from 2.50% to 6.10% for the general public and 3.00% to 6.60% for senior citizens. As opposed to this, deposits maturing in 23 months to 3 years would now earn a maximum interest rate of 6.70% for senior citizens and 6.20% for the general public.
Kotak Mahindra Bank FD Rates
Fixed deposits with maturities between 7 and 14 days and 15 to 30 days will continue to earn interest at a rate of 2.65% and 2.50%, respectively. Deposits maturing between 31 and 90 days will continue to earn 3.25% interest, while deposits maturing between 91 and 179 days will continue to earn 3.75% interest. On deposits that mature in 180 to 270 days, Kotak Mahindra Bank will still give an interest rate of 5.00%, but on deposits that mature in 271 to 363 days, the interest rate has increased by 25 basis points, from 5% to 5.25%.
Fixed deposit interest rates for deposits maturing in 364 days have increased by 25 basis points to 5.50% from 5.25%, while interest rates for deposits maturing in 365 to 389 days have risen by 25 basis points to 6% from 5.75%. The bank raised the interest rate on fixed deposits maturing in 390 days (12 months 25 days) to 391 days – less than 23 months by 10 basis points from 6% to 6.10%, and Kotak Mahindra Bank continued to increase interest rates on deposits maturing in 23 months to less than 3 years by 10 basis points from 6.10% to 6.20%. The interest rate on deposits with maturities between three and ten years will remain at 6.10%.
A fixed deposit at Kotak Bank may be started for as little as Rs. 5,000. The amount of the fixed deposit is not subject to any upper limit. The customer must present documentation proving their citizenship status while creating an account. Kotak Mahindra Bank has mentioned on its website that “The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates are higher for senior citizens compared to residing Indians under the age of 60 years.”
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