Recently the news has come on the internet that Kotak Mahindra Bank has raised the interest rate on fixed deposits (FD). After the new revision, Kotak Bank has been presenting an interest rate of 2.75% to 7.25 for general customers on deposits growing in seven days to ten years. Kotak Mahindra Bank is an Indian banking and financial services firm and it offers banking products and financial services for corporate and retail customers in the area of personal finance. Now many people are super curious to know about the whole information about the news. Here we have more information about the news and we will share it with you in this article.
Kotak Mahindra Bank hikes fixed deposit rates
These rates have been effective from 25 October 2023. The bank has raised the interest rate by 10 basis points on deposits growing from two to less than three years. Now, these FDs will bring 7.10% Kotak Bank has also increased the rate on deposits with a tenure of 23 months 1 day to less than 2 years by 5 bps. These term promises will now fetch 7.25%. For FDs developing in 7 to days, 15 to 30 days, 31 to 45, 46 days, and 91 to 120 days, Kotak Mahindra Bank presents an interest rate of 2.75%, 3%, 3.25%, 3.50%, and 4% respectively. Scroll down to the next page for more information about the news.
Reportedly, for fixed deposits maturing in 121 – 179 days, Kotak Mahindra Bank shows 4.25% interest, and for 180 days it offers 7% interest. The bank gives 7.1% interest on deposits maturing in one year to 389 days.
Kotak Mahindra Bank’s latest FD rates (below 2 crore) for the general public effective 25 October 2023
7 – 14 days 2.75%
15 – 30 days 3%
31 – 45 days 3.25%
46 – 90 days 3.50%
91 – 120 days 4%
121 – 179 days 4.25%
180 days 7%
181 days to 269 days 6%
270 days 6%
271 days to 363 days 6%
364 days 6.50%
365 days to 389 days 7.10%
390 days (12 months 25 days) 7.15%
391 days – Less than 23 months 7.20%
23 months 7.25%
23 months 1 day- less than 2 years 7.25%
2 years- less than 3 years 7.10%
3 years and above but less than 4 years 6.50%
4 years and above but less than 5 years 6.25%
5 years and above up to and inclusive of 10 years 6.20%
Kotak Mahindra Bank’s latest FD rates for senior citizen
Senior residents continue to obtain 50 basis points more elevated rates than the general public. The bank suggests interest rates from 3.25% to 7.75% on FDs developing in 7 days to 10 years. On Saturday, the lender also stated the Reserve Bank of India (RBI) has authorized Ashok Vaswani, an outer candidate to lead it and succeed its founder Uday Kotak, as the management director and chief executive officer. Here we have shared all the information that we had. Stay tuned to us for more updates.