Kotak Mahindra Bank FD Interest Rate Hike: Kotak Mahindra Bank, one of the leading private sector banks, said it has hiked interest rates on fixed deposits (FDs) of less than Rs 2 crore. The bank further said it has raised the interest rates on select tenors by up to 50 basis points. As per the bank’s official website, the new rates are effective as of today, March 8, 2023.
After the revised FD interest rate, general investors can earn interest rates ranging from 2.75% to 6.20% on deposits maturing in 7 days to 10 years, while senior citizens may receive rates ranging from 3.25% to 6.70%.
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At present, Kotak Mahindra Bank offers a maximum interest rate of 7.20% and 7.70% for senior citizens on terms ranging from 390 days (12 months 24 days) to less than 2 years.
Kotak Mahindra Bank: Check Latest FD Interest Rates
Kotak Mahindra Bank said it will continue to offer a 2.75% interest rate on deposits maturing in 7 – 14 days and a 3.00% interest rate on deposits maturing in 15 – 30 days.
The bank will also continue to offer 3.25% interest rates on deposits held for 31-45 days and 3.50% interest rates on deposits held for 46-90 days.
However, the deposits maturing in 91-120 days will continue to give a 4.00% interest rate, while those maturing in 121-179 days will continue to offer a 4.25% interest rate.
Apart from this, Kotak Mahindra Bank hiked the interest rate on domestic term deposits maturing in 180 days by 50 basis points, from 6% to 6.50%, while those maturing in 181 days to 363 days will remain at 6.00%.
The bank will continue to offer a 6.25% interest rate on deposits held for 364 days, and a 7.00% interest rate on deposits held for 365 days to 389 days.
