Kotak Mahindra Bank has increased the interest rates on FDs. Rates have increased by 50 basis points. The new rates have come into effect from March 8.
Bank FD Rates : After increasing the repo rate by the Reserve Bank of India (RBI), many banks have announced an increase in interest on FDs. Fixed Deposit is considered a safe and easy way of saving. Kotak Mahindra Bank, one of India’s leading private banks, has increased the interest rates on fixed deposits. The bank has increased 50 basis points on FDs of less than 2 crores. Due to which customers will now get even more profit on various FD schemes. The new rates have come into effect today i.e. on the occasion of Holi.
General customers will now get interest ranging from 2.75 per cent to 6.20 per cent on FDs of 7 days-10 years. Whereas senior citizens will get more benefits. They will be given interest of 3.25 per cent to 6.70 per cent by the bank on different tenures of FD. The bank is giving the highest interest on the 2-year plan for senior citizens, the rates are 7.70 per cent. At the same time, interest of 7.20 percent will be available on FD of 390 days. Apart from this, the bank will get 50 basis points or 6% to 6.50% interest on domestic term deposits of 180 days.
2.75% interest is being received on FD of 7-14 days. And 3.00% for 15-30 days, 3.35% for 31-45 days, 3.50% for 46-90 days and 4.00% for 91-120 days. Apart from this, 4.25 percent interest will be available on FDs ranging from 121 days to 179 days.