Bank FD Rates : Fixed deposit is one of the best investment options, in which money has to be deposited together for a fixed period of time. The festive season has arrived. Many banks have also started changing FD interest rates. Private sector Kotak Mahindra Bank has changed the interest rates on fixed deposits. The interest rates for FDs less than Rs 2 crore have been revised. The new rates have also come into effect.
What are the new rates?
Common citizens are getting 2.75 percent to 7.25 percent interest on FD of 7 days to 10 years. Senior citizens are getting higher returns, the maximum interest rates are 7.75 percent.
Highest interest being received on FD for so many days
The bank is offering the highest interest on fixed deposits of 23 months. The interest rate for general citizens is 7.25%. Whereas the rates for senior citizens are 7.75 percent. Whereas on FD of 23 months, 1 day to less than 2 years, 7.20%, on FD of 2 years to 3 years, 6.50% on FD of 3 years to 4 years, 6.25% on FD of 4 years to 5 years and 5. The bank is offering 6.20% interest on FD of 10 years to 10 years.
Interest rates for short term deposits
Talking about interest rates on short term deposits, Kotak Mahindra Bank offers 2.75 percent on FDs of tenure 7 days to 14 days, 3 percent on tenures of 15 days to 30 days, 3.25 percent on tenures of 31 days to 45 days, 3.25 percent on tenures of 46 days to 90 days. Respectable citizens are getting 3.50 percent interest on FD,
4 percent on FD of 91 days to 120 days and 4.25 percent interest on FD of 121 days to 179 days. Apart from this, 7% interest is available on fixed deposits of 180 days. 6% interest is available on FDs of 181 days to 269 days, FDs of 270 days and FDs of 271 days to 363 days. 6.50% interest is available on tenure of 364 days, 7.10% on tenure of 365 days to 389 days, 7.15% on FD of 390 days and 7.20% on FD of 391 days to 23 months.