RBI Repo Rate: To control the rising inflation in the country, the Reserve Bank is continuously increasing the repo rate. The bank has increased the repo rate from 4.00% to 5.40% in the month of May, June and August.
Kotak Mahindra Bank FD Rates: Since the increase in the Repo Rate of the Reserve Bank of India (RBI Repo Rate), the process of increasing the interest rates of fixed deposit rates by banks continues. Now the name of another big private sector bank has been added to this list. This bank is Kotak Mahindra Bank (Kotak Mahindra Bank). The bank has decided to increase the interest rate on its FD scheme of less than Rs 2 crore. These new rates have come into effect from 19 September 2022. The bank has increased the interest rates of FD by 10 basis points. Now the bank is offering 2.50% to 6.10% interest rate on FDs ranging from 7 days to 10 years to customers. At the same time, the bank is giving interest rates ranging from 3.00% to 6.60% to senior citizen customers on FDs of less than 2 crores. In such a situation, if you are also thinking of opening an FD account in the bank, then we are giving you information about the rate of interest offered on different periods-
Interest received on FD of less than 2 crores-
Kotak Mahindra Bank is offering 2.50% interest rate on FDs of 7 to 14 days to its general customers. On the other hand, the bank 2.65% on FD of 15 to 30 days, 3.25% on FD of 31 to 45 days, 3.25% on FD of 46 to 90 days, 3.75% on FD of 91 to 120 days, 3.75 on FD of 121 to 179 days. %, Kotak Mahindra Bank is offering 5.00% interest rate on 180 days FD.
Bank 5.00% on 181 days to 269 days FDs, 5.00% on 270 days FDs, 5.00% on 271 to 363 days FDs, 5.25% on 364 days FDs, 5.75% on 365 days to 389 days FDs, 6.00% on 390 days FDs, 6.00% on 391 days FDs, 6.10% on 23 months FDs, 6.10% on 23 months FDs, 6.00% on 23 months to 3 years, 6.10 on 2 to 3 years FDs %, 6.10% on FDs of 3 to 4 years, 6.10% on FDs from 4 to 5 years and 6.10% on FDs from 5 to 10 years Kotak Mahindra Bank is offering customers.
Senior citizens are getting extra benefits
Kotak Mahindra Bank is offering 0.50% higher interest rate to its Senior Citizen (Kotak Mahindra Bank FD Rates for Senior Citizen) customers. The bank offers senior citizens the highest rate of interest on fixed deposits ranging from 23 months to 10 years. Where the bank offers 6.10% interest to the general citizens. At the same time, the bank is offering 6.60% interest to senior citizens.
RBI is continuously increasing the repo rate-
To control the rising inflation in the country, the Reserve Bank is continuously increasing the repo rate. The bank has increased the repo rate from 4.00% to 5.40% in the month of May, June and August. Due to this, FD rates, savings accounts and RD rates are increasing continuously. In the recent times, many banks in the country like Bank of Baroda, Axis Bank, Indian Overseas Bank etc. have increased their FD rates.