Kotak Mahindra Bank, one of the largest private sector banks in India, has changed the interest rates of its fixed deposits.
The new rates have come into effect on 6 January. Earlier, the bank had revised the FD rates on 30 September 2021. So let’s know what is the new interest rates of Kotak Mahindra Bank?
New interest rates
after latest revision On deposits below Rs 2 crore, Kotak Mahindra Bank offers interest rate of 2.5%, 2.75% and 3% for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days respectively. is giving. For FDs maturing in 121-179 days and 180 days, the bank has increased the rates by 5 basis points (bps).
These deposits will fetch an interest rate of 3.25% and 4.3% respectively. At the same time, the bank will give 4.40% interest on FDs of 181 and 363 days and fixed deposits maturing in 364 days will now get 10 bps more i.e. 4.5% interest. Deposits maturing in 365 days to 389 days will now get 4.9%. At the same time, 5% interest will be available on FDs maturing in less than 23 months.
for senior citizens Kotak Mahindra Bank offers several benefits to senior citizens. Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates ranging from 3% to 5.8% on FDs maturing in 7 days to 10 years.