Kotak Mahindra Bank, one of the largest private sector lenders, has increased its interest rates on fixed deposits (FDs) of less than 2 crores by 50 basis points. It applies to two tenures from March 8, 2023.
Changes In Interest Rates
The interest rate on domestic term deposits maturing in 180 days has been increased by 50 basis points, or from 6 per cent to 6.50 per cent. Senior citizens will receive a 50 bps premium over the general deposit rates of up to seven per cent.
The fixed deposits maturing in 2 to less than 3 years will earn 7.00 per cent interest, a 25 basis point increase from 6.75 per cent. Senior citizen deposits in this tenure will earn 7.50 per cent. Interest rates for all other tenures remain unchanged:
FD Rates At Kotak Mahindra Bank
Kotak Mahindra Bank offers cumulative, monthly, and quarterly FD interest payment options to those who open a fixed deposit account with as minimum as Rs 5,000.
Kotak Mahindra Bank offers a maximum interest rate of 7.20 per cent for general deposits and 7.70 per cent to senior citizens on terms ranging from 390 days to less than two years.
There will still be a 2.75 per cent interest rate available on deposits maturing between seven and fourteen days and a three per cent interest rate available on deposits between 15 and 30 days.
The bank continues to give 3.25 per cent interest rates on deposits held for 31-45 days and 3.50 per cent on deposits held for 46-90 days.
Interest rates for deposits maturing in 90-120 days will remain at 4.00 per cent, while those between 121 and 179 days will remain at 4.25 per cent. Deposits maturing in 181 to 363 days will earn 6.00 per cent; deposits maturing in 364 days will earn 6.25 percent, and 365 days to 389 days will earn seven per cent.
A fixed deposit maturing within 390 days (12 months 24 days) to less than 2 years will continue to pay 7.20 per cent; 3 years to 4 years will earn 6.50 per cent; four to five years will receive 6.25 per cent. Fixed deposits for five years or more will receive 6.20 per cent interest.
Due to the Reserve Bank of India's recent increase in the repo rate, several banks, including SBI Bank, Punjab National Bank, Yes Bank, HDFC Bank, and IndusInd Bank, have raised interest rates on housing loans and fixed deposits.
