Private sector lender Kotak Mahindra Bank had hiked interest rates on fixed deposits (FDs) for select tenors. The revised FD rates are effective from July 1, 2022.
The bank has raised interest rates for FDs with a tenor of 390 days by 10 basis points (bps) to 5.75 per cent from earlier 5.65 per cent.
For the FD tenor of 391 days – less than 23 months, the interest rates have been increased to 5.75 per cent from 5.65 per cent. Meanwhile, FD interest rates for other tenors have been kept unchanged. Furthermore, the interest rates on FDs with a term of 3-10 years will continue to fetch 5.90 per cent.
The bank had raised fixed deposit interest rates in June across a range of tenors below Rs 2 crore.
Interest Rates For Recurring Deposits
Kotak Mahindra Bank offers interest rates ranging from 4.75 per cent to 5.90 per cent on recurring deposits for terms starting from six months to 10 years.
The private sector lender offers an interest rate of four per cent for savings account deposits of over Rs 50 lakh. However, for deposits under Rs 50 lakh, the annual percentage is 3.5 per cent. The said rates came into effect from June 13, 2022.