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Kotak Bank joins bandwagon of revising FD rates

Kotak Mahindra Bank is among the latest to join the bandwagon of revising fixed deposit interest rates after RBI’s 35 basis points hike in policy repo rate to 6.25%. The leading private banker now offers a maximum 6.50% rate to the general category, while senior citizens are in for a treat as they will get to earn interest rates on their FD accounts to as high as 7%. The interest rates for elderlies are inflation-beating currently. Notably, the rates are revised on both FDs below ₹2 crore and bulk deposits with effect from December 9.

FDs below ₹2 crore:

General Category:

The maturity period from 390 days to less than 2 years has an interest rate of a maximum of 6.50%. While the bank is offering 6.40% on 2 years to less than 3 years tenures; 6.30% on 3 years and above but less than 4 years tenures; 6.25% on 4 years and above but less than 5 years tenures; and 6.20% on 5 years and above and inclusive of 10 years.

The interest rate of 6.25% is also applicable for 365 days to 389 days of tenure. While the rate is at 6% on 364 days tenure; 5.75% on 271 days to 363 days tenure; 4.25% on 121-179 days; and 4% on 91-120 days. The bank offers an interest rate of 5.50% on FDs maturing from 180 days to 270 days tenure.

On shorter tenures, such as 46 – 90 days, the rate is 3.50%, while the rate is 3.25% on 31 – 45 days; 3% on 15 – 30 days; and 2.75% on 7 – 14 days.

Senior Citizens:

The highest rate offered to Senior Citizens by Kotak Bank would be 7% on tenures from 390 days to less than 2 years. While the interest rate is 6.90% on 2 years but less than 3 years tenure; 6.80% on 3 years and above but less than 4 years tenure; 6.75% on 4 years and above but less than 5 years; and 6.70% on 5 years and above up to and inclusive of 10 years. An interest rate of 6.75% is also applicable for 365 days to 389 days of tenure.

The bank is offering a 6% rate on tenures from 180 days to 270 days. The rate is higher at 6.25% on 271 days to 363 days tenure and at 6.50% on 364 days tenure. On shorter tenures, the rate is 4.75% on 121 – 179 days; 4.50% on 91 – 120 days; 4% on 46 – 90 days; 3.75% on 31 – 45 days; 3.50% on 15 – 30 days; and 3.25% on 7 – 14 days.

Bulk FDs:

The bulk FDs range from ₹2 crore to ₹25 crore and above. While the tenures start from 7 days to inclusive of 7 years.

Kotak Bank is offering 3.75% to 6.80% on FDs from ₹2 crore to below ₹5 crore, while the interest rate from 4.25% to 7% on FDs from ₹5 crore but below ₹25 crore.

On FDs from ₹25 crore and above, the interest rates vary from 4.25% to 7.20%.

Under the bulk deposits, Kotak Bank said, the senior citizens’ rate is not applicable on NRO/NRE deposits, while no interest will be payable for NRE TDs staying less than 1 year.

For FDs with tenure below 181 days, the interest will be calculated at maturity as simple interest. The calculation of interest is basis 365 days in a non-leap year and 366 days in a leap (calendar) year.

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