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Kotak Mahindra Bank, one of the major institutions in the private sector, raised the interest rate on fixed deposits below ₹2 crore. According to the bank’s official website, the new rates take effect on November 1st, 2022. The bank increased interest rates across all tenors in response to the modification. On deposits maturing in 7 days to 10 years, the bank is now offering an interest rate of 2.75% to 6.20% for the general public and 3.25% to 6.70% for senior citizens. Whereas on deposits maturing in 23 Months to 3 years, the bank is now offering a maximum interest rate of 6.30% for the general public and 6.80% for senior citizens.
Kotak Mahindra Bank FD Rates
On fixed deposits maturing in 7 – 14 days, the bank has hiked the interest rate from 2.50% to 2.75% a hike of 25 bps and on those maturing in 15 – 30 days, Kotak Mahindra Bank has hiked the interest rate from 2.75% to 3.00% a hike of 25 bps. Deposits maturing 31 – 45 days will now offer an interest rate of 3.25% and those maturing in 46 – 90 days will now fetch an interest rate of 3.50% which was earlier 3.25% representing a hike of 25 bps.
Kotak Mahindra Bank has hiked interest rates by 25 bps from 3.75% to 4.00% on deposits maturing in 91 – 120 Days and by 25 bps from 4% to 4.25% on those maturing in 121 – 179 days. On fixed deposits maturing in 180 Days to 270 days, the bank has hiked the interest rate by 50 bps from 5% to 5.50% and on those maturing in 271 days to 363 days the interest rate has been hiked by 50 bps from 5.25% to 5.75%. Deposits maturing in 364 days will now fetch an interest rate of 6.00% which was earlier 5.50% a hike of 50 bps and those maturing in 365 Days to 389 Days will now fetch a 10 bps higher interest rate of 6.10% instead of 6%.
Kotak Mahindra Bank has hiked the interest rate by 15 bps from 6.10% to 6.25% on deposits maturing in 390 Days (12 months 25 days) to 23 Months. On deposits maturing in 23 Months to less than 3 years, the bank has hiked the interest rate by 10 bps from 6.20% to 6.30% and on those maturing in 3 years and above but less than 4 years, Kotak Mahindra Bank has hiked the interest rate by 15 bps from 6.10% to 6.25%. Deposits maturing in 4 years and above and inclusive of 10 years will now fetch a 10 bps higher interest rate of 6.20% which was earlier 6.10%.
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Kotak Mahindra Bank also provides older folks with an interest rate that is 50 basis points higher than the standard rates. A tiny handful of other institutions, including Bank of India, Punjab & Sind Bank, Unity Small Finance Bank, and IDBI Bank, have so far declared a hike in interest rates on fixed deposits during the first week of November.
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