Kotak Mahindra Bank hikes interest rates on fixed deposits of less than ₹2 crore

Kotak Mahindra Bank FD Rates

The bank will continue to offer an interest rate of 2.65 percent on fixed deposits maturing in 15 to 30 days and 2.50% on fixed deposits maturing in 7 to 14 days. The interest rate on fixed deposits maturing in 31 to 90 days will be 3.25%, while the interest rate on fixed deposits maturing in 91 to 179 days will remain at 3.75%.

On fixed deposits maturing in 180 days to 363 days, Kotak Mahindra Bank will continue to offer an interest rate of 5.00%, and on fixed deposits maturing in 364 days, 5.25%. Fixed deposits maturing from 365 days to 389 days will still attract an interest rate of 5.75%, while fixed deposits maturing in less than 23 months from 390 days (12 months and 25 days) will now attract 6% interest will accrue from An increase of 10 basis points, up from 5.90% earlier. The bank will now offer fixed deposits with maturities of 23 months and less than 2 years at an interest rate of 6.10%, up from 5.90% earlier, an increase of 20 basis points.

Kotak Mahindra Bank increased interest rates on fixed deposits maturing in 2-10 years from 5.90% to 6%, an increase of 10 basis points. After the bank’s revision, fixed deposit customers can now avail higher fixed deposit rates for tenures ranging from 23 months to less than two years at the rate of 6.10% per annum.

The bank mentions on its website that “the depositor has to open a fixed deposit account with at least minimum amount for fixed deposit, which is Rs.5,000 for Kotak Mahindra Bank. The amount against the promise of a specific interest rate It is fixed for a predetermined time period. There are several options for interest withdrawal for fixed deposits. With Kotak Mahindra Bank, you can choose between cumulative, monthly or quarterly payment options of the FD interest amount.

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