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Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits By 25 bps, Here Are The New Rates
The third-largest private sector bank in market-cap and business, Kotak Mahindra Bank, has raised the interest rates on Fixed Deposits, joining the many other banks varying their interest rates to entice more investors.
The interest rates on fixed deposits offered to bank account customers by Kotak Mahindra Bank have increased by 25 basis points for domestic deposit terms of less than Rs 2 crore. Similar to most of other banks, the tenure of Kotak bank ranges from 7 days to 10 years, and the interest rates on fixed deposit also vary from regular to senior citizen. According to the bank's official website, the higher interest rates will take effect on September 26, 2022.
Here is a list of new interest rates Kotak Mahindra Bank offers for regular fixed deposits.
| Tenors | Interest rates (in %) |
|---|---|
| 7 Days to 14 Days - | 2.50 |
| 15-30 Days | 2.65 |
| 31 Days to 45 Days | 3.25 |
| 46 Days to 90 Days | 3.25 |
| 91 Days to 120 Days | 3.75 |
| 121-179 Days | 3.75 |
| 180 Days | 5 |
| 181 Days to 269 Days | 5 |
| 270 Days | 5 |
| 271 Days to 363 Days | 5.25 |
| 364 Days | 5.50 |
| 365 Days to 389 Days | 6 |
| 390 Days | 6.10 |
| 391 Days to less than 23 Months | 6.10 |
| 23 months | 6.20 |
| 23 months 1 day to less than 2 years | 6.20 |
| 2 years to less than 3 years | 6.20 |
| 3 years and above to less than 4 years | 6.10 |
| 4 years and above to less than 5 years | 6.10 |
| 5 years and above to 10 years | 6.10 |
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