Kotak Mahindra Bank has increased the FD interest rates by 50 bps for all tenures. | Tech US News

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Kotak Mahindra Bank, one of the largest private sector institutions, has lowered the interest rate on fixed deposits. 2 crores. According to the bank’s official website, the new rates will be effective from November 1, 2022. In response to this amendment, the bank increased the interest rates on all tenors. On deposits maturing in 7 days to 10 years, the bank is now offering interest rates of 2.75% to 6.20% for general public and 3.25% to 6.70% for senior citizens. While on deposits maturing in 23 months to 3 years, the bank is now offering a maximum interest rate of 6.30% for general public and 6.80% for senior citizens.

Kotak Mahindra Bank FD Rates

On fixed deposits maturing in 7 – 14 days, the bank has raised the interest rate from 2.50% to 2.75%, an increase of 25 bps and on those maturing in 15-30 days, Kotak Mahindra Bank Increased from 2.75% to 2.75%. 3.00% an increase of 25 bps. Deposits maturing in 31 to 45 days will now offer an interest rate of 3.25 per cent and those maturing in 46 to 90 days will now fetch an interest rate of 3.50 per cent from 3.25 per cent earlier, representing an increase of 25 bps. used to do

Kotak Mahindra Bank has hiked interest rates by 25 bps to 4.00% from 3.75% on deposits maturing in 91 – 120 days and by 25 bps to 4.25% on deposits maturing in 121 – 179 days. On fixed deposits maturing in 180 days to 270 days, the bank has increased the interest rate by 50 bps to 5.50% from 5% and on those maturing in 271 days to 363 days by 50 bps. has been reduced to 5.25%. 5.75% Deposits maturing in 364 days will now fetch an interest rate of 6.00% from the earlier 5.50%, an increase of 50 bps, and deposits maturing in 365 days to 389 days will now fetch a 10 bps higher interest rate of 6.10% instead of 6%. will get

Kotak Mahindra Bank has increased the interest rate on deposits maturing in 23 months from 390 days (12 months 25 days) by 15 bps to 6.25% from 6.10%. On deposits maturing in 23 months to less than 3 years, the bank has increased the interest rate by 10 bps from 6.20% to 6.30% and on deposits maturing in 3 years or more but less than 4 years. On those, Kotak Mahindra Bank has increased the interest. Rate by 15 bps from 6.10% to 6.25%. Deposits maturing in 4 years and above and 10 years will now fetch 10 bps higher interest rate of 6.20% from 6.10% earlier.

Kotak Mahindra Bank FD Rates

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Kotak Mahindra Bank FD Rates (kotak.com)

Kotak Mahindra Bank also offers interest rates to senior citizens that are 50 basis points higher than standard rates. A handful of other institutions, including Bank of India, Punjab and Sindh Bank, Unity Small Finance Bank, and IDBI Bank, have so far announced interest rate hikes on fixed deposits during the first week of November.

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