Kotak Mahindra Bank hikes interest rates on fixed deposits (FDs) by 15 bps | Tech US News

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Private sector leader Kotak Mahindra Bank has hiked interest rates on fixed deposits of less than Rs. 2 Crore According to the bank’s official website, the new rates are effective today from November 9, 2022. Following this amendment, the bank increased interest rates by 15 basis points. Currently, Kotak Mahindra Bank is offering a maximum interest rate of 6.30% for general public and 6.80% for senior citizens on fixed deposits due from 390 days (12 months 25 days) to less than 3 years. .

Kotak Mahindra Bank FD Rates

The bank will continue to offer an interest rate of 2.75% on fixed deposits maturing in the next 7 to 14 days, while Kotak Mahindra Bank will continue to offer a rate of 3.00% on deposits maturing in the next 15 to 30 days. Deposits maturing in 31 to 45 days will continue to pay 3.25 percent interest, while deposits maturing in 46 to 90 days will continue to pay 3.50 percent interest. The interest rate offered by Kotak Mahindra Bank will be 4.00% for FDs maturing in 91 to 120 days and 4.25% for those maturing in 121 to 179 days.

The bank will continue to offer an interest rate of 5.50 percent on fixed deposits maturing in 180 days to 270 days, while Kotak Mahindra Bank will continue to offer an interest rate of 5.75 percent on deposits maturing in 271 days to 363 days. On FDs maturing in 364 days, Kotak Mahindra Bank will continue to offer an interest rate of 6.00%, but for FDs maturing in 365 days to 389 days, the bank has increased the interest rate by 15 basis points, which is is up from 6.10 percent. 6.25% Deposits maturing in less than 23 months from 390 days (12 months 25 days) will now offer an interest rate of 6.30%, up from 6.25% earlier, an increase of 5 basis points.

The bank will continue to offer an interest rate of 6.30% on FDs maturing in 23 months to less than 3 years, and 6.25% on those maturing in 3 years and above but less than 4 years. will On Fixed Deposits (FDs) maturing in 4 years or more but less than 10 years, Kotak Mahindra Bank will continue to offer an interest rate of 6.20%.

Kotak Mahindra Bank FD Rates

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Kotak Mahindra Bank FD Rates (kotak.com)

Additionally, Kotak Mahindra Bank offers senior citizens an interest rate that is 50 bps higher than standard rates. On an FD maturing in 7 days to 10 years, senior citizens will get an interest rate of 3.25% to 6.70%. On NRO/NRE deposits, senior citizen rate is not applicable. A fixed deposit in Kotak Bank can be started as low as Rs. 5,000 There is no upper limit to the fixed deposit amount, and in certain circumstances, you have the option of early withdrawal from fixed deposit accounts.

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