The country’s leading bank Kotak Mahindra has increased the interest rates on fixed deposits (FD). The bank has increased the interest rate for different tenures on amounts less than Rs 2 crore by up to 85 basis points. The bank said that it is offering an interest rate of 7.80 percent to senior citizens on FD for up to 23 months.
Kotak Mahindra Bank has increased the interest rates on fixed deposits (FD). The bank has increased the interest rates on FDs of less than Rs 2 crore for senior citizens by 7.80 percent. Fixed deposit interest rates have been increased by 85 basis points for different tenures.
Kotak Mahindra Bank said that now senior citizens are getting interest up to 7.80 percent on FD for a period of 23 months to 2 years. The bank is offering 7.65 percent interest rate on FD of two to three years.
Along with this, for regular customers who are investing less than Rs 2 crore in FD, the bank has increased the interest by 50 basis points for 3 to 4 years. That means customers are getting interest rates up to 7 percent. Along with this, the bank is also giving 7 percent interest for 4 to 5 years. Earlier the bank was giving 6.25 percent interest.
Latest interest rates of Kotak Mahindra Bank
- 23 months: 7.25 percent for regular customers; 7.80 percent for senior citizens
- 23 months 1 day to 2 years: Regular customers – 7.25 percent; Senior Citizen – 7.80 percent
- More than 2 years and less than 3 years: Regular customers – 7.10 percent; Senior Citizen – 7.65 percent
- More than 3 years and less than 4 years: Regular customers – 7.00 percent; Senior Citizen – 7.60 percent
- More than 4 years and less than 5 years: Regular customers – 7.00 percent; Senior Citizen – 7.60 percent
