Kotak Mahindra Bank FD If you want to invest in FD, then this can be an opportunity for you. Nowadays banks are continuously increasing their rate of interest on FD. We are giving you information about one such scheme.
Private sector Kotak Mahindra Bank has announced an increase in the interest rate on fixed deposits (FDs) by up to 0.25 percent. The decision comes a day after the Reserve Bank of India increased the repo rate by 0.25 per cent on Wednesday. Let us tell you that the deposit rates of banks usually change after the announcement of lending rates by RBI.
Banks change all their rates to adjust the benchmark rates according to the RBI’s repo rate. It also affects the interest rate of the loan.
Bank increased interest on FD
The bank’s new rates are effective from Friday. After this, investors will be able to take advantage of the increased interest in FDs of every segment. If you are also interested in getting FD, then you can choose the fixed deposit of the bank.
What is the interest rate of the bank
Deposits of Rs 2 crore to Rs 5 crore for a period of 15 months to 2 years will get 7.25 per cent interest. 7.10 percent interest will be given on deposits of up to Rs 2 crore from 12 months 25 days to 2 years. With the increase in key interest rates by the RBI, we have passed on to our customers the benefit of higher returns on their savings, said Virat Dewanji, Head, Consumer Bank in his statement.
Where how much benefit
Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.
FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.
How much interest for amount up to 5 crores
The interest rate has been fixed at 6.50% for FD deposits above Rs 2 crore and less than Rs 5 crore for 180-270 days. FD rates have increased to 6.75% for tenors of 280 days to 364 days. Kotak Bank has increased FD rates to 7.20% for deposits from 36 days to 15 months. If the tenure is increased from 15 months to 2 years, the FD rates go up to 7.25.
