Private sector Kotak Mahindra Bank has increased interest rates on fixed deposits of less than Rs 2 crore.
Kotak Mahindra Bank fixed deposit rates: Private sector Kotak Mahindra Bank has increased interest rates on fixed deposits of less than Rs 2 crore. According to the bank’s official website, the new rates have come into effect from August 17, 2022. The bank had earlier hiked the interest rates on FDs on August 10 and again on Wednesday on FDs with maturities of 390 days to 3 years.
The bank is offering interest rates ranging from 2.50 per cent to 5.90 per cent to general public and 3 per cent to 6.40 per cent to senior citizens on FDs with tenures of seven to 10 years.
How much interest rates did Kotak increase
Kotak Mahindra has increased its interest rates on FDs by 0.05 percent. FDs of 390 to three years in the bank will now get 5.90 percent interest, which was 5.85 percent earlier.
Further, Kotak Mahindra Bank has not changed the interest rates on deposits for a period of three years to 10 years. The interest rate for this will be 5.90 percent. The bank has also increased the rates of its recurring deposit (RD). The interest rates on recurring deposits for a tenure of 6 months have gone up by 0.25%.
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