After increasing the repo rate of the Reserve Bank, this private sector bank has increased the interest rates of fixed deposits. To make FD attractive, the bank has increased the interest rates. Senior citizens will get additional interest on FD.
Private sector bank Kotak Mahindra Bank Limited (Kotak Mahindra Bank) has increased the interest rate of its Fixed Deposit (FD) after the Reserve Bank (RBI) increased the Repo Rate. To make fixed deposits attractive to customers, the bank has increased interest rates by 25 basis points (BPS).
The new interest rates have come into effect from 10 February. Kotak Mahindra Bank is now offering 7.6 per cent interest on fixed deposits to senior citizens. Kotak Mahindra Bank is offering interest at the rate of 7.25 per cent on FDs of Rs 2 crore to Rs 5 crore on fixed deposits of 15 months to 2 years.
Increase with increase in repo rate
The bank is offering interest at the rate of 7.10 per cent for deposits up to Rs 2 crore. The bank is offering interest at the rate of 7.60 per cent to senior citizens on deposits up to Rs 2 crore.
Virat Dewanji, Group President and Head of Consumer Bank, Kotak Mahindra Bank said- ‘With the increase in key interest rates by RBI, we have increased the interest rates to give our valuable customers higher returns on their savings.’
For the general public, an interest rate of 6 percent has been fixed for a period of 6 months to one year on deposits of fixed deposits of less than Rs 2 crore. According to the bank, the FD amount fixed for a period of 364 days will get interest at the rate of 6.25 per cent for the general public and 6.75 per cent for senior citizens.
Higher interest rate for senior citizens
The bank is offering interest at the rate of 6.90 percent to the general public on FDs of 365-389 days. At the same time, senior citizens will get interest at the rate of 7.40 per cent on fixed deposits for the same period.
For the general public, the interest rate has been fixed at 7.10 percent for a period of 12 months 25 days to 2 years. The interest rate on the same tenure FD for senior citizens is 7.60 per cent.
Interest rate on FD above 2 crores
The bank has fixed an interest rate of 6.50 per cent on FDs of more than Rs 2 crore and less than Rs 5 crore for 180-270 days. FD rates have been increased to 6.75 per cent for a period of 280 days to 364 days.
Kotak Bank has increased the interest rates on deposits from 36 days to 15 months to 7.20 per cent. If the tenure is increased from 15 months to a maximum of 2 years, then interest will be available at the rate of 7.25 percent.
