Fixed Deposit Rate Hike: There is good news for those investing hard earned money in fixed deposits. Kotak Mahindra Bank has increased the interest rates on FDs.
New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates of loans. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Kotak Mahindra Bank of the private sector has increased the interest rates on fixed deposits i.e. FDs of less than Rs 2 crore.
New Rates Effective July 1, 2022
The new Federal Bank rates are effective from July 1, 2022. The bank has increased the FD rates for some tenures. The bank has said in its announcement that it has increased the interest rate by 10 basis points for the tenure of 390 days. On FD of 390 days, 5.75 percent interest will be available instead of 5.65 percent. Kotak Mahindra Bank Bank will now offer an interest rate of 5.75 per cent instead of 5.65 per cent on deposits maturing in between 391 days but less than 23 months.
Kotak Mahindra Bank FD Rates-
7-14 Days- 2.50%
15-30 Days- 2.50%
31-45 Days- 3.00%
46-90 Days- 3.00%
91-120 Days- 3.50%
121-179 Days- 3.50%
180 days- 4.75%
181-269 days- 4.75%
270 days- 4.75%
271-363 days- 4.75%
364 days- 5.25%
365-389 days- 5.50%
390 days- 5.75%
391 days- less than 23 months- 5.75%
23 months – 5.75%
23 months 1 day – less than 2 years – 6.25%
less than 2 years to 3 years – 5.75%
3 years to less than 4 years – 5.90%
4 years to less than 5 years – 5.90% below
5 years Up to 10 years – 5.90%
RBI increased the repo rate twice within 36 days.
Significantly, on June 8, 2022, RBI Governor Shaktikanta Das announced an increase of 50 basis points in the repo rate, increasing it from 4.40 percent to 4.90 percent. Earlier, on May 4, 2022, the central bank had increased the repo rate by 40 basis points from 4.00 percent to 4.40 percent.
