Kotak Mahindra Bank has increased the interest rates on FDs with deposits ranging from 390 days to 10 years. However, on FDs with less than this maturity, the old interest rate will remain applicable.
New Delhi. Kotak Mahindra Bank has increased the interest rates on its FDs with deposits of less than Rs 2 crore. According to the information given on the bank’s website, the new rates have come into effect from September 1, 2022. The bank has increased the interest rates on FDs with maturity period from 390 days to 10 years.
Apart from this, old interest rates will be applicable on FDs of other tenors. The bank will continue to pay interest at the rate of 2.50 per cent on FDs of 7-14 days and 2.65 per cent on FDs with maturity of 15-30 days. FDs with maturity of 31 to 90 days will get 3.25 percent, 91 to 179 days FDs will get 3.75 percent, 180 to 363 days FDs will get 5.00 percent and 364 days FDs will get 5.25 percent interest. At the same time, 5.75 percent interest will continue to be available on FDs from 365 days to 389 days.
The interest rate of these tenors changed
The bank has decided to pay 6 percent interest on FDs maturing in 390 days to less than 23 months. Earlier, 5.90 percent interest was available on this. FDs ranging from 23 months to less than 2 years will now get 6.10 percent interest instead of 5.90 percent. FDs maturing in 2-10 years will now get 6 percent interest instead of 5.90 percent. It is worth noting that the bank is offering the highest interest rate on FDs ranging from 23 months to less than 2 years.
FD of at least 5,000
According to the information given by the bank on the website, customers need to invest at least Rs 5,000 to start an FD in the bank. This money will be locked for a stipulated time on which the interest will be given by the bank earlier. The bank has told that customers have many options to withdraw interest. According to the bank, customers get the facility to choose from monthly, quarterly or gross interest option.
RBI hikes interest rates after repo rate
After the Reserve Bank of India (RBI) increased the repo rate by 1.40 percent in 4 months, while banks are increasing the burden on the pockets of the people by increasing the interest on the loan, they are also returning a little more profit to them by increasing the interest on FD. Even before Kotak, many banks, including from ICICI and HDFC, have changed their FD interest rates in recent times. Apart from this, banks are also increasing the interest rates on savings accounts.
