Kotak Mahindra Bank: After this decision of Kotak Mahindra Bank, more banks can make such announcement. Kotak Mahindra Bank’s new FD interest rate will be applicable from May 6.
Kotak Mahindra Bank: Private sector Kotak Mahindra Bank has increased the interest rate by 0.35 percent on fixed deposits up to Rs 2 crore. After the increase of 0.40 percent in the repo rate of the Reserve Bank of India, the bank has announced to increase the interest rate on FD on Thursday. As a traditional investment option for a long time, the interest rate on deposits on FD had gone down to a very low level. After this decision of the bank, more banks can make such announcement. Kotak Mahindra Bank’s new FD interest rate (kotak mahindra bank fd rates) will be applicable from May 6.
First bank after the announcement of repo rate
According to the news, the bank has said that this increase in FD rate is a golden opportunity after the trend of low interest rate in the economy for almost two years. We are among the first banks to announce this hike. This is the right time for consumers to save for their financial goals and reap the benefits of increased returns on their savings.
Know the new rates
The bank (Kotak Mahindra Bank) has increased the interest rate by 0.30 percent on getting FD up to Rs 2 crore for 390 days. Now this rate has increased to 5.50 percent. Similarly, the interest rate on FDs for 23 months has been increased by 0.35 percent, which has now increased to 5.60 percent. Senior citizens will get 0.50 percent more interest on FD (kotak mahindra bank fd rates) as before.
