Private sector lender Kotak Mahindra Bank has hiked its interest rates on fixed deposits (FD) on a particular tenure. The new rates will be effective Tuesday on FD with a tenure of 365 days to 389 days, rising by 10 basis points. The FD interest rate hike by Kotak Mahindra Bank comes after several other lenders, including ICICI Bank, PNB and SBI, also raised interest rates. The lenders are raising the FD rates as the RBI’s Monetary Policy Committee (MPC) hiked the key repo rates in order to control inflation in the country.
According to Kotak Mahindra Bank’s website, the latest FD rates are applicable to domestic/ NRO / NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from July 26:
7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
15 days to 30 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
31 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
46 days to 90 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
91 days to 120 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent
121 days to 179 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent
180 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
181 days to 269 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
270 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
271 days to 363 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
364 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent
365 days to 389 days – For General Public: 5.60 per cent; For Senior Citizens: 6.10 per cent
390 days (12 months 25 days)- For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
391 days to less than 23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
23 months 1 days to less than 2 years – For General Public: 6.25 per cent; For Senior Citizens: 5.75 per cent
2 years to less than 3 years – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
3 years and above but less than 4 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent
4 years and above but less than 5 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent
5 years and above up to and inclusive of 10 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent.
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