Mumbai: After several banks have raised fixed deposit (FDs) rate hikes, Kotak Mahindra Bank, a private sector lender on Wednesday hiked the interest rates on select tenors by up to 50 basis points.
Depositors can earn interest rates ranging from 2.75 per cent to 6.20 per cent on deposits maturing in 7 days to 10 years, while senior citizens can get rates ranging from 3.25 per cent to 6.70 per cent.
The new rates are effective from Wednesday (March 8, 2023), according to the bank’s official website.
Kotak Mahindra Bank has increased the interest rate on domestic term deposits maturing in 180 days by 50 basis points, from 6 per cent to 6.50 per cent, while those maturing in 181 days to 363 days will remain at 6.00 per cent. The bank will continue to offer a 6.25 per cent interest rate on deposits held for 364 days, and a 7 per cent interest rate on deposits held for 365 days to 389 days.
Deposits maturing in 390 days (12 months 24 days) to less than 2 years will continue to get 7.20 per cent, while those maturing in 2 years to less than 3 years will now pay 7 per cent, a 25 basis point increase from 6.75 per cent. Fixed deposits maturing in 3 years or more but less than 4 years will continue to earn a 6.50 per cent interest rate, while those maturing in 4 years or more but less than 5 years will earn a 6.25 per cent interest rate. For deposits of 5 years and above, up to and including 10 years, the interest rate will continue to be 6.20 per cent.
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