Kotak Mahindra Bank has increased the interest rate on fixed deposits (FD). The new rates are effective from January 6, 2022.
New Delhi: Kotak Mahindra Bank has increased the rate of interest the private lenders offers to investors of fixed deposits (FD). The interest rate of FDs of various maturing periods has been increased by the bank. The new rates are effective from January 6, 2022.
For starters, FDs maturing in 7 to 30 days will now receive a 2.5% interest rate. Similarly, Kotak Mahindra Bank will offer an interest rate on FDs with tenors of 31 to 90 days and 91 to 120 days at 2.75% and 3% respectively.
Moreover, with term deposits maturing in 121-179 days, Kotak Mahindra Bank will offer an interest rate of 3.25%. On fixed deposits with a tenure of 180 days, the bank will offer an interest rate of 4.3%.
Customers depositing funds in FDs with a term period of 181 and 363 days will provide a return of 4.40%. On the other hand, the Kotak Mahindra Bank will provide an interest rate of 4.5% on FDs maturing in 364 days.
Previously, the bank had changed the FD rates on September 30, 2021. Moreover, if you invest in an FD maturing between 490 days to less than 23 months, you will receive returns at a 5% interest rate.
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Further, Kotak Mahindra Bank has increased the interest rate by 10 bps to 5.3% on fixed deposits maturing in 3 to 5 years. Investors will also receive returns at an interest rate of 5.3% on term deposits maturing in 5 years to 10 years.
All the above-mentioned interest rates are applicable for the general public on fixed deposit investments of below Rs 2 crore. However, senior citizens receive returns at 50 basis points higher interest rates as compared to FD investments made via the general public.
