Private sector lender Kotak Mahindra Bank has hiked interest rates on fixed deposits below Rs 2 crore, effective October 19, according to the bank’s official website. Fixed deposits with a maturity tenure of 15-30 days will now get 2.75 per cent interest, compared with 2.65 per cent earlier. The bank has also increased FD interest rate on tenure of 121-179 days from 3.75 per cent to 4 per cent.
The Kotak Mahindra Bank FD interest rate hike comes at a time when the RBI has been raising the key repo rate in order to control inflation. The bank has earlier also raised its interest rates on both loans and deposits.
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Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from October 19:
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: 2.75 per cent; For Senior Citizens: 3.25 per cent
31 days to 45 days – For General Public: 3.25 per cent; For Senior Citizens: 3.75 per cent
46 days to 90 days – For General Public: 3.25 per cent; For Senior Citizens: 3.75 per cent
91 days to 120 days – For General Public: 3.75 per cent; For Senior Citizens: 4.25 per cent
121 days to 179 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
180 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
181 days to 269 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
270 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
271 days to 363 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent
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364 days – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
365 days to 389 days – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
390 days (12 months 25 days)- For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
391 days to less than 23 months – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
23 months – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
23 months 1 days to less than 2 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
2 years to less than 3 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
3 years and above but less than 4 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
4 years and above but less than 5 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
5 years and above up to and inclusive of 10 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent.
India’s retail inflation accelerated to 7.41 per cent in September, compared with 7 per cent in the previous month. September registered the five-month high level amid a surge in food prices.
It is the ninth month that the Consumer Price Index (CPI)-based inflation has remained above the RBI’s upper tolerance limit of 6 per cent, and has risen despite the central bank’s efforts to curb it. The retail inflation had stood at 7.04 per cent in May, 7.01 per cent in June, 6.71 per cent in July, 7 per cent in August and now 7.41 per cent in September.
