Private sector bank hikes fixed deposit interest rates

Mumbai: Leading private sector bank in the country, Kotak Mahindra Bank has increased the interest rates on fixed deposit (FD) schemes worth less than Rs 2 crore. The new interest rates are applicable to fixed deposit accounts opened by Domestic or NRO or NRE investors.

Kotak Mahindra Bank has increased the interest rates on FDs maturing between 121 days and 179 days to 4.50%. Deposits  with a term period of 364 days will get a 0.25% higher interest rate of 4.75%.

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Fixed deposits maturing in four years or more but less than five years will get interest rate of 5.50%. Kotak Bank is offering a 2.50% interest rate on FD schemes maturing between 7 to 14 days. The interest rate on FDs maturing between 15 days to 30 days, 31 days to 45 days, and 46 days to 90 days now stand at 2.50%, 2.75%, and 2.75%, respectively.