Another bank in the country hikes interest rates

Mumbai:  Leading private sector bank in the country,  Kotak Mahindra Bank has hiked its fixed deposit interest rates. The bank hiked the interest rates of fixed deposits below Rs 2 crore. The new rates are applicable to Domestic / NRO / NRE fixed deposit accounts. Senior citizen rates are not applicable on NRO/NRE deposits.

The bank, in its announcement, has said that it has hiked the interest rate by 10 basis points for a tenure of 390 days, from 5.65 per cent to 5.75 per cent. Kotak Mahindra Bank bank will now offer an interest rate of 5.75 per cent, up from 5.65 per cent before, on deposits maturing between 391 days to less than 23 months

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Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum):

7 days to 14 days – For General Public: 2.50%; For Senior Citizens: 3.00%

15 days to 30 days – For General Public: 2.50%; For Senior Citizens:  3.00%

31 days to 45 days – For General Public: 3.00%; For Senior Citizens: 3.50%

46 days to 90 days – For General Public: 3.00%; For Senior Citizens: 3.50%

91 days to 120 days – For General Public: 3.50%; For Senior Citizens: 4.00%

121 days to 179 days – For General Public: 3.50%; For Senior Citizens: 4.00%

180 days – For General Public: 4.75%; For Senior Citizens: 5.25%

181 days to 269 days – For General Public: 4.75%; For Senior Citizens: 5.25%

270 days – For General Public: 4.75%; For Senior Citizens: 5.25%

271 days to 363 days – For General Public: 4.75%; For Senior Citizens: 5.25%

364 days – For General Public: 5.25%; For Senior Citizens: 5.75%

365 days to 389 days – For General Public: 5.50%; For Senior Citizens: 6.00%

390 days (12 months 25 days)- For General Public: 5.75%; For Senior Citizens: 6.25%

391 days to less than 23 months – For General Public: 5.75%; For Senior Citizens: 6.25%

23 months – For General Public: 5.75%; For Senior Citizens: 6.25%

23 months 1 days to less than 2 years – For General Public: 6.25%; For Senior Citizens: 5.75%

2 years to less than 3 years – For General Public: 5.75%; For Senior Citizens: 6.25%

3 years and above but less than 4 years – For General Public: 5.90%; For Senior Citizens: 6.40%

4 years and above but less than 5 years  – For General Public: 5.90%; For Senior Citizens: 6.40%

5 years and above up to and inclusive of 10 years – For General Public: 5.90%; For Senior Citizens: 6.40%