Private sector bank hikes fixed deposit rates

Mumbai: Leading private sector bank in the country, Kotak Mahindra Bank has increased its fixed deposit rates. The new fixed deposit interest rates are applicable for deposits below Rs 2 crore for the tenures between 2 years and 10 years. Fixed deposits with tenures of 2 years and above up to 10 years will now provide an interest rate of 6.10.

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Here are the revised interest rates on fixed deposits:

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: 2.65 per cent; For Senior Citizens: 3.15 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: 3.75 per cent; For Senior Citizens: 4.25 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: 5.00 per cent; For Senior Citizens: 5.50 per cent

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

365 days to 389 days – For General Public: 5.75 per cent; For Senior Citizens: 6.25 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: 6.00 per cent; For Senior Citizens: 6.50 per cent

23 months – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent

23 months 1 day to less than 2 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent

2 years to less than 3 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 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.

The new  rates are applicable to domestic/ NRO / NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits.