Mumbai: Leading private sector bank in the country, Kotak Mahindra Bank has revised interest rates on fixed deposits of less than Rs 2 crore. The lender will now offer a maximum interest rate of 6.50% to the general public and 7.00% for senior citizens on deposits maturing in 390 Days (12 months 25 days) to less than 2 years.
The bank is now giving an interest rate of 2.75% on deposits maturing in the next 7 to 14 days and an interest rate of 3.00% on deposits maturing in the next 15 to 30 days. The interest rates for deposits maturing in 31 to 45 days will be 3.25% and 3.50% for deposits maturing in 46 to 90 days. Deposits that mature in 91 to 120 days now earn 4.00% interest, while those that mature in 121 to 179 days now earn 4.25% interest. On deposits maturing in 180 Days to 270 Days, the bank will provide an interest rate of 5.50% and on those maturing in 271 Days to 363 Days, Kotak Bank is now offering an interest rate of 5.75%.
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FDs maturing in 364 days will get an interest rate of 6.00% and an interest rate of 6.25% on those maturing in 365 Days to 389 Days. Deposits maturing in 390 Days (12 months 25 days) to less than 2 years will now fetch an interest rate of 6.50% and those maturing in 2 years- less than 3 years will now fetch an interest rate of 6.40%. On FDs maturing in 3 years and above but less than 4 years, the bank is offering an interest rate of 6.30% and on those maturing in 4 years and above but less than 5 years, Kotak Mahindra Bank is offering an interest rate of 6.25%.
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