Private sector bank hikes interest rates on the recurring deposits

Mumbai: Leading private sector lender in the country, Kotak Mahindra Bank has now hiked interest rates on the recurring deposits (RD). The lender now offers an interest rate of 7% per annum on recurring deposits (RD) on tenures between 15 months and 21 months. The private sector bank has increased RD interest rate up to 75 basis points on tenures of 6 months, 12 months, 15 months, 18 months, and 21 months.

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Kotak Mahindra Bank’s RD Interest Rate Per Annum (%) On December 28, 2022:

6 Months: For General Public- 5.75 per cent, For Senior Citizens- 6.25 per cent
12 Months: For General Public- 6.75 per cent, For Senior Citizens- 7.25 per cent

15 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent
18 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent
21 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent.