Mumbai: Leading private sector bank in the country, Kotak Mahindra Bank has hiked interest rates on fixed deposits (FDs) of less than Rs 2 crore. The lender has raised the interest rates on select tenors by up to 50 basis points. The new rates came into effect from March 8, 2023.
After this hike, general investors will get interest rates ranging from 2.75% to 6.20% on deposits maturing in 7 days to 10 years, while senior citizens may receive rates ranging from 3.25% to 6.70%. At present, Kotak Mahindra Bank offers a maximum interest rate of 7.20% and 7.70% for senior citizens on terms ranging from 390 days (12 months 24 days) to less than 2 years.
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Kotak Mahindra Bank said it will continue to offer a 2.75% interest rate on deposits maturing in 7 – 14 days and a 3.00% interest rate on deposits maturing in 15 – 30 days. The bank will also continue to offer 3.25% interest rates on deposits held for 31-45 days and 3.50% interest rates on deposits held for 46-90 days.
Fixed deposits maturing in 91-120 days will fetch a 4.00% interest rate, while those maturing in 121-179 days will get a 4.25% interest rate.
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