Private bank, Kotak Mahindra Bank has increased the rate of fixed deposits. This increase has been done on FDs of 2 to 10 years. Depositors will now get more interest on FDs of this period. The FD rate has been increased on deposits of less than Rs 2 crore. The new fixed deposit rates have been implemented since September 19, 2022. Ever since the Reserve Bank has increased the repo rate, the FD rates have been witnessing a steady increase. The Reserve Bank can increase the repo rate again at the end of this month, after which a further increase in FD rates can be seen.
According to Kotak Mahindra Bank, the interest rate on FDs of 2 to 10 years has been increased by 10 basis points. Kotak Mahindra Bank is offering interest ranging from 2.50 percent to 6.10 percent on FDs maturing in 7 to 10 years. This rate is for the general public, while senior citizens are being given interest from 3.00 percent to 6.60 percent on FD of the same period.
Kotak Mahindra Bank FD Rates
As before, Kotak Mahindra Bank will continue to give 2.65 percent interest on FDs for 15 to 30 days. Similarly, 2.50 percent interest will continue to be available on FDs maturing in 7 to 14 days. Kotak Mahindra Bank will continue to offer an interest rate of 3.25% on FDs maturing in 31 to 90 days, while the bank has maintained its current interest rate of 3.75% on FDs maturing in 91 to 179 days. FDs maturing between 180 and 363 days will continue to pay interest at the rate of 5.00%, while FDs maturing between 364 days will continue to earn interest at the rate of 5.25%.
how much interest will you get?
Kotak Mahindra Bank will continue to offer an interest rate of 5.75% on FDs maturing in 365 days to 389 days, while it has offered 6.00 on fixed deposit schemes maturing in 390 days (12 months and 25 days) to less than 23 months. The rate of less than the % rate is maintained. FDs maturing from 23 months to less than 2 years will continue to pay interest at the rate of 6.10 percent, but FDs with maturities of 2 years and more than 10 years will now get an interest rate of 6.10 percent. Earlier, 6% interest was available on this, which has been increased by 10 basis points.
FDs whose maturity is more than 180 days and less than 364 days will attract a penalty of 0.50 percent if it is broken prematurely. If the maturity is more than 365 days, then the penalty charge will be 1%.