Fixed Deposit: Kotak Mahindra Bank changes FD interest rates, know how much will be the benefit
FD Interest Rate: After the change in interest rates, Kotak Mahindra Bank is offering a maximum of 6.50 percent interest on FD to the general public and a maximum of 7 percent interest to senior citizens.
Highlights
⏩ RBI has increased the repo rate by 0.35 percent.
⏩ Banks have started increasing the interest rates of loans and FDs.
New Delhi. After the increase in the repo rate by the RBI, the private sector Kotak Mahindra Bank has changed the interest rates for fixed deposits below Rs 2 crore. After the change, the bank is offering a maximum of 6.50 percent interest on fixed deposits to common citizens and a maximum of 7 percent to senior citizens. According to the official website of the bank, the new rates have become effective from 9 December 2022.
After the change in a general category, Kotak Mahindra Bank is paying 2.75% interest on FDs maturing in 7 to 14 days, while 3% interest is being paid on fixed deposits maturing in 15 to 30 days. The interest rates offered by the bank are now 3.25% for deposits maturing in 31 to 45 days and 3.50% for deposits maturing in 46 to 90 days. Deposits maturing in 91 to 120 days will now fetch 4% interest, while FDs maturing in 121 to 179 days will now fetch 4.25% interest. On Fixed Deposits maturing in 180 days to 270 days, the bank is now offering 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%.
Maximum 6.50% interest for a maturity period of 390 days to less than 2 years
In the general category, the bank is now offering a 6% interest rate on FDs of 364 days and 6.25% on FDs of maturity of 365 days to 389 days. Offering a maximum of 6.50% for a maturity period of 390 days to less than 2 years while 6.40% for a maturity period of 2 years to less than 3 years. Kotak Mahindra Bank now offers 6.30% on deposits maturing in 3 years and above but less than 4 years, 6.25% on deposits maturing in 4 years and above but less than 5 years, and 6.20% on deposits maturing in 5 years to 10 years is offering.
0.35 Percent increase in repo rate
Significantly, with the intention of reducing inflation, the Reserve Bank of India increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7. RBI has increased the repo rate for the fifth consecutive time after May. During this, the repo rate has increased from 4 percent to 6.25 percent.
