Banks have started increasing the interest rates of fixed deposits (FD rates) only after the Reserve Bank of India (RBI) increased the repo rate. Almost all major public and private banks have increased fixed deposit rates.
New Delhi. Private sector leading bank Kotak Mahindra Bank has also announced to pay more interest to customers on fixed deposits (Bank FD). The bank has increased the interest rates on such term deposits of less than Rs 2 crore, which are maturing in a period of 2 to 10 years. The increased interest rates (FD rates) of fixed deposits have come into effect from September 19. The bank has increased the interest rates by 10 basis points.
Significantly, after the increase in the repo rate of the Reserve Bank of India, banks have started increasing the interest rates of fixed deposits. Almost all major public and private banks have increased fixed deposit rates. Due to this, the customers who have made FD in banks have benefited a lot. FD is considered a safe investment, which gives good returns.
Here are the new interest rates
According to a report by Live Mint, the bank is now paying interest ranging from 2.50 percent to 6.10 percent on FDs maturing in a period of 7 days to 10 years. At the same time, the bank is giving interest ranging from 3 percent to 6.60 percent to senior citizens. Customers will get 2.50 percent interest on FDs maturing in 7 to 14 days and 2.65 percent on FDs maturing in 15 to 30 days. The bank will pay 3.25 percent interest on FDs maturing in 31 to 90 days. 3.75 on FDs maturing in 91 to 179 days, 5% on FDs maturing in 180 to 363 days and 5.25 per cent per annum on fixed deposits maturing in 364 days.
Will get 6.10 percent interest
On FDs maturing in 365 days to 389 days, the bank will give interest at the rate of 5.75 per cent to the customers as before. On FDs maturing in 390 days to 23 months, the customer will get interest at the rate of 6 per cent. Similarly, on fixed deposits maturing in less than 23 months to less than 2 years, the bank will give 6.10 percent interest to the customers. At the same time, the bank will now pay interest at the rate of 6.10 percent on FDs maturing in a period of 2 years to 10 years. Earlier the bank was paying interest at the rate of 6 per cent.
