Kotak Mahindra Bank has increased the interest rates of fixed deposits by up to a quarter percent i.e. up to 25 basis points. That is, investors investing in bank FDs will now get up to a quarter percent more interest than before.
New Delhi. Kotak Mahindra Bank of the private sector has announced to increase the interest rates of FD (fixed deposit). This increase has been made for FDs up to Rs 2 crore with different tenures. The new rates have come into effect from April 12, 2022.
According to the information given on the website of Kotak Mahindra Bank, the interest rates of fixed deposits have been increased by up to a quarter percent i.e. up to 25 basis points. That is, investors investing in bank FDs will now get up to a quarter percent more interest than before.
Higher interest than ever before on all deposits
According to the information available on the bank’s website, FDs for 121 days, 179 days and 364 days will now get interest at the rate of 4.75 percent. Earlier, the bank was giving 4.5 percent interest for these periods. Similarly, the bank is offering 4.5 per cent interest on fixed deposits of 180 days, 181 days to 269 days, 270 days and 271 days to 363 days. Earlier, 4.4 percent interest was being available on FDs of these periods. That is, the interest for these periods has been increased by 10 basis points i.e. 0.1 percent.
Minimum 10 basis point increase
The interest rates of 365 days and 389 days FD have also been increased by 10 basis points by the bank. Investors will now get 5.1 percent interest on these instead of 5 percent. Whereas for periods ranging from 390 days to less than 23 months, 5.2 percent interest is being offered as compared to 5.1 percent. Interest rates have increased by 15 basis points for tenures ranging from 23 months and 23 months 1 day to less than 2 years. For these periods, interest is now being given at the rate of 5.25 percent.
The bank is offering 5.3 percent interest on FDs ranging from 2 years to less than 3 years and 5.45 percent for 3 years and above but less than 4 years. For FDs of 4 years and above but less than 5 years and 5 years to 10 years, the bank is now paying 5.5 per cent interest instead of 5.45 per cent.