Kotak Mahindra Bank has again raised interest rates on fixed deposits (FDs) of less than Rs 2 crore. The latest FD interest rates have become effective from Monday (October 3). The bank is now offering interest rates of 2.5-6.2 per cent for regular investors and 3-6.7 per cent for senior citizens with tenures between 7 days to 10 years. The lender last month also increased FD interest rates on deposits below Rs 2 crore.
The move also comes as the Reserve Bank India (RBI) has been raising the repo rate for the past few months, thus raising the interest rates on various deposits and loans in the country. Last week, the RBI raised the repo rate by 50 basis points to 5.9 per cent, the fourth consecutive hike. In the last four monetary policy reviews since May this year, the RBI’s rating panel has raised a total of 190 basis points. Repo rate is the interest rate at which RBI lends to commercial banks.
Here are the revised interest rates on fixed deposits of less than Rs 2 crore in Kotak Mahindra Bank (per annum) with effect from October 3:
7 days to 14 days – For general public: 2.50 percent; For Senior Citizens: 3.00 percent
15 days to 30 days – For general public: 2.65 percent; For senior citizens: 3.15 percent
31 days to 45 days – For general public: 3.25 percent; For senior citizens: 3.75 percent
46 days to 90 days – for general public: 3.25 percent; For senior citizens: 3.75 percent
91 days to 120 days – for general public: 3.75 percent; For senior citizens: 4.25 percent
121 days to 179 days – for general public: 3.75 percent; For senior citizens: 4.25 percent
180 days – for the general public: 5.00 percent; For senior citizens: 5.50 percent
181 days to 269 days – For general public: 5.00 percent; For senior citizens: 5.50 percent
270 days – for the general public: 5.00 percent; For senior citizens: 5.50 percent
271 days to 363 days – For general public: 5.25 percent; For senior citizens: 5.75 percent
364 days – For general public: 5.50 percent; For Senior Citizens: 6.00 percent
365 days to 389 days – For general public: 6.00 percent; For senior citizens: 6.50 percent
390 days (12 months 25 days) – For general public: 6.10 percent; For senior citizens: 6.60 percent
391 days to less than 23 months – For general public: 6.10 percent; For senior citizens: 6.70 percent
23 months – for the general public: 6.20 percent; For senior citizens: 6.70 percent
23 months 1 day to less than 2 years – For general public: 6.20 percent; For senior citizens: 6.70 percent
2 years to less than 3 years – For general public: 6.20 percent; For senior citizens: 6.70 percent
3 years and above but less than 4 years – For general public: 6.10 percent; For senior citizens: 6.60 percent
4 years and above but less than 5 years – For general public: 6.10 percent; For senior citizens: 6.60 percent
5 years and above and including 10 years – for general public: 6.10 percent; For senior citizens: 6.60 percent.
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