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Kotak Mahindra Bank Fixed Deposit Rates Increased Again

Photo: Kotak Mahindra Bank

Kotak Mahindra Bank has once again given good news to its customers. It has announced a hike in the interest rate on certain Fixed Deposits (FDs). This increase applies to amounts less than Rs.2 crore. The new fixed deposit interest rates will go into effect on November 14, 2022. This is the 3rd time this month that interest rates on fixed deposits have been increased. Earlier on the 9th of this month, Kotak Mahindra Bank raised interest rates on fixed deposits.

Following this increase, bank customers can now earn 6.40 percent on fixed deposits due in 390 days to 23 months. Senior citizens will receive an additional 0.50% interest income up to 6.90% on this tenure.

The bank now provides a 6.50 percent interest rate on terms of 23 months to less than two years. Previously, this rate was 6.30 percent. This tenure offers senior citizens an interest rate of up to 7%.

Kotak Mahindra Bank has raised its general public interest rate from 6.30 percent to 6.40 percent on tenure of less than two to three years. It provides senior citizens with a 6.90 percent interest rate. For three years tenure to less than four years will be 6.30% for the general public and 6.80% for senior persons. On a four-year, extended (but less than five-year) term, the interest rate is 6.25 percent for the general public and 6.75 percent for senior persons.

Kotak Mahindra Bank gives interest rates ranging from 5% to 6.40% on all recurring deposit tenures ranging from 6 months to 10 years.