Kotak Mahindra Bank hikes rates on fixed deposits of 390 days to 3 years
According to the bank's official website, the new rates are in force from August 17, 2022.
The bank had last hiked its fixed deposit interest rates on 10th August and on Wednesday the bank again raised the interest rates on fixed deposits with maturities ranging from 390 days to 3 years as a result of the modification.
Fixed deposits maturing in 31 to 90 days will continue to pay 3.25% interest, while term deposits maturing in 91 to 179 days will continue to pay 3.75% interest.
Kotak Bank will continue to give an interest rate of 5.25% on fixed deposits maturing in 364 days.
The bank will continue to give an interest rate of 5.75% on fixed deposits maturing in 365 days to 389 days
The interest rate on fixed deposits will remain constant at 5.90% for maturities of three years and longer, up to and including ten years.
Senior citizens will continue to get an additional interest rate of 0.50% over and above the regular rate across all tenors.
Interest rates on fixed deposits below ₹2 Cr have been raised by the private sector lender Kotak Mahindra Bank.
Interest rates on fixed deposits below ₹2 Cr have been raised by the private sector lender Kotak Mahindra Bank.