Kotak Mahindra Bank has hiked the rate of interest on fastened deposits (FD) throughout numerous tenors. After the most recent revision, for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days, Kotak Mahindra Bank gives an rate of interest of two.5%, 2.75% and three% respectively. These charges are relevant from 6 January 2022.
The financial institution had final revised FD charges on 30 September 2021.
For time period deposits maturing in 121-179 days and 180 days, the financial institution has hiked the charges by 5 foundation factors (bps). These deposits will fetch rates of interest of three.25% and 4.3% respectively. FDs with tenure 181 and 363 days will give 4.40% and time period deposits maturing in 364 days will now give 10 bps extra i.e, 4.5%.
Deposits maturing in one year to 389 days will now give 4.9%. FDs maturing in 390 days to Less than 23 months will give 5%
For time period deposits maturing in 3 years and above however lower than 5years, the financial institution has hiked charges by 10 bps. These deposits will now give 5.3%. For deposits maturing in 5 years and above as much as and inclusive of 10 years, the financial institution has hiked rate of interest by 5 bps, these deposits will now give 5.3%
Kotak Mahindra Bank newest FD charges (under ₹2 crore) for most of the people efficient 6 January 2022
7 – 14 days 2.50%
15 – 30 days 2.50%
31 – 45 days 2.75%
46 – 90 days 2.75%
91 – 120 days 3%
121 – 179 days 3.25%
180 days 4.3%
181 days to 269 days 4.40%
270 days 4.40%
271 days to 363 days 4.40%
364 days 4.5%
one year to 389 days 4.9%
390 days (12 months 25 days) 5%
391 days – Less than 23 months 5%
23 months 5.10%
23 months 1 day- lower than 2 years 5.10%
2 years- lower than 3 years 5.15%
3 years and above however lower than 4 years 5.3%
4 years and above however lower than 5 years 5.3%
5 years and above as much as and inclusive of 10 years 5.3%
Kotak Mahindra Bank newest FD charges (under ₹2 crore) for senior residents
Senior residents proceed to get 50 foundation factors greater rates of interest than most of the people. The financial institution gives rates of interest from 3% to five.8% on FDs maturing in 7 days to 10 years.
Last month, HDFC Bank and Ujjivan Small Finance Bank introduced a hike in FD charges.
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