Kotak Mahindra Bank Fd Interest Rate: Kotak Mahindra Bank hikes FD interest rates

Kotak Mahindra Bank has increased fixed deposit (FD) interest rates across different tenors soon after the Reserve Bank of India (RBI) raised the repo rate by 40 basis points. Kotak Mahindra Bank’s FD rate hike is applicable for all deposits under Rs 2 crore and will be effective from May 6, 2022.

On FDs maturing in 7 days to 10 years, the bank will offer interest rates ranging from 2.5% to 5.75%.

Kotak Mahindra Bank will now offer interest rates of 2.5 percent, 3 percent, and 3.5 percent on fixed deposits (FDs) maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, respectively.

FDs with maturities ranging from 180 to 363 days will pay 4.75 percent, while term deposits with maturities of 364 days will pay 5.25 percent.

On FDs maturing in 390 days to less than 23 months, a rate of 5.50 percent will be paid.

The interest rate on FDs having a term of 3-10 years will fetch 5.75 percent. For tenure between 23 months to less than three years will fetch 5.60 percent.

Note that simple Interest will be calculated at maturity for fixed deposits with a term of less than 181 days.

With the rise in repo rate, banks will continue increasing FD interest rates.

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