Kotak Mahindra Bank hikes FD rates by up to 50 bps on these maturity tenors

The bank increased the interest rate on a deposit tenor of 23 months and one day—less than 2 years—by 50 basis points from 6.50% to 7%, and on a tenor of 2 years—less than 3 years—by 10 basis points from 6.40% to 6.50%. (MINT_PRINT)

Kotak Mahindra Bank FD Rates

The bank is giving an interest rate of 2.75% on deposits maturing in the next 7 to 14 days, and Kotak Mahindra Bank is offering an interest rate of 3.00% on deposits maturing in the next 15 to 30 days. On deposits with a tenor of 31 to 45 days, Kotak Mahindra Bank is giving a 3.25% interest rate, and on deposits with a tenor of 46 to 90 days, the bank is promising a 3.50% interest rate. Deposits that mature between 91 and 120 days will earn interest at a rate of 4.00%, while deposits that mature between 121 and 179 days will earn interest at a rate of 4.25%.

The bank is giving an interest rate of 5.75% on deposits that mature in 180 days to 363 days, whereas Kotak Mahindra Bank is offering an interest rate of 6.00% on deposits that mature in 364 days. On deposits maturing in 365 days to 389 days, Kotak Mahindra Bank is giving an interest rate of 6.75%, and on deposits maturing in 390 days (12 months 25 days) to 23 months, it is offering an interest rate of 7.00%. The bank increased the interest rate on a deposit tenor of 23 months and one day—less than 2 years—by 50 basis points from 6.50% to 7%, and on a tenor of 2 years—less than 3 years—by 10 basis points from 6.40% to 6.50%.

Kotak Mahindra Bank will continue to give an interest rate of 6.25% on deposits due in 4 years or more but less than 5 years, and an interest rate of 6.30% on deposits maturing in 3 years or more but less than 4 years. Deposits that mature in five years or more, up to and including ten years, will earn interest at a rate of 6.20%.

Kotak Mahindra Bank FD Rates (kotak.com)

Meanwhile, Bandhan Bank has also announced an interest rate hike on fixed deposits of less than ₹2 Cr. The new rates go into effect on January 5, 2023, according to the bank's official website. The bank currently offers interest rates on deposits maturing in 7 days to 10 years that vary from 3.00% to 5.85% for non-senior citizens and 3.75% to 6.60% for senior citizens as a result of the modification. On deposits with a term of 600 days, the bank offers a maximum interest rate of 7.50% for the general public and 8% for senior citizens.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).