Kotak Mahindra Bank Increases Fixed Deposit Interest Rates by Upto 25bps

Kotak Mahindra Bank Increases Fixed Deposit Interest Rates by Upto 25bps

Bengaluru, 11th February 2023: Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced an increase in fixed deposit interest rates across select amounts and tenor buckets by up to 25bps.

In the 15 months to 2 years, tenor bucket the Bank now offers 7.25% for deposit amounts Rs.2crs to 5crs and 7.10% for deposit amounts up to Rs.2 cars in the 12 months 25 days to 2 years tenor bucket. Additionally, Senior Citizens are now offered a rate of 7.60% for deposit amounts of up to Rs.2 cars in the same tenor. The revised rates will be effective 10th Feb 2023.

Virat Diwanji, Group President and Head – of Consumer Bank, Kotak Mahindra Bank said, “With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers offering them a higher return on their savings.” *

KMBL’s Revised Fixed Deposit Interest Rates in specific buckets:

Fixed Deposit Interest Rates for Amounts < Rs. 2 crores
Tenor Buckets Regular Senior Citizens
180days to 363 days 6.00% 6.50%
364 days 6.25% 6.75%
365days to 389days 6.90% 7.40%
12months 25days to < 2 years 7.10% 7.60%

 

Fixed Deposit Interest Rates for Amounts >= Rs. 2 crores upto Rs. 5 crores [Regular]
180days to 270 days 6.50%
280 days to 364 days 6.75%
365days to <15months 7.20%
15months to < 2 years 7.25%

 

Rabindra

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