Kotak Mahindra Bank announced an increase in fixed deposit interest rates across a range of tenors below Rs 2 crore. The hike in the FD interest rates is effective from June 10, 2022, stated a press release issued by the bank.
The bank has increased FD interest rates on tenure above 1 year. FDs with maturities ranging from 365 to 389 days will pay 5.50 percent from earlier 5.40 percent, while term deposits with maturities of 390 days will pay 5.65percent from 5.50 percent.
On FDs maturing in 391 days to less than 23 months, a rate of 5.65 percent will be paid. The interest rate offered for 23 months tenor to 3 years is 5.75 percent.
The interest rate on FDs having a term of 3-10 years will fetch 5.90 percent from earlier 5.75 percent.
According to the bank press release, “Daily balances in savings account above Rs. 50 lakh will now earn a 50 basis points higher interest rate of 4% p.a.* from the earlier rate of 3.5% p.a. Interest rates on fixed deposits have been increased by 10 to 25 basis points.” The hike in savings account interest rates is effective from June 13, 2022
evised Savings Account Interest Rates*:
· For saving account deposits up to Rs 50 lakh: 3.5% p.a.
· For saving account deposits above Rs 50 lakh: 4.00% p.a