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Kotak Mahindra Bank hikes FD rates by 50 basis points
May 11, 2023
Kotak Mahindra Bank has increased fixed deposit interest rate by 50 basis points (bps) on one tenure. The revised interest rate will be applicable for deposits below Rs 2 crore from May 11, 2023.
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.20% to general citizens and 3.25% to 7.70% for senior citizens. The bank has increased interest rate by 50 bps on tenure of 180 days from 6.50% to 7% and 10 bps on tenure of 365 Days to 389 Days from 7% to 7.10% for regular citizens.
Recurring deposit interest rate vary between 6% to 7.20% for tenure between 6 months to 10 years for regular citizens and 6.50% to 7.70% for senior citizens.
According to the Kotak Mahindra Bank website, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 20th May, 2022.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/