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Kotak Mahindra Bank increases FD interest rates by up to 50bps

January 05, 2023

Kotak Mahindra Bank increases FD interest rates by up to 50bps

Kotak Mahindra Bank has hiked the interest rates offered on its fixed deposits (FDs) for amounts below ₹2 crore. The revised interest rates on FDs are effective from January 4, 2023. The revised interest rates are applicable for domestic, NRO, and NRE deposits.

The bank is now offering a maximum interest rate of 7% for the general public and 7.50% for senior citizens.

The bank has hiked the interest rate on tenure of 23 months 1 Day- less than 2 years from 6.50 percent to 7 percent. After the hike, the bank will now offer an interest rate of 6.50% from 6.40%. Interest rates on other tenures remain unchanged.

Seniors’ interest rates on RD range from 6.25% to 7.50%, while rates for depositors in the general category range from 5.75% to 7%.

According to the Kotak Mahindra Bank website, “In case of premature closure of this deposit within a month, no interest shall be paid and only principal amount will be returned.

On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit.”

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/

Tags:

Bankfixed depositKotak Mahindra Bank

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