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Kotak Mahindra hikes FD interest rates

December 14, 2022

Kotak Mahindra hikes FD interest rates
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 December 14, 2022. The revised interest rate is applicable for domestic, NRO, and NRE deposits.

This is the second time the bank has hiked FD rates in less than one week. Earlier, the bank had increased fixed deposit interest immediately after the Reserve Bank of India (RBI) raised the repo rate and other key policy rates by 0.35 percent on December 7, 2022.

The bank has hiked interest rates on select tenures, effective from today. The bank is now offering an interest rate of 5.75% (earlier 5.50%) on tenure of 180 days, for tenure ranging between 181 days to 270 days, The bank will offer an interest rate of 6.75% on tenure of 365 days to 23 months (across different tenures.)

The bank offers interest rates ranging between 5.75% to 6.75% for 6 months to 10 years for regular citizens and 6.25% to 7.25% for senior citizens.

According to the bank’s website, the senior citizens’ fixed deposit interest rate does not apply to NRO or NRE accounts. If the NREs FD is held for less than a year, no interest will be paid.

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