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Kotak Mahindra Bank raises interest rates on FDs. Check more details here

Business Today logo Business Today 18-08-2022 Basudha Das
Kotak Mahindra Bank raises interest rates on FDs. Check more details here © Provided by Business Today Kotak Mahindra Bank raises interest rates on FDs. Check more details here

Private sector lender Kotak Mahindra Bank is the latest bank to increase its interest rates on fixed-term deposits below Rs 2 crore. This is for the second time the bank has revised its rates within a week. The bank hiked its fixed deposit interest rates on August 10. A week later, the lender raised the interest rates on fixed deposits with maturities in the various tenures ranging from 390 days to 3 years. 

The bank is currently offering fixed deposits for tenors ranging from 7 days to 10 years, the interest rate ranges between 2.50 and 5.90 per cent for general investors, and between 3.00 and 6.40 per cent for senior citizens. The rates are already effective from August 17, 2022. 

Most lenders in the country have tweaked their fixed-term deposit rates after the Reserve Bank of India (RBI) hiked the repo rates to 5.4 per cent in August to tame the rising inflation.  

Revised rates of Kotak Mahindra Bank 

The lender has tweaked the interest rate by 15 basis points on FDs in the timeperiod of 365 days to 390 days and has changed it to 5.75 per cent from 5.60 per cent. Similarly, the rate for deposits in the timeperiod of 390 days to 3 years has been changed to 5.90 per cent from 5.75 per cent.  The interest rates for rest of the schemes are the same.  

The interest rates for various FD schemes are as follows: 

 
Regular investor  Senior citizen 

Tenor (Premature Withdrawal Allowed) 

 
Less than Rs.2 Crore  Less than Rs.2 Crore 
7 - 14 Days  2.50%  3.00% 
15 - 30 Days  2.65%  3.15%
31 - 45 Days  3.25%  3.75% 
46 - 90 Days  3.25%  3.75% 
91 - 120 Days  3.75%  4.25%
121 - 179 days  3.75%  4.25% 
180 Days 5.00%  5.50% 
181 Days to 269 Days  5.00%  5.50% 
270 Days 5.00%  5.50% 
271 Days to 363 Days  5.00%  5.50% 
364 Days  5.25%  5.75% 

Rates for investments between 1 and 10 years

 
Regular investor Senior citizen 
Tenor (Premature Withdrawal Allowed)  Less than Rs.2 Crore  Less than Rs.2 Crore 
390 Days (12 months 25 days) 5.90%  6.40% 
391 Days - Less than 23 Months  5.90%  6.40% 
23 Months  5.90%  6.40%
23 months 1 Day- less than 2 years  5.90%  6.40% 
2 years- less than 3 years  5.90%  6.40% 
3 years and above but less than 4 years  5.90%  6.40% 
4 years and above but less than 5 years  5.90%  6.40% 
5 years and above up to and inclusive of 10 years  5.90%  6.40% 

The lender has also revised its recurring deposit interest rate. Initially, it was paying 5.60 per cent for 12 months. The new revised rates are 5 per cent for 6 to 9 months, and for 12 months it is 5.75 per cent.   

SBI vs HDFC vs Punjab National Bank 

The State Bank of India has launched a new term deposit scheme, Utsav Deposit, to mark the 75th Independence Day. The largest lender in the country has increased its rates by 15 basis points and will offer an interest rate of 4.55 to 6.15 per cent for different tenures only between August 15, 2022 and October 30, 2022. The senior citizens will get an additional 0.50 per cent on the standard interest rate.  

Also read: SBI Fixed Deposit interest rates: Check revised rates for different tenors

After the RBI repo rate hike, HDFC Bank has raised its interest rates by 15 to 40 basis points in different timeperiod. The revised rates were announced on August 18, 2022.  

On August 17, Punjab National Bank revised its interest rates for one year to three years, and five years and more, and up to ten years. The rates for FDs maturing 1 year have been revised to 5.50 from 5.30 per cent. The bank will now pay an interest of 5.50 from 5.45 per cent on fixed deposits maturing between one year and two years.  

Similarly, it has increased its interest rates for the schemes between two years and three years by 10 basis points from 5.50 to 5.60 per cent. 

The rates have also been revised for the tenor over 5 years to 10 years from 5.60 to 5.65 per cent. 

   

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