Private sector Kotak Mahindra Bank has announced an increase in the interest rate on fixed deposits (FDs) by up to 0.25 percent. The decision comes a day after the Reserve Bank of India increased the repo rate by 0.25 per cent on Wednesday.
Let us tell you that the deposit rates of banks usually change after the announcement of lending rates by RBI. Banks change all their rates to adjust the benchmark rates according to the RBI’s repo rate. It also affects the interest rate of the loan.
Bank increased interest on FD
The bank’s new rates are effective from Friday. After this, investors will be able to take advantage of the increased interest in FDs of every segment. If you are also interested in getting FD, then you can choose the fixed deposit of the bank.
What is the interest rate of the bank
Deposits of Rs 2 crore to Rs 5 crore for a period of 15 months to 2 years will get 7.25 per cent interest. 7.10 percent interest will be given on deposits of up to Rs 2 crore from 12 months 25 days to 2 years. With the increase in key interest rates by the RBI, we have passed on to our customers the benefit of higher returns on their savings, said Virat Dewanji, Head, Consumer Bank in his statement.
where how much benefit
Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.
FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.
where how much benefit
Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.
FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.
