Fixed Deposit Rate of Kotak Mahindra Bank: Kotak Mahindra Bank has increased the interest on some of its FDs after the RBI increased the repo rate by 0.25 percent. These new rates will be applicable for FDs of less than Rs 2 crore and FDs between Rs 2 and 5 crore.
The new rates have come into effect from today, February 10, 2023. Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 7.50 per cent to general customers and senior citizens. At the same time, 7.50 percent interest is being given to senior citizens.
These are the new rates of Kotak Bank
7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent
15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent
31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent
46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent
91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent
121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent
180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
181 days to 269 days – For the general public: 6 percent; For Senior Citizen: 6.50 percent
270 days – For general public: 6 percent; For Senior Citizen: 6.50 percent
271 days to 363 days – For general public: 6 percent; For Senior Citizen: 6.50 percent
364 days – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent
365 days to 389 days – For general public: 6.90 per cent; For Senior Citizen: 7.40 percent
390 days (12 months 25 days) – For general public: 7 percent; For Senior Citizen: 7.50 percent
391 days to less than 23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent
23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent
23 months 1 day to less than 2 years – For general public: 7.10 per cent; For Senior Citizen: 7.60 percent
2 years to less than 3 years – For general public: 6.75 per cent; For Senior Citizen: 7.25 percent
3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent
4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent
5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.
Interest on FD increased after RBI increased repo rate
The Reserve Bank of India (RBI) in the Monetary Policy Committee ( MPC ) increased the repo rate by 25 basis points to 6.50 percent. To curb inflation, RBI has been increasing the repo rate since May. Due to this, most of the banks in India are increasing the interest rates on Fixed Deposit.
