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Kotak Mahindra Bank Hikes FD Rates, Higher Returns On Deposits Of 2-10 Yrs

According to the bank, the interest rate on FDs of 2 to 10 years has been increased by 10 basis points

Photo Credit : Bloomberg

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Kotak Mahindra Bank has increased the rate of fixed deposits of 2 to 10 years on deposits of less than Rs 2 crore. The new fixed deposit rates have been implemented from September 19. 

According to the bank, the interest rate on FDs of 2 to 10 years has been increased by 10 basis points. Kotak Mahindra is offering interest ranging from 2.50 per cent to 6.10 per cent on FDs maturing in 7 to 10 years. This rate is for general public, while senior citizens are being given interest from 3.00 per cent to 6.60 per cent on FD of the same period.

As before, the bank will continue to give 2.65 per cent interest on FDs of 15 to 30 days. Similarly, 2.50 per cent interest will continue to be available on FDs maturing in 7 to 14 days. It will continue to offer an interest rate of 3.25 per cent on FDs maturing in 31 to 90 days, while the bank has maintained its current interest rate of 3.75 per cent on FDs maturing in 91 to 179 days. FDs maturing between 180 and 363 days will continue to pay interest at the rate of 5.00 per cent, while FDs maturing between 364 days will continue to earn interest at the rate of 5.25 per cent.

Kotak Mahindra Bank will continue to offer an interest rate of 5.75 per cent on FDs maturing in 365 days to 389 days, while it has offered 6.00 on fixed deposit schemes maturing in 390 days (12 months and 25 days) to less than 23 months. The rate of less than the 6 per cent rate is maintained. FDs maturing from 23 months to less than 2 years will continue to pay interest at the rate of 6.10 per cent, but FDs with maturities of 2 years and more than 10 years will now get an interest rate of 6.10 per cent. Earlier, 6 per cent interest was available on this, which has been increased by 10 basis points.

FDs whose maturity is more than 180 days and less than 364 days will attract a penalty of 0.50 per cent if it is broken prematurely. If the maturity is more than 365 days, then the penalty charge will be 1 per cent.


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