Kotak Mahindra Bank Increases Fixed Deposit Rates To 25Bps

Kotak Mahindra Bank (KMBL) on Thursday notified the increment in fixed deposit interest rates across select amounts and tenor buckets by up to 25bps with effect from 10th February.

According to the bank's official statement, it will offer 7.25 per cent and 7.10 per cent deposit interest on amounts up to Rs 2 to 5 crore over 15 months to 2 years and Rs 2 crore in the 12 months 25 days to 2 years tenor bucket respectively.

It further underlined the senior citizens will be benefitted with a 7.60 per cent interest for deposit amounts of up to Rs 2 crore in the same tenor.

Addressing the revision, Virat Diwanji, Group President and Head of Consumer Bank, Kotak Mahindra Bank said, this revision will benefit our valued customers offering them a higher return on their savings with the RBI increased key interest rates.