Announced a hike in interest rates on certain FDs of less than Rs 2 crore.
Almost all banks, including SBI and HDFC Bank, increased rates on fixed deposits.
Bank fixed deposits give equal returns in both recession and bullish conditions.
New Delhi. Since the increase in the repo rate of the Reserve Bank of India, the process of banks to increase the interest rates of fixed deposits (FD Rate Hike) continues. Now Kotak Mahindra Bank has once again announced an increase in FD interest rates. This is the third hike in interest rates by Kotak Mahindra Bank in this month. The bank had also increased the interest rates of fixed deposits on November 1 and November 9.
The bank has now announced a hike in interest rates on select fixed deposits of less than Rs 2 crore. The new interest rates have become effective from today. After the increase, on FDs maturing from 390 days to less than 23 months, the bank will now give 6.40 per cent to common customers instead of 6.30 per cent. At the same time, senior citizens will get 6.90 percent interest.
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Now get more interest
The bank has increased the interest rate on FDs from 23 months to less than 2 years from 6.30 to 6.50 percent. Similarly, Kotak Mahindra Bank has decided to pay more interest on FDs maturing in 2 years to less than 3 years. Now 6.40 percent interest will be available, whereas earlier the rate of interest was 6.30 percent. FDs maturing in 3 years and above but less than 4 years will give 6.30% interest and FDs maturing in 4 years and above but less than 5 years will give 6.25% interest.
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Interest rates were increased on November 9
On November 9, Kotak Mahindra Bank also announced an increase in interest rates on fixed deposits of certain tenures. Then the bank had announced to give 6.25 percent instead of 6.10 percent and 6.40 percent interest to senior citizens on FDs maturing in a period of 365 days to 389 days. Senior citizens get 0.50 bps more interest on FDs of all tenures. On November 9, the bank had announced to give 6.30 percent interest instead of 6.25 on fixed deposits maturing in 3 years and above, but less than 4 years.
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FIRST PUBLISHED : November 14, 2022, 13:32 IST