KotakMahindra Kotak raises fixed deposit interest rates on multiple tenors
Kolkata: Kotak Mahindra Bank Thursday announced a rate increase in fixed deposit interest rates across multiple tenor baskets for retail customers. The increase in FD rates comes after the Reserve Bank of India announced a 40 basis points increase in the repo rate.
The increase is effective from 6th May on all deposits below Rs 2 crore.
For 390 days, the interest rate on FD has been increased to 5.50 percent from 5.20 percent.
The interest rate on FDs for a tenor of 23 months has been raised to 5.60 percent from 5.25 percent.
Senior Customers, aged 60 years or above would get 50 bps higher than the rates.
Virat Diwanji, Group President – Retail Liabilities & Branch Banking, Kotak Mahindra Bank said, “This fixed deposit rate increase is a golden opportunity being unleashed after nearly two years of low interest rate scenario in the economy. We are among the first banks to announce this hike. This is the apt time for consumers to save for their cherished goals and enjoy increased returns on their savings.”
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
