With revising in key interest rates by Reserve Bank of India (RBI), bank deposit interest rates are heading north. Kotak Mahindra Bank one of India’s leading private sector bank has revised its retail fixed deposit rates. Retail fixed deposits are those FDs which are less than Rs. 2 Crore value and is widely popular amongst common man as the means of investment. With this revision Kotak Bank will now offer 6.30% as the best rate for retail FD to its regular customers and 6.80% will be offered to the senior citizens for FD tenure of ’23 months to less than 3 years’.
Here are the details of Kotak Bank’s FD rates & tenure for investors :
- 7-14 days deposit will offer 2.75% interest.
- 15-30 days offers 3 % .
- 31-45 days is kept at 3.25% rate.
- 46-90 days is revised to 3.50% interest.
- 91- 120 days has been raised to 4.00%.
- 121-179 days is up now to 4.25%. A 0.25% increase has been seen in this bucket.
- 180 – 270 days has been increased to 5.50% from earlier rate of 5%.
- 271-363 days also sees an increase of 50 bps and is now at 5.75%.
- 364 days FD is kept at 6.00% interest rate.
- 365-389 days will now give 6.10% which was earlier 6%.
- 390 days (which is 12 months 25 days) – less than 23 months now offers 6.25% instead of 6.10% interest earlier.
- 23 months – less than 36 months tenure will now fetch 6.30% which is the bank’s highest FD rate in any tenure. Senior citizens will get 6.8% in this slab.
- 3 years – less than 4 years is at interest rate of 6.25%
- 4 years – 10 years is revised to 6.20% which was 6.10% before.
Kotak Mahindra Bank offer 0.5% additional interest in every slab mentioned above for senior citizen FD.
These new rates are applicable from 1st November 2022.