Private lender Kotak Mahindra Bank has hiked interest rates on fixed deposits of less than ₹2 Cr based on an announcement made on Friday. For deposits maturing in the next seven days to ten years, Kotak Mahindra Bank is now giving interest rates ranging from 2.75% to 6.20% for the general public and 3.25% to 6.70% for senior citizens. Following the interest rate change on fixed deposits by Kotak Mahindra Bank on February 17, 2023, deposits maturing in 390 Days (12 months 25 days) to less than 2 years would now provide a maximum return of 7.20% for non-senior residents and 7.70% for senior citizens.
Kotak Mahindra Bank FD Rates
The bank is now giving an interest rate of 2.75% on fixed deposits maturing in the next 7 to 14 days, while Kotak Mahindra Bank is presently offering an interest rate of 3.00% on deposits maturing in the next 15 to 30 days. The interest rates offered by Kotak Mahindra Bank are now 3.25% for deposits with a tenor of 31 to 45 days and 3.50% for deposits with a tenor of 46 to 90 days.
Deposits that mature in 91 to 120 days now earn 4.00% interest, while those that mature in 121 to 179 days now earn 4.25% interest. The bank is now giving an interest rate of 6.00% on fixed deposits maturing in 180 days to 363 days, while Kotak Mahindra Bank is also offering an interest rate of 6.25% on deposits maturing in 364 days.
The interest rates offered by Kotak Mahindra Bank are now 7.00% for deposits with a tenor of 365 days to 389 days and 7.20% for deposits with a tenor of 390 days (12 months 25 days) to less than two years. Deposits due in the next two to three years will now earn interest at a rate of 6.75%, while those maturing in the next three to four years will earn interest at a rate of 6.50%. Kotak Mahindra Bank would pay an interest rate of 6.25% and 6.20% on fixed deposits maturing in 4 years and above but less than 5 years and 5 years and above up to and inclusive of 10 years, respectively.
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This follows the Reserve Bank of India’s (RBI) anticipated increase in the repo rate on February 8th, which lifted it by 25 basis points to 6.50%. Additionally, interest rates and loan rates have been on the rise since the rise in the repo rate from May of last year, during which six consecutive hikes in repo rates have been made; the total rise to date is 250 bps. In December 2022, the RBI increased interest rates by 35 basis points. In May, rates increased by 40 basis points, and then in June, August, and September, they increased by 50 basis points respectively.
A few banks have adjusted their interest rates for housing loans and fixed deposits in response to the Reserve Bank of India’s (RBI) most recent increase in the repo rate. Meanwhile, Federal Bank, HDFC Bank, Unity Small Finance Bank, ESAF Small Finance Bank, Fincare Small Finance Bank, IndusInd Bank, DCB Bank, Bank of Maharashtra, IDBI Bank, Axis Bank, Tamilnad Mercantile Bank and Jammu and Kashmir Bank (J&K Bank) are the banks that have hiked interest rates on fixed deposits so far since the recent hike in repo rate by the Reserve Bank of India (RBI).
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