Kotak Mahindra Bank hikes fixed deposit rates of various tenures for amounts less than Rs 2 crore. The new rates are effective from April 12, 2022, according to the Kotak Mahindra Bank website.
The bank has hiked the interest rate by 25 basis points for tenures between 121 days and 179 days, and for 364 days. These FD will now earn 4.50 percent and 4.75 percent interest, respectively.
The bank has hiked FD rates by 10 basis points on these tenures: 180 days, 181 days to 269 days, 270 days, 271 days to 363 days. These FDs will now earn interest of 4.50 percent from 4.40 percent.
Tenures between 365 days and 389 days will now get interest of 5.10 percent from 5 percent and FDs with 390 days to less than 23 months will fetch 5.20 percent from 5.10 percent.
The bank has also hiked the interest rates of FD with tenure of 23 months and 23 months 1 day- less than 2 years by 15 basis points. These FDs will now earn 5.25 percent.
The interest rate on FDs with a duration of two to less than three years will be 5.30% and for 3 years and above but less than 4 years will be 5.45 percent. Tenures ranging from 4 years and above but less than 5 years will earn 5.50 percent from 5.45 percent. For 5 years and above up to and inclusive of 10 years hiked by 10 basis points to 5.60 percent.
On fixed deposits (FDs) maturing in 7 to 30 days, 31 to 90 days, and 91 to 120 days, Kotak Mahindra Bank offers interest rates of 2.5 percent, 2.75 percent, and 3 percent, respectively.