Kotak Mahindra Bank has again raised the interest rates on fixed deposits (FDs) below Rs 2 crore. The latest FD interest rates have become effective from Monday (October 3). The bank is now offering interest rates in the range of 2.5-6.2 per cent for regular investors and 3-6.7 per cent for senior citizens on tenures between 7 days and 10 years. The lender had last month also increased the FD interest rates on deposits below Rs 2 crore.
The move comes even as the Reserve Bank of India (RBI) has been raising the repo rate for the past few months, thus pushing up interest rates on various deposits and loans in the country. Last week, the RBI increased the repo rate by 50 basis points to 5.9 per cent, the fourth-time increase in a row. In the past four subsequent monetary policy reviews since May this year, the RBI’s rate-setting panel has raised 190 basis points in total. The repo rate is the interest rate at which the RBI lends to the commercial bank.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from October 3:
7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
15 days to 30 days – For General Public: 2.65 per cent; For Senior Citizens: 3.15 per cent
31 days to 45 days – For General Public: 3.25 per cent; For Senior Citizens: 3.75 per cent
46 days to 90 days – For General Public: 3.25 per cent; For Senior Citizens: 3.75 per cent
91 days to 120 days – For General Public: 3.75 per cent; For Senior Citizens: 4.25 per cent
121 days to 179 days – For General Public: 3.75 per cent; For Senior Citizens: 4.25 per cent
180 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
181 days to 269 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
270 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
271 days to 363 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent
364 days – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
365 days to 389 days – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
390 days (12 months 25 days)- For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
391 days to less than 23 months – For General Public: 6.10 per cent; For Senior Citizens: 6.70 per cent
23 months – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
23 months 1 days to less than 2 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
2 years to less than 3 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent
3 years and above but less than 4 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
4 years and above but less than 5 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
5 years and above up to and inclusive of 10 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent.
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