Kotak Mahindra Bank: Kotak Mahindra Bank, which is the third largest private bank in the country in terms of market value, has taken a crucial decision. Fixed deposit interest rates have increased drastically. Rs. This offer is available on deposits below 2 crores. Interest rate hiked up to a maximum of 50 basis points. And common people will get 2.75 percent to 7.20 percent interest on fixed deposits with tenor of 7 days to 10 years. And senior citizens will get more benefit on these time limits. Kotak Mahindra is offering interest rates ranging from 3.25 percent to 7.70 percent. This means that senior citizens will get 50 basis points higher interest compared to general public. The increased interest rates came into effect from March 8.
Kotak Mahindra Bank will continue to offer 2.75 percent interest on FDs that mature within 7 to 14 days. And 3 percent interest is being offered on FDs with a tenure of 15 to 30 days. While 3.25 percent interest is offered on fixed deposits of 31-45 days, 3.50 percent interest is offered on deposits with tenure of 46-90 days. 4 percent on 91-120 days FD and 4.25 percent on fixed deposits with tenure of 121-179 days.
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Kotak Mahindra Bank has increased the interest rate on deposits with a tenure of 180 days by a maximum of 50 basis points. With this it has now increased from 6 percent to 6.50 percent. And on FDs that expire in 181 to 363 days, only 6 percent interest is offered. 6.25 percent interest on 364 days deposits continues. 7 percent interest is offered on FD with a tenure of 365 to 389 days. While 7.20 percent interest is given on deposits with tenure of 390 days to two years, 7 percent is given on 2-3 years FD. It increased by 25 basis points.
Those who want to make a fixed deposit in Kotak Mahindra Bank can do FD from Rs.5000. This allows the bank to choose monthly based, quarterly based and cumulative options.
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