Mumbai: Leading private sector lender, Kotak Mahindra Bank increased interest rates on fixed deposits (FDs) below Rs 2 crore up to 7.80 per cent, for senior citizens. The FD rates have been increased by up to 85 basis points (bps) across various tenures.
For tenures ranging from 23 months to 2 years, senior citizens can earn up to 7.80 per cent. The upward revision extends to tenures of 2 to 3 years, offering 7.65 per cent. Regular customers investing less than Rs 2 crore also benefit 50 bps increase for FDs with tenures of 3 to 4 years at 7 per cent. Additionally, tenures of 4-5 years see a hike to 7 per cent, up from the earlier 6.25 per cent.
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Kotak Mahindra Bank’s Revised FD Interest Rates:
23 Months: For General Public – 7.25 per cent; For Senior Citizens – 7.80 per cent
23 months 1 day to less than 2 years: For General Public – 7.25 per cent; For Senior Citizens – 7.80 per cent
2 years and above to less than 3 years: For General Public – 7.10 per cent; For Senior Citizens – 7.65 per cent
3 years and above to less than 4 years: For General Public – 7.00 per cent; For Senior Citizens – 7.60 per cent4 years and above to less than 5 years: For General Public – 7.00 per cent; For Senior Citizens – 7.60 per cent.
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