FD Rates: This private bank increased the interest rates of fixed deposits! Check New Rates

Highlights

Increase in interest rates on FDs below Rs 2 crore
Kotak Mahindra Bank’s new rates effective from September 19, 2022
Effect of hike in repo rate by RBI

New Delhi. After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. In this episode, Kotak Mahindra Bank of the private sector has increased the rates of interest on fixed deposits i.e. FD.

New rates effective from September 19, 2022
Kotak Mahindra Bank has increased the interest rates for FDs below Rs 2 crore. The new rates have become effective from September 19, 2022. The FD tenure of Kotak Mahindra Bank varies between 7 days to 10 years. Regular investors get 2.5%-6.1% interest and senior citizens get interest in the range of 3%-6.6%.

Kotak Mahindra Bank FD Rates Annualized Yield
7-14 days – 2.50 per cent 2.50 per cent
15-30 days- 2.65 percent 2.65 percent
31-45 days – 3.25 per cent 3.25 per cent
46-90 days – 3.25 per cent 3.25 per cent
91-120 days – 3.75 per cent 3.75 per cent
121-179 days – 3.75 per cent 3.75 per cent
180 days – 5.00 per cent 5.06 per cent
181-269 days – 5.00 per cent 5.06 per cent
270 days – 5.00 per cent 5.06 per cent
271-363 days – 5.00 per cent 5.06 per cent
364 days – 5.25 per cent 5.32 per cent
365-389 days – 5.75 percent 5.88 percent
390 days – 6.00 per cent 6.14 per cent
391 days – less than 23 months – 6.00 per cent 6.14 per cent
23 Months – 6.10 percent 6.24 percent
23 months a day – less than 2 years – 6.10 per cent 6.24 per cent
2 years – less than 3 years – 6.10 per cent 6.24 per cent
3 years – less than 4 years – 6.10 per cent 6.24 per cent
4 years – less than 5 years – 6.10 per cent 6.24 per cent
5 years – 10 years – 6.10 per cent 6.24 per cent

Also read- Got more time to invest in SBI’s high interest paying special FD, know what is the last date

Recently RBI increased the repo rate by 0.5 percent to 5.4 percent.
It is worth noting that recently the Reserve Bank of India increased the repo rate by 0.5 percent to 5.4 percent. RBI has increased the policy rate repo by 1.40 percent in the last 3 monetary policy reviews.

Many banks have increased the rates of fixed deposits
Let us inform that recently Bank of Baroda, Punjab National Bank, Federal Bank, HDFC Bank, Karud Vysya Bank, IndusInd Bank, ICICI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

Tags: Bank FD, FD Rates, Fixed deposits, Kotak Mahindra Bank, Money Making Tips

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