Kotak Mahindra Bank Elevates Fixed Deposit Interest Rates
Kotak Mahindra Bank FD interest rate: In a recent financial development, the prestigious Kotak Mahindra Bank, a stalwart in India’s private banking sector, has announced an increment in the interest rates for its Fixed Deposits (FDs). This revision predominantly targets deposits under two crore rupees.
Effective immediately, the bank now offers general customers an attractive interest rate range spanning from 2.75% up to 7.25%. In a bid to prioritize its senior citizen patrons, the bank has rolled out even more lucrative interest rates for them, ranging between 3.25% and 7.75%.
Kotak Mahindra Bank FD interest rate: Delving into specifics, the bank has escalated the interest rate for FDs with a tenure from two years up to less than three years by 10 basis points, settling it at 7.10%. Similarly, for deposits with a maturity bracket from 23 months and one day up to less than two years, the interest rate has been amped up from 7.20% to 7.25%.
Additionally, Kotak Mahindra Bank is presenting its senior citizens with FD interest rates that vary between 3.5% and 7.75% for a period ranging from seven days up to a substantial ten years. The bank hasn’t left out recurring deposits (RD) either, providing general customers with interest rates from 6% to 7.20%. Senior citizens benefit slightly more in this category, with rates oscillating between 6.50% and 7.70%.
It’s essential for potential depositors to note that if the said deposit is terminated within a month, the bank will not credit any interest. Only the principal amount will be returned in such cases.
This move underscores Kotak Mahindra Bank’s commitment to continuously reassess and align its offerings in accordance with market dynamics and the needs of its vast clientele. It remains an intriguing development for both current account holders and potential customers, signaling a competitive edge in the banking landscape.
