Bengaluru, 11th February 2023: Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced an increase in fixed deposit interest rates across select amounts and tenor buckets by up to 25bps.
In the 15 months to 2 years, tenor bucket the Bank now offers 7.25% for deposit amounts Rs.2crs to 5crs and 7.10% for deposit amounts up to Rs.2 cars in the 12 months 25 days to 2 years tenor bucket. Additionally, Senior Citizens are now offered a rate of 7.60% for deposit amounts of up to Rs.2 cars in the same tenor. The revised rates will be effective 10th Feb 2023.
Virat Diwanji, Group President and Head – of Consumer Bank, Kotak Mahindra Bank said, “With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers offering them a higher return on their savings.” *
KMBL’s Revised Fixed Deposit Interest Rates in specific buckets:
|Fixed Deposit Interest Rates for Amounts < Rs. 2 crores|
|Tenor Buckets||Regular||Senior Citizens|
|180days to 363 days||6.00%||6.50%|
|365days to 389days||6.90%||7.40%|
|12months 25days to < 2 years||7.10%||7.60%|
|Fixed Deposit Interest Rates for Amounts >= Rs. 2 crores upto Rs. 5 crores [Regular]|
|180days to 270 days||6.50%|
|280 days to 364 days||6.75%|
|365days to <15months||7.20%|
|15months to < 2 years||7.25%|