Kotak Mahindra Bank recently announced an increase in the interest rates offered on their fixed deposit schemes. Starting from 25th October 2023, customers can avail a range of interest rates depending on the tenure of their deposits.
For those opting for a very short-term deposit, the bank provides an interest of 2.75% for tenures between 7 to 14 days. For deposits maturing between 15 to 30 days, the interest rate is set at 3%. A slightly higher interest of 3.25% is available for fixed deposits maturing between 31 to 45 days.
Those with tenures spanning from 46 to 90 days will benefit from an interest rate of 3.50%. Moreover, for deposits with a maturity duration of 91 to 120 days, the bank offers an interest rate of 4%.
In addition to these revisions, Kotak Mahindra Bank also highlighted a special rate boost for specific tenures. Depositors choosing a tenure between 23 months and one day to less than 2 years will be rewarded with an impressive interest rate of 7.25%. Meanwhile, those opting for tenures slightly longer, specifically less than 3 years but more than 2 years, can avail of an interest rate of 7.10%, marking an increase of 10 basis points for this period.
With these changes, the bank aims to offer more competitive and attractive schemes to its customers, ensuring they gain the most from their savings.
