RBI Repo Rate: To combat the nation’s rising inflation, the Reserve Bank is steadily raising the repo rate. In May, June, and August, the bank raised the repo rate from 4.00% to 5.40%.
Kotak Mahindra Bank FD Rates: Since the Reserve Bank of India raised its repo rate, banks have continued to raise the interest rates on fixed deposits. Another significant private sector bank’s name has recently been added to this list. Kotak Mahindra Bank is this institution (Kotak Mahindra Bank). The bank has decided to raise the interest rate on its less than Rs 2 crore FD scheme. The 19th of September 2022 saw the implementation of these new rates. The bank has raised the fixed-rate mortgage interest rates by 10 basis points. Customers can now take advantage of the bank’s interest rate range of 2.50% to 6.10% on FDs with terms of 7 days to 10 years. On FDs under Rs. 2 crores, the bank is concurrently offering senior citizen customers interest rates ranging from 3.00% to 6.60%. If you are considering creating an FD account with the bank in this situation, we are providing you with information on the rates of interest available for various periods.
Interest rates on FDs under Rs. 2 crores:
On FDs with terms between 7 and 14 days, Kotak Mahindra Bank is offering a 2.50% interest rate to its general clients. In contrast, the bank offers 2.65% on FDs between 15 and 30 days, 3.25% between 31 and 45 days, 3.25% between 46 and 90 days, 3.75% between 91 and 120 days, and 3.75 between 121 and 179 days. %, Kotak Mahindra Bank is providing an interest rate of 5.00% on 180-day fixed-term deposits.
Bank 5.0% on FDs from 181 days to 269 days, 5.00% on 270 days, 5.00% on 271 to 363 days, 5.25% on 364 days, 5.75% on 365 days to 389 days, 6.00% on 390 days, 6.00% on 391 days, 6.10% on 23 months, 6.10% on 23 months to 3 years, 6.10 on FDs from 2 to 3 years, 6.10% on FDs from 4 to 5 years, and Customers can get from Kotak Mahindra Bank.
Extra Advantage for
Older Adult Customers of Kotak Mahindra Bank can take advantage of a 0.50% higher interest rate (Kotak Mahindra Bank FD Rates for Senior Citizen). The bank offers fixed deposits with terms ranging from 23 months to 10 years at the greatest rate of interest to older persons. where the bank gives regular citizens 6.10% interest. In addition, the bank is giving older citizens 6.60% interest.
The repo rate is being raised by the RBI consistently.
The Reserve Bank is steadily raising the repo rate to curb the nation’s rising inflation. In May, June, and August, the bank raised the repo rate from 4.00% to 5.40%. As a result, interest rates on FDs, savings accounts, and RDs are constantly rising. Many domestic banks, including Bank of Baroda, Axis Bank, Indian Overseas Bank, etc., have raised their FD rates recently.
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