Kotak Bank increases savings account, FD interest rates. Check the latest rates here

With RBI raising its key rate by 50 basis points, many banks have started to follow suit by raising their lending and deposit rates. A private sector bank, Kotak Mahindra Bank is the latest to join the bandwagon to raise its interest rates on deposit schemes – savings account on daily balances and fixed deposits for various terms. Clients will be able to take advantage of attractive rates on their investments.

Kotak raises interest rates on savings accounts by 50 basis points on the above daily balances 50 lakh with effect from June 13. While the bank raised interest rates on fixed deposits by 10 to 25 basis points with effect from June 10.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said: “Interest rates are now on an upward trajectory. For Kotak, customer focus has been at the heart of all our initiatives and as a trusted banking partner, we strive to provide our customers with products and services that meet their needs. In line with this philosophy, we have revised the interest rate on our savings account upwards to 4% per annum and increased our term deposit rates for different durations, allowing our customers to benefit from interest rates higher.”

Savings account deposits:

The bank will offer an interest rate of 4% per annum on savings account deposits above 50 lakh from the current 3.50%.

However, rates will remain unchanged at 3.5% on deposits until 50 lakh.

Fixed deposits interest rate:

FD below 2 crores:

From June 10, on the FDs below 2 crore, Kotak will offer a rate of 5.50% on 365 days – 389 days of tenure from the current 5.40%, while the rate will be 5.65% each on 390 days (12 months 25 days) and 391 days – less than 23 months in office from the current 5.5%.

Kotak will offer an interest rate of 5.75% for terms of 23 months to less than 3 years, compared to 5.60% currently. The interest rate will be 5.90% on terms of 3 years less than or equal to 10 years against 5.75% currently.

However, the interest rates below the 390-day terms are kept unchanged. The bank will continue to offer a rate of 5.25% on a one-year term, while the rate remains at 4.75% for a 180-day to 363-day term. On the term of 91 days to 179 days, the bank offers 3.50%, for its part, on the term of 31 days to 90 days – the rate is 3%. The lowest interest rate is 2.50% and is offered on the shortest term of 7 days to 30 days.

Seniors opening their FDs below 2 crore will also earn an additional rate of 50 basis points.

FD between 2 crore less than 5 crores:

From tomorrow, the interest rate on terms starting from 7 days to 30 days will have an interest rate of 3.25% compared to the current 3%. The bank offers a rate of 3.50% on terms of 31 days to 60 days from 3.25%.

The rate will be 3.75% on FDs with a maturity of 61 days – 90 days from 3.50%, in addition, a rate of 4.25% will be offered on 91 days – 120 days from 4% current, and a rate of 4.50% will be granted over 121 days. ‐ 179 days of mandate from the current 4.25%. An interest rate of 5% will be granted on the DFs with a maturity of 180 days; 181 days – 270 days; and 280 days – 364 days from the current 4.75%.

The bank will offer a rate of 3.25% over 271 days – 279 days of seniority compared to the current 3%. In addition, at maturity of 2 years – less than 3 years, the rate will be 5.85% against 5.6% currently.

An interest rate of 5.75% will be offered from 365 days to less than 2 years from the current rate of 5.5%. The rate will be 5.90% on FDs of 3 to 7 years inclusive against 5.75% currently.

FD above 5 crores:

The interest rate will be 3.25% (compared to 3% currently) on FDs with maturities of 7 days to 14 days, 3.50% (compared to 3.25% currently) on maturities of 15 days to 30 days and 3.75% (against 3.50% currently) at maturity in 31 days. days – 45 days.

An interest rate of 4% will be offered over a term of 46 days to 90 days from the current rate of 3.75%. The interest rate will be 4.65% on a term of 91 days to 120 days compared to the current 4.40%, and the rate will be 4.85% compared to the current 4.60% on incoming DFs maturing from 121 days to 179 days.

FD rates will be 5.15% (currently 4.90%) on FDs with maturities between 180 days and 270 days; and 280 days to 364 days. On FDs maturing between 271 days and 279 days, the rate will be 3.25% from the current 3%.

FD rates will be 5.75% over 365 days under 2 years from the current 5.5%, and the interest rate will be 5.85% between 2 years and 7 years seniority from the current 5.60%.

On Wednesday, RBI raised the policy repo rate by 50 basis points to 4.90% from the previous 4.4%. Meanwhile, the MPC also decided to remain focused on pulling out of accommodation to ensure inflation remains on target going forward while supporting growth.

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