Kotak Mahindra Bank Raises FD Interest Rate

Kotak Mahindra Bank has raised the interest rate on fixed deposits by less than Rs 2 crore. According to the bank’s official website, the new rates will come into effect on October 3, 2022.

Kotak Mahindra Bank FD terms range from 7 days to 10 years, with interest rates ranging from 2.5% to 6.2% for normal investors and 3% to 6.7% for individuals. elderly.

After the hike, the bank will offer an interest rate of 6% for 365 to 389 days, compared to 5.75% previously. The bank will now provide 6.10% for periods of 390 days (12 months 25 days) or less. Following the hike, the bank will now offer the highest interest rate, 6.2%, for terms ranging from 23 months to less than three years. The bank will maintain its interest rate of 6.10% for maturities of three to ten years.

According to the bank’s website, “interest will be paid at the rate in effect on the date of deposit for the duration of the deposit or amount withdrawn remaining with the bank or at the contractual rate, whichever is lower after deduction of the applicable criminal charge for early withdrawal according to the general conditions of the bank.“

“Interest on fixed deposits with a term of less than 181 days would be calculated as simple interest at maturity,” according to Kotak Mahindra Bank’s website. Interest is calculated on the basis of 365 days in a non-leap year and on the basis of 366 days in a leap (calendar) year.

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Stephen V. Lee