After SBI, HDFC and BoB, Kotak Mahindra Bank revises FD interest rates

New Delhi: Following the footsteps of public and private sector banks such as the State Bank of India, HDFC Bank, ICICI Bank, and Bank of Baroda, among others, the Kotak Mahindra Bank has revised interest rates on fixed deposit schemes. The private lender has revised interest rates on various FD schemes with different maturity periods. 

According to Kotak Mahindra Bank, the latest interest rates are applicable on term deposits of up to Rs 2 crore. Also, the latest interest rates on fixed deposits are effective from March 9, 2022. 

The lender has noted that the Domestic, NRO, and NRE fixed deposit customers can invest at the latest interest rates. With the latest change in interest rates, customers can get a higher return on their investments. 

For instance, Kotak Mahindra Bank customers can now get a 5% annualised return on FDs with a term period of 365 to 389 days. Customers were earlier receiving a 4.9 per cent interest rate on fixed deposits with the tenors.

Moreover, customers can get returns at a 2.5 per cent rate on term deposits maturing within 7 to 30 days. For FDs with a maturity period of 31 to 90 days and 91 to 120 days, the bank is offering an interest rate of 2.75 per cent and 3 per cent.   

On long term investments, customers can get a higher interest rate. For instance, customers can get a 4.40 per cent return on FDs with a maturity period ranging from 181 to 363 days. Also, customers can get an interest rate of 4.50 per cent on FD investments with a maturity period of 364 days. Also Read: Sensex, Nifty zoom over 2% on gains in bluechips

Kotak Mahindra Bank will continue offering senior citizens a higher interest rate. Such investors can get 50 basis points o 0.50% higher returns on selected fixed deposit investments. Also Read: Flipkart apologises for its Women’s Day gaffe, says it ‘messed up’