Bengaluru, 11th February 2023: Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced an increase in fixed deposit interest rates across select amounts and tenor buckets by up to 25bps.
In the 15 months to 2 years, tenor bucket the Bank now offers 7.25% for deposit amounts Rs.2crs to 5crs and 7.10% for deposit amounts up to Rs.2 cars in the 12 months 25 days to 2 years tenor bucket. Additionally, Senior Citizens are now offered a rate of 7.60% for deposit amounts of up to Rs.2 cars in the same tenor. The revised rates will be effective 10th Feb 2023.
Virat Diwanji, Group President and Head – of Consumer Bank, Kotak Mahindra Bank said, “With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers offering them a higher return on their savings.” *
KMBL’s Revised Fixed Deposit Interest Rates in specific buckets:
| Fixed Deposit Interest Rates for Amounts < Rs. 2 crores | ||
| Tenor Buckets | Regular | Senior Citizens |
| 180days to 363 days | 6.00% | 6.50% |
| 364 days | 6.25% | 6.75% |
| 365days to 389days | 6.90% | 7.40% |
| 12months 25days to < 2 years | 7.10% | 7.60% |
| Fixed Deposit Interest Rates for Amounts >= Rs. 2 crores upto Rs. 5 crores [Regular] | |
| 180days to 270 days | 6.50% |
| 280 days to 364 days | 6.75% |
| 365days to <15months | 7.20% |
| 15months to < 2 years | 7.25% |