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Kotak Mahindra bank raises fixed deposit (FD) rates. Check for all tenors

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Kotak Mahindra Bank Limited on Thursday announced a rate increase in fixed deposit interest rates across multiple tenor baskets for retail customers.

The increase in FD rates comes after the Reserve Bank of India (RBI) announced a 40 basis points increase in the repo rate. The increase is effective from 6th May on all deposits below Rs 2 crore.

Virat Diwanji, Group President – Retail Liabilities & Branch Banking, Kotak Mahindra Bank said, “This fixed deposit rate increase is a golden opportunity being unleashed after nearly two years of low interest rate scenario in the economy.

We are among the first banks to announce this hike. This is the apt time for consumers to save for their cherished goals and enjoy increased returns on their savings.”

Kotak Mahindra Bank’s retail Fixed Deposit rates effective 6th May, 2022
Tenor Less than 2 CroreLess than 2 Crore for Senior citizens
7-14 Days2.50%3.00%
15-30 Days2.50%3.00%
31 – 45 Days3.00%3.50%
46 – 90 Days3.00%3.50%
91 – 120 Days3.50%4.00%
121 – 179 Days3.50%4.00%
180 Days4.75%5.25%
181 -269 Days4.75%5.25%
270 Days4.75%5.25%
271 -363 Days4.75%5.25%
364 Days5.25%5.75%
365- 389 Days5.40%5.90%
390 Days (12 months to5.50%6.00%
391 Day -Less than 23 months5.50%6.00%
23 Months5.60%6.10%
23 Months 1 Day < 2 year5.60%6.10%
2 Year- Less than 3 Year5.60%6.10%
3 years and < 4 years5.75%6.25%
4 years and < 5 years5.75%6.25%
5 years and <= 10 years5.75%6.255

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