Repo rate hike: Kotak Mahindra Bank increases interest rates on deposits
As a result of the key policy rate hike by RBI, the rate on bank deposits too is on the rise. Kotak Mahindra Bank increases interest rates on its deposits. Read on to find out more.
After the 40 basis points rate hike in May 2022 and a recent rate hike of 50 basis points would make borrowing costly. However, this has also led banks to increase interest rates on their deposits. Recently, one of the leading private sector banks, Kotak Mahindra Bank too, increased interest rates on their deposits of various tenure.
Kotak Mahindra Bank Ltd’s revised savings account interest rates:
For saving account deposits up to Rs 50 lakh, it is 3.5% p.a. and for saving account deposits above Rs 50 lakh, it is 4% p.a.
Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank said, “Interest rates are now on an upward trajectory. For Kotak, customer centricity has been the core of all our initiatives and as their trusted banking partner, we strive to empower our customers with products and services catering to their needs. In line with this philosophy, we have revised our savings account interest rate upwards to 4% p.a. as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates.”
Below is the Kotak Mahindra Bank Ltd's revised fixed deposit rates.
|
Less than Rs 2 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
|
7 - 14 Days |
2.50% |
2.50% |
|
15 - 30 Days |
2.50% |
2.50% |
|
31 - 45 Days |
3.00% |
3.00% |
|
46 - 90 Days |
3.00% |
3.00% |
|
91 - 120 Days |
3.50% |
3.50% |
|
121 - 179 Days |
3.50% |
3.50% |
|
180 Days |
4.75% |
4.75% |
|
181 Days to 269 Days |
4.75% |
4.75% |
|
270 Days |
4.75% |
4.75% |
|
271 Days - 363 Days |
4.75% |
4.75% |
|
364 Days |
5.25% |
5.25% |
|
365 Days - 389 Days |
5.40% |
5.50% |
|
390 Days (12 months 25 days) |
5.50% |
5.65% |
|
391 Days-Less than 23 Months |
5.50% |
5.65% |
|
23 Months |
5.60% |
5.75% |
|
23 Months 1 Day < 2 Years |
5.60% |
5.75% |
|
2 Years-Less than 3 Years |
5.60% |
5.75% |
|
3 Years and < 4 Years |
5.75% |
5.90% |
|
4 Years and < 5 Years |
5.75% |
5.90% |
|
5 Years and <= 10 Years |
5.75% |
5.90% |
|
For Senior Citizens less than Rs 2 Crore additional rate of 50 basis point applicable. |
||
|
Greater than or equal to Rs 2 Crore but less than Rs 5 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
|
7 Days ‐ 14 Days |
3.00% |
3.25% |
|
15 Days ‐ 30 Days |
3.00% |
3.25% |
|
31 Days ‐ 45 Days |
3.25% |
3.50% |
|
46 Days ‐ 60 Days |
3.25% |
3.50% |
|
61 Days ‐ 90 Days |
3.50% |
3.75% |
|
91 Days ‐ 120 Days |
4.00% |
4.25% |
|
121 Days ‐ 179 Days |
4.25% |
4.50% |
|
180 Days |
4.75% |
5.00% |
|
181 Days ‐ 270 Days |
4.75% |
5.00% |
|
271 Days ‐ 279 Days |
3.00% |
3.25% |
|
280 Days ‐ 364 Days |
4.75% |
5.00% |
|
365 Days ‐ Less Than 15 Months |
5.50% |
5.75% |
|
15 Months ‐ Less Than 18 Months |
5.50% |
5.75% |
|
18 Months ‐ Less Than 2 Years |
5.50% |
5.75% |
|
2 Years ‐ Less Than 3 Years |
5.60% |
5.85% |
|
3 Years ‐ Less Than 4 Years |
5.75% |
5.90% |
|
4 Years ‐ Less Than 5 Years |
5.75% |
5.90% |
|
5 Years ‐ Up to & Inclusive of 7 Years |
5.75% |
5.90% |
|
Greater than or equal to Rs 5 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
|
7 Days ‐ 14 Days |
3.00% |
3.25% |
|
15 Days ‐ 30 Days |
3.25% |
3.50% |
|
31 Days ‐ 45 Days |
3.50% |
3.75% |
|
46 Days ‐ 60 Days |
3.75% |
4.00% |
|
61 Days ‐ 90 Days |
3.75% |
4.00% |
|
91 Days ‐ 120 Days |
4.40% |
4.65% |
|
121 Days ‐ 179 Days |
4.60% |
4.85% |
|
180 Days |
4.90% |
5.15% |
|
181 Days ‐ 270 Days |
4.90% |
5.15% |
|
271 Days ‐ 279 Days |
3.00% |
3.25% |
|
280 Days ‐ 364 Days |
4.90% |
5.15% |
|
365 Days ‐ Less Than 15 Months |
5.50% |
5.75% |
|
15 Months ‐ Less Than 18 Months |
5.50% |
5.75% |
|
18 Months ‐ Less Than 2 Years |
5.50% |
5.75% |
|
2 Years ‐ Less Than 3 Years |
5.60% |
5.85% |
|
3 Years ‐ Less Than 4 Years |
5.60% |
5.85% |
|
4 Years ‐ Less Than 5 Years |
5.60% |
5.85% |
|
5 Years ‐ Up to & Inclusive of 7 Years |
5.60% |
5.85% |
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