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Kotak Mahindra Bank FD interest rates have increased for these tenors: check the latest rates here

Kotak Mahindra Bank FD interest rate: The main private sector lender, Kotak Mahindra Bank, recently raised interest rates on fixed deposits. The new Kotak Mahindra Bank FD rates are applicable for certain warrants with a deposit value of less than Rs 2 crore. Kotak Mahindra Bank FD’s interest rate hike comes a month after the RBI raised its repo rates by 50 basis points at its monetary policy committee meeting in June.

The latest Kotak Mahindra Bank FD rates are applicable to Domestic/NRO/NRE Term Deposit Accounts. However, senior citizen rates do not apply to NRO/NRE deposits, Kotak Mahindra Bank said. The new rates came into effect from July 1, Friday.

The bank, in its announcement, said it had raised the interest rate by 10 basis points for a term of 390 days, from 5.65% to 5.75%. Kotak Mahindra Bank will now offer an interest rate of 5.75%, down from 5.65% previously, on deposits maturing between 391 days and less than 23 months

Here are the revised interest rates on fixed deposits below Rs 2 crore at Kotak Mahindra Bank (per annum) effective July 1:

7 days to 14 days – For the General Public: 2.50%; For seniors: 3.00%

15 days to 30 days – For the general public: 2.50%; For seniors: 3.00%

31 days to 45 days – For the general public: 3.00%; For seniors: 3.50%

46 days to 90 days – For the general public: 3.00%; For seniors: 3.50%

91 days to 120 days – For the general public: 3.50%; For seniors: 4.00%

121 days to 179 days – For the general public: 3.50%; For seniors: 4.00%

180 days – For the general public: 4.75%; For seniors: 5.25%

181 days to 269 days – For the general public: 4.75%; For seniors: 5.25%

270 days – For the general public: 4.75%; For seniors: 5.25%

271 days to 363 days – For the general public: 4.75%; For seniors: 5.25%

364 days – For the general public: 5.25%; For seniors: 5.75%

365 days to 389 days – For the general public: 5.50%; For seniors: 6.00%

390 days (12 months 25 days) – For the general public: 5.75%; For seniors: 6.25%

391 days to less than 23 months – General Public: 5.75%; For seniors: 6.25%

23 months – For the general public: 5.75%; For seniors: 6.25%

23 months 1 day to under 2 years – General Public: 6.25%; For seniors: 5.75%

2 years to less than 3 years – General Public: 5.75%; For seniors: 6.25%

3 years and over but less than 4 years – For the general public: 5.90%; For seniors: 6.40%

4 years and over but less than 5 years – For the general public: 5.90%; For seniors: 6.40%

5 years and over up to and including 10 years – For the general public: 5.90%; For seniors: 6.40%

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