Kotak mahindra bank hikes FD interest rate!!!

Kotak mahindra bank has increased the interest rates on its FDs with deposits less than Rs 2 crore. According to the information given on the bank's website, the new rates have come into effect from september 1, 2022. 

Apart from this, old interest rates will be applicable on FDs of other tenures. Interest will be available at the rate of 3.25 percent on FDs with maturity of 31 to 90 days, 3.75 percent on FDs of 91 to 179 days, 5.00 percent on FDs of 180 to 363 days and 5.25 percent on FDs of 364 days. At the same time, 5.75 percent interest will continue to be available on FD from 365 days to 389 days.

The interest rate for these periods changed

The bank has decided to pay 6 percent interest on FDs maturing in 390 days in less than 23 months. Earlier, 5.90 percent interest was available on this. FDs ranging from 23 months to less than 2 years will now get 6.10 percent interest instead of 5.90 percent. It is worth noting that the bank is giving the highest interest rate on FDs ranging from 23 months to less than 2 years.

FD of at least Rs 5,000

According to the information given by the bank on the website, customers will have to invest at least Rs 5,000 to start an FD in the bank. This money will be locked for a stipulated time on which interest will be paid by the bank first. According to the bank, customers get the facility to choose from monthly, quarterly or gross interest option.

RBI hikes interest rates after repo rate

After the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) increased the repo rate by 1.40 percent in 4 months, while banks are increasing the burden on the pockets of the people by increasing the interest on the loan, while returning them a little more profit. Even before Kotak, many banks including ICICI and hdfc have changed their FD interest rates in recent times.