Mumbai : Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today 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 announced a 40 basis points increase in the repo rate. The increase is effective from 6th May on all deposits below Rs 2 crore.
KMBL’s Fixed Deposit Interest Rate Increase (Less than Rs 2 crore) for popular tenor buckets:
|Tenor Bucket||Existing Rate||New Rates
(effective 6th May’22)
|390 days||5.20%||5.50%||30 bps|
|23 Months||5.25%||5.60%||35 bps|
*Senior Customers (≥60 years) would get 50 bps higher than the rates mentioned above (refer table in Annexure)
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.”