Kotak Mahindra Bank Increased fixed deposit interest rates by up to 15 basis points for tenures of one-three years (for amounts less than Rs 2 crore) with effect from August 17, 2022.

The interest rate for FDs with tenor from 365 days to 389 days has been increased by 15 basis points from 5.60 per cent to 5.75 per cent. The interest rates for FD tenors ranging from 390 days to three years have been increased by 15 bps from 5.75 per cent to 5.90 per cent. For the period between three years and ten years, the interest rates have not been increased, they will continue to earn 5.90 percent.

recurring deposit Rate of interest

The interest rate on recurring deposits for a period of 6 months has been increased by 25 basis points. 5 percent interest will be available on the interest rate of RD with tenure of six to nine months. The interest rate for 12 months has been increased to 5.75 percent from 5.60 percent earlier.

RBI hike in repo rate

Banks are in a mood to increase their deposit rates after the Reserve Bank of India hiked the repo rate by 50 basis points in its latest monetary policy. Including banks have already increased their fixed deposit interest rates.