Getty ImagesKotak Mahindra Bank, a private sector lender, has revised interest rates on fixed deposits (FDs) for various tenors. The interest rates apply to Domestic, NRO, NRE Fixed Deposits and are effective as of March 9, 2022. These rates apply to term deposits up to Rs 2 crore.
Recently, Axis Bank has raised interest rates for the second time. The interest rates on fixed deposits (FDs) at Axis Bank have been altered, and the new rates will take effect on March 5, 2022.
Following the recent revision, Kotak Mahindra Bank now offers interest rates of 2.5 percent, 2.75 percent, and 3 percent on fixed deposits (FDs) maturing in 7 to 30 days, 31 to 90 days, and 91 to 120 days, respectively.
On FDs maturing in 7 days to 10 years, the bank offers interest rates ranging from 3% to 5.8%. FDs with maturities ranging from 181 to 363 days pay 4.40 percent, while term deposits with maturities of 364 days pay 4.50 percent.
Deposits maturing in the range of 365 to 389 days is increased to 5 percent. Previously, the bank offered a 4.9 percent interest rate on these tenors. On FDs maturing in 390 days to less than 23 months, a rate of 5.10 percent will be paid.
The interest rate on FDs having a term of 3-5 years will fetch 5.45 percent. For 5 years and above up to and inclusive of 10 year will fetch 5.50 percent.
Senior citizens will get interest rates that are 50 basis points higher on FDs.
In the previous month, several banks, including HDFC Bank, State Bank of India (SBI), IndusInd Bank, IDBI Bank, and others, upped interest rates on various FD tenures.
Recently, Axis Bank has raised interest rates for the second time. The interest rates on fixed deposits (FDs) at Axis Bank have been altered, and the new rates will take effect on March 5, 2022.
Following the recent revision, Kotak Mahindra Bank now offers interest rates of 2.5 percent, 2.75 percent, and 3 percent on fixed deposits (FDs) maturing in 7 to 30 days, 31 to 90 days, and 91 to 120 days, respectively.
On FDs maturing in 7 days to 10 years, the bank offers interest rates ranging from 3% to 5.8%. FDs with maturities ranging from 181 to 363 days pay 4.40 percent, while term deposits with maturities of 364 days pay 4.50 percent.
Deposits maturing in the range of 365 to 389 days is increased to 5 percent. Previously, the bank offered a 4.9 percent interest rate on these tenors. On FDs maturing in 390 days to less than 23 months, a rate of 5.10 percent will be paid.
The interest rate on FDs having a term of 3-5 years will fetch 5.45 percent. For 5 years and above up to and inclusive of 10 year will fetch 5.50 percent.
Senior citizens will get interest rates that are 50 basis points higher on FDs.
In the previous month, several banks, including HDFC Bank, State Bank of India (SBI), IndusInd Bank, IDBI Bank, and others, upped interest rates on various FD tenures.
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