The private sector bank, Kotak Mahindra Bank (KMB), has raised the interest rate on fixed deposits below Rs 2 crore.

New rates with effect from 17 August 2022; the bank had last hiked its fixed deposit interest rates on 10 August. The bank is now offering interest rates on fixed deposits with maturities ranging from seven days to ten years that range from 2.50 per cent to 5.90 per cent for the general public and from 3.00 per cent to 6.40 per cent for senior citizens.

Kotak Mahindra Bank New Fixed Deposit Rates are:

For fixed deposits that mature in

7 to 14 days interest rate of 2.50%
15 to 30 days interest rate 2.65%
31 to 90 days interest rate 3.25%
91 to 179 days interest rate 3.75%

Furthermore, Kotak Bank will continue to give an interest rate of 5.25 per cent on fixed deposits maturing in 364 days.

Also, the interest rate of 5.00% from 180 days to 363 days
365 days to 389 days interest rate 5.75%. The interest rate on fixed deposits will remain constant at 5.90 per cent for maturities of three years and longer, up to and including ten years. Senior citizens will continue to get an additional interest rate of 0.50 per cent over and above the regular rate across all tenors.