Kotak Mahindra Bank on Monday announced an increase in interest rates on fixed deposits (FDs) below Rs 2 crore up to 7.80 per cent, for senior citizens. The FD rates have been increased by up to 85 basis points (bps) across various tenures.
For tenures ranging from 23 months to 2 years, senior citizens can earn up to 7.80 per cent. The upward revision extends to tenures of 2 to 3 years, offering 7.65 per cent, the private sector lender said.
Regular customers investing less than Rs 2 crore also benefit due to the 50 bps increase for FDs with tenures of 3 to 4 years, now providing an impressive 7 per cent. Additionally, tenures of 4-5 years see a remarkable hike to 7 per cent, up from the earlier 6.25 per cent.
Virat Diwanji, group president and head (consumer bank) at Kotak Mahindra Bank, said, “Fixed deposits are considered safe and low-risk investments, particularly by senior citizens. Our increased FD rates enhance their regular source of income.”
Kotak Mahindra Bank’s Revised FD Interest Rates:
23 Months: For General Public – 7.25 per cent; For Senior Citizens – 7.80 per cent
23 months 1 day to less than 2 years: For General Public – 7.25 per cent; For Senior Citizens – 7.80 per cent
2 years and above to less than 3 years: For General Public – 7.10 per cent; For Senior Citizens – 7.65 per cent
3 years and above to less than 4 years: For General Public – 7.00 per cent; For Senior Citizens – 7.60 per cent
4 years and above to less than 5 years: For General Public – 7.00 per cent; For Senior Citizens – 7.60 per cent.
