Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) announced an increase in fixed deposit interest rates across select amounts and tenor buckets by up to 25bps. The Bank has revised its deposit rates for the 15-month to 2 years tenor bucket, offering 7.25% for deposit amounts Rs.2crs to 5crs and 7.10% for deposits up to Rs.2 crs. Senior Citizens are now offered a rate of 7.60% for deposits up to Rs.2 crore.
The revised rates will be effective 10th Feb 2023. N Kotak Mahindra Bank has passed on the benefit of higher interest rates to its customers, offering them a higher return on their savings. Virat Diwanji, Group President and Head – of Consumer Bank, Kotak Mahindra Bank said, “With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers offering them a higher return on their savings.”
