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Kotak Mahindra Bank Revises FD Rates

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The banks across public and private space have been cutting down their FD rates for better transmission of monetary policy rates. On similar lines, now Kotak Mahindra Bank has revised FD rates on few of the tenures and the new rates come into effect from September 6, 2019. The revision has been effected in just a week's time as last the rates were revised on August 29.

Kotak Mahindra Bank Revises FD Rates
 

New FD rates for deposit amount below Rs. 2 crore (for general category customers)

7 - 14 days 3.50%

15 - 30 days 4.00%

31 - 45 days 5.00%

46 - 90 days 5.25%

91 - 120 days 5.50%

121 - 179 days 5.60%

180 days 6.25%

181 days to 269 days 6.25%

270 days 6.25%

271 days to 363 days 6.35%

364 days 6.75%

365 days to 389 days 6.75%

390 days (12 months 25 days) 6.80%

391 days - less than 23 months 6.70%

23 months 6.70%

23 months 1 day- less than 2 years 6.70%

2 years- less than 3 years 6.50%

3 years and above but less than 4 years 6.25%

4 years and above but less than 5 years 6.25%

5 years and above upto and inclusive of 10 years 6.25%

So, with the latest revision, Kotak Mahindra Bank will give the highest rate of 6.80% for deposits maturing in 390 days. Hence as the senior citizens get a higher return by 0.5%, the highest return for them turns to be 7.3% for 390 days term.

Other banks that have revised their FD rates in the month of September include State Bank of India (SBI),IDBI Bank, Axis Bank, Bank of India and Punjab National Bank (PNB).

GoodReturns.in

Story first published: Thursday, September 12, 2019, 12:02 [IST]
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