Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 6.50 per cent to general customers. At the same time, 7 percent interest is being given to senior citizens.

Kotak Bank increased interest on this FD

Kotak Mahindra Bank has increased the interest on FDs of more than 2 years and less than 3 years from 6.50 percent to 6.75 percent. On this FD, senior citizens will get 7.25% interest on this FD. There has been no change in interest on all other FDs.

These are the new rates of Kotak Bank

7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent

15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent

31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent

46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent

91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent

121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent

180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

181 days to 269 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

270 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

271 days to 363 days – For general public: 5.75 per cent; For Senior Citizen: 6.25 percent

364 days – For general public: 6.00 per cent; For Senior Citizen: 6.50 percent

365 days to 389 days – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

390 days (12 months 25 days) – For general public: 7 percent; For Senior Citizen: 7.50 percent

391 days to less than 23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months 1 day to less than 2 years – For general public: 7 percent; For Senior Citizen: 7.50 percent

2 years to less than 3 years – For general public: 6.75 per cent; For Senior Citizen: 7.25 percent

3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent

4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Interest on FD increased after RBI increased repo rate

The Reserve Bank of India (RBI) raised the repo rate by 35 basis points to 6.25 per cent in the Monetary Policy Committee ( MPC ) on 7 December. To curb inflation, RBI has been increasing the repo rate since May. Due to this, most of the banks in India are increasing the interest rates on Fixed Deposit.

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