Kotak Mahindra Bank Rate Hike: Taking cue from the Reserve Bank of India, which further increased its repo rates by 50 basis points earlier this week, private sector lender Kotak Mahindra Bank also hiked savings account interest rate as well as fixed deposit interest rates across various tenors. The Kotak Mahindra Bank announced the latest hike in its rates a day after the RBI increased its repo rates, saying that it was withdrawing from its accommodative status in a calibrated manner.
“Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) today announced a rise in
savings account interest rate as well as fixed deposit interest rates across various tenors,” read a press release from the Kotak Mahindra Bank on June 9, 2022. The
increase in savings account interest rate will come into effect on June 13, 2022, it said.
Kotak Mahindra Bank Savings Account Interest Rate Hike
Daily balances in savings account above Rs. 50 lakh will now earn a 50 basis points higher interest rate of 4 per cent per annum, The lender said in its press release. This is a hike of 50 basis points or 0.5 per cent from the earlier rate of 3.5 per cent per annum.
Here are the savings account interest rates of Kotak Mahindra Bank:
– For savings account deposits up to Rs 50 lakh: 3.5 per cent per annum
– For saving account deposits above Rs 50 lakh: 4.00 per cent per annum
Kotak Mahindra Fixed Deposit Interest Rate Hike
Interest rates on fixed deposits have been increased by 10 to 25 basis points across various tenors. These will come into effect from Friday, June 10. For deposits below Rs 2 crore, Kotak Mahindra Bank FD interest rate hike has been implemented for deposits between 1 year to 10 years. The Kotak Mahindra Bank FD rates have been kept the same for deposits with lower tenures.
Here are the Kotak Mahindra Bank FD interest rates for deposits lower than Rs 2 crore (From 1 year to 10 years, with effect from June 10, 2022):
|Tenure||Old Rates (Per Cent)||New Rates (Per Cent)||Rates for Senior Citizens (Per Cent)|
|365 days to 389 days||5.40||5.50||6.00|
|391 days to less than 23 months||5.50||5.65||6.15|
|23 months 1 days to less than 2 years||5.60||5.75||6.25|
|2 years to less than 3 years||5.60||5.75||6.25|
|3 years and above but less than 4 years||5.75||5.90||6.40|
|4 years and above but less than 5 years||5.75||5.90||6.40|
|5 years and above up to and inclusive of 10 years||5.75||5.90||6.40|
Commenting on the double rate hikes, Shanti Ekambaram, group president – consumer banking – Kotak Mahindra Bank said, “Interest rates are now on an upward trajectory. For Kotak, customer centricity has been the core of all our initiatives and as their trusted banking partner, we strive to empower our customers with products and services catering to their needs. In line with this philosophy, we have revised our savings account interest rate upwards to 4 per cent p.a. as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates.”
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