Kotak Mahindra Bank hikes deposit rates
MUMBAI: Private sector lender Kotak Mahindra Bank today said that it has increased its term deposit rates by up to 0.50 per cent.
The change in interest rates is with effect from January 22, a press release issued here stated.
Deposits of a tenor of one-year and above and inclusive of 389-days will now carry a rate of 8.75 per cent as against the earlier 8.25 per cent.
Similarly, for a tenor of 701-days and above but less than two-years, the rate has been upped to 8.75 per cent from the earlier 8.25 per cent.
The rate on a tenor of 271-days to less than one-year has been upped from 7.75 per cent to 8 per cent, the release said.
For 390-days, the new rate will be 9 per cent as against the earlier 8.75 per cent.
For two-years and above but less than three-years and three-years and above but less than five-years, the new rates are 9 per cent each as against the earlier 8.75 per cent, the release said.
For five-years and above and inclusive of 10-years, the rate has been upped to 9 per cent from the earlier 8.75 per cent.
The change in interest rates is with effect from January 22, a press release issued here stated.
Deposits of a tenor of one-year and above and inclusive of 389-days will now carry a rate of 8.75 per cent as against the earlier 8.25 per cent.
Similarly, for a tenor of 701-days and above but less than two-years, the rate has been upped to 8.75 per cent from the earlier 8.25 per cent.
The rate on a tenor of 271-days to less than one-year has been upped from 7.75 per cent to 8 per cent, the release said.
For 390-days, the new rate will be 9 per cent as against the earlier 8.75 per cent.
For two-years and above but less than three-years and three-years and above but less than five-years, the new rates are 9 per cent each as against the earlier 8.75 per cent, the release said.
For five-years and above and inclusive of 10-years, the rate has been upped to 9 per cent from the earlier 8.75 per cent.
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