Starting on October 25, Kotak Mahindra Bank introduced a new interest rate that allows FD interest to reach 7.25%

 Starting on October 25, Kotak Mahindra Bank introduced a new interest rate that allows FD interest to reach 7.25%

The bank raised the interest rates on fixed deposits.

Interest rates on Kotak Mahindra Bank's fixed deposits have gone increased. For terms ranging from seven days to ten years, the bank is now providing interest rates to its ordinary clients that range from 2.75% to 7.25%. The revised interest rates will take effect on October 25, 2023.

The bank offers the following interest rates: 2.75% for fixed deposits maturing in 7–14 days, 3% for those maturing in 15–30 days, 3.25% for those maturing in 31–45 days, 46. Additionally, it offers the benefit of 3.50% for those maturing in 90–90 days and 4% for those maturing in 91–120 days.

The bank raised this tenure's interest rate.

Customers having a tenure of less than two to three years would get 10 basis points more, or an interest rate of 7.10%, on this tenure, according to information provided by the bank. On the other hand, clients who take out loans with terms shorter than 23 months—between one day and two years—benefit from an interest rate of 7.25%.