Repo rate hike: This leading private sector bank raises interest rates on deposits
The rate on bank deposits is rising as a result of the RBI's major policy rate hike. Kotak Mahindra Bank raises deposit interest rates. Continue reading to learn more.
Borrowing would be more expensive after the 40 basis point (100 basis points equals 1 per cent) rate rise in May 2022 and a recent rate hike of 50 basis points. However, this has caused banks to raise interest rates on deposits. Kotak Mahindra Bank, one of the prominent private sector banks, has boosted interest rates on several deposits with different tenures.
Kotak Mahindra Bank Ltd. has updated its savings account interest rates to 3.5 per cent per annum for deposits up to Rs 50 lakh and 4 per cent per annum for deposits over Rs 50 lakh.
Kotak Mahindra Bank's Group President of Consumer Banking, Shanti Ekambaram, stated, “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 per annum as well as hiked our term deposit rates for various tenors enabling our customers to enjoy higher interest rates.”
The amended fixed deposit rates of Kotak Mahindra Bank Ltd. are listed below.
| Less than Rs 2 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
| 7 - 14 Days |
2.50% |
2.50% |
| 15 - 30 Days |
2.50% |
2.50% |
| 31 - 45 Days |
3.00% |
3.00% |
| 46 - 90 Days |
3.00% |
3.00% |
| 91 - 120 Days |
3.50% |
3.50% |
| 121 - 179 Days |
3.50% |
3.50% |
| 180 Days |
4.75% |
4.75% |
| 181 Days to 269 Days |
4.75% |
4.75% |
| 270 Days |
4.75% |
4.75% |
| 271 Days - 363 Days |
4.75% |
4.75% |
| 364 Days |
5.25% |
5.25% |
| 365 Days - 389 Days |
5.40% |
5.50% |
| 390 Days (12 months 25 days) |
5.50% |
5.65% |
| 391 Days-Less than 23 Months |
5.50% |
5.65% |
| 23 Months |
5.60% |
5.75% |
| 23 Months 1 Day < 2 Years |
5.60% |
5.75% |
| 2 Years-Less than 3 Years |
5.60% |
5.75% |
| 3 Years and < 4 Years |
5.75% |
5.90% |
| 4 Years and < 5 Years |
5.75% |
5.90% |
| 5 Years and <= 10 Years |
5.75% |
5.90% |
| For Senior Citizens less than Rs 2 Crore additional rate of 50 basis points is applicable. |
| Greater than or equal to Rs 2 Crore but less than Rs 5 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
| 7 Days ‐ 14 Days |
3.00% |
3.25% |
| 15 Days ‐ 30 Days |
3.00% |
3.25% |
| 31 Days ‐ 45 Days |
3.25% |
3.50% |
| 46 Days ‐ 60 Days |
3.25% |
3.50% |
| 61 Days ‐ 90 Days |
3.50% |
3.75% |
| 91 Days ‐ 120 Days |
4.00% |
4.25% |
| 121 Days ‐ 179 Days |
4.25% |
4.50% |
| 180 Days |
4.75% |
5.00% |
| 181 Days ‐ 270 Days |
4.75% |
5.00% |
| 271 Days ‐ 279 Days |
3.00% |
3.25% |
| 280 Days ‐ 364 Days |
4.75% |
5.00% |
| 365 Days ‐ Less Than 15 Months |
5.50% |
5.75% |
| 15 Months ‐ Less Than 18 Months |
5.50% |
5.75% |
| 18 Months ‐ Less Than 2 Years |
5.50% |
5.75% |
| 2 Years ‐ Less Than 3 Years |
5.60% |
5.85% |
| 3 Years ‐ Less Than 4 Years |
5.75% |
5.90% |
| 4 Years ‐ Less Than 5 Years |
5.75% |
5.90% |
| 5 Years ‐ Up to & Inclusive of 7 Years |
5.75% |
5.90% |
| Greater than or equal to Rs 5 Crore |
Old Rates |
Revised Rates w.e.f. 10th June |
| 7 Days ‐ 14 Days |
3.00% |
3.25% |
| 15 Days ‐ 30 Days |
3.25% |
3.50% |
| 31 Days ‐ 45 Days |
3.50% |
3.75% |
| 46 Days ‐ 60 Days |
3.75% |
4.00% |
| 61 Days ‐ 90 Days |
3.75% |
4.00% |
| 91 Days ‐ 120 Days |
4.40% |
4.65% |
| 121 Days ‐ 179 Days |
4.60% |
4.85% |
| 180 Days |
4.90% |
5.15% |
| 181 Days ‐ 270 Days |
4.90% |
5.15% |
| 271 Days ‐ 279 Days |
3.00% |
3.25% |
| 280 Days ‐ 364 Days |
4.90% |
5.15% |
| 365 Days ‐ Less Than 15 Months |
5.50% |
5.75% |
| 15 Months ‐ Less Than 18 Months |
5.50% |
5.75% |
| 18 Months ‐ Less Than 2 Years |
5.50% |
5.75% |
| 2 Years ‐ Less Than 3 Years |
5.60% |
5.85% |
| 3 Years ‐ Less Than 4 Years |
5.60% |
5.85% |
| 4 Years ‐ Less Than 5 Years |
5.60% |
5.85% |
| 5 Years ‐ Up to & Inclusive of 7 Years |
5.60% |
5.85% |