Kotak Mahindra Bank hikes interest rates on savings accounts and FDs, customers know the latest rates

Kotak Mahindra Bank on Thursday announced a hike in interest rates on savings accounts and fixed deposits (FDs).

Kotak Mahindra Bank on Thursday announced a hike in interest rates on savings accounts and fixed deposits (FDs). The private bank has announced that the interest rate on the savings account is being increased to 4 percent.

Kotak Mahindra Bank (Kotak Mahindra Bank) Savings account on Thursday (Savings Account) and Fixed Deposit ie FD (FD Rates) But an increase in interest rates has been announced. The private bank has announced that savings account interest rate on (Interest Rates) is being increased to 4 percent. Earlier it was 3.5 per cent annually. The new interest rate on savings account will be effective from June 13, 2022. At the same time, Kotak Mahindra Bank has increased the interest rates on fixed deposits by up to 15 basis points. The new interest rates on FD will be applicable from June 10, 2022.

The bank has increased the interest rates on FDs of more than one year. The interest rate on FDs maturing in 365 days to 389 days has been increased from 5.40 percent to 5.50 percent. Whereas, the interest rate on term deposits with maturity of 390 days has been increased from 5.50 per cent to 5.65 per cent.

5.90% interest on FDs with tenor of 10 years

Apart from this, FDs with a tenure of 391 days to less than 23 months will now get interest at the rate of 5.65 percent. At the same time, an interest rate of 5.75 percent is available on fixed deposits with a tenor of 23 months to three years. Whereas, the interest rate on FDs with a tenure of three years to 10 years has been increased from 5.75 per cent earlier to 5.90 per cent.

Let us tell you that after increasing the repo rate, the interest rates of many bank FDs are being increased. Apart from Kotak Mahindra Bank, RBL Bank ie Ratnakar Bank Limited has decided to increase the interest rate of fixed deposits. According to RBL Bank, 6.65 percent interest will now be given on the FD scheme of 15 months. The new rates are effective from June 8, 2022. The new rates have been implemented for deposits of less than Rs 2 crore and Rs 3 crore.

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At the same time, ICICI Bank has increased the external benchmark lending rate (EBLR) by 50 basis points from 8.10 per cent to 8.60 per cent. ICICI Bank has written on its website that in view of the increase in the repo rate by the Reserve Bank of India, the EBLR has been increased and it has now become 8.60 percent. The new rates have come into effect from June 8, 2022.