There are many financial instruments that can give you good returns but fixed deposits remain the favorite among many investors. The reasons are the same guaranteed returns, reliability and low risk. Fixed deposits are popular among various classes of investors, from salaried people to senior citizens. There are some banks that offer attractive interest rates for FDs. Kotak Mahindra, one of India’s largest private sector banks, has revised interest rates on its fixed deposits which came into effect on 8 September.
Here, we take a look at the new interest rates at Kotak Mahindra Bank
On deposits below Rs 2 crore, you will get 2.5 percent interest for deposits maturing in 7 to 30 days and 2.75% for deposits maturing in 31 to 90 days. After the revision, fixed deposits maturing in 91-120 days will fetch a return of 3 per cent, while those maturing in 121-179 days will attract an interest rate of 3.25 per cent.
Fixed deposits maturing in 180-269 days will attract an interest of 4.25 per cent for Kotak Mahindra Bank account holders. FDs maturing in 270-364 days earn 4.4% interest. The interest rates become attractive as the maturity period for FDs falls in the range of 365-389 days, for which the interest rate offered is 4.5 per cent, while the interest rate for deposits maturing after 390 days before 23 months Will get of 4.75 percent.
For senior citizens, Kotak Mahindra Bank offers several benefits. The interest rates on fixed deposits are certainly attractive to senior citizens. In case of FDs maturing in 7-14 days, the interest rate is 3 per cent. For deposits maturing in 180 days, the interest rate offered by the bank is 4.75 per cent. If the tenure of the fixed deposit becomes 364 days, then a senior citizen can avail an interest rate of 4.9 per cent from the bank.
Based on the revised rates, Kotak Mahindra Bank is offering an interest rate of 5.4 per cent for deposits with maturities between 23 months to 2 years. Senior citizen customers will get an interest of 5.75 per cent for deposits maturing in more than 5 years.
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