Kotak Mahindra Bank, a leading private sector lender, has raised its interest rates on fixed deposits (FDs) of less than ₹2 crore. After the adjustment, the bank raised the interest rates on select tenors by up to 50 basis points. The general public can earn interest rates ranging from 2.75% to 6.20% on deposits maturing in 7 days to 10 years, while senior citizens may receive rates ranging from 3.25% to 6.70%. Kotak Mahindra Bank currently provides a maximum interest rate of 7.20% and 7.70% for older folks on terms ranging from 390 days (12 months 24 days) to less than 2 years. According to the bank’s official website, the new rates are effective as of today, March 8, 2023.
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