Kotak Mahindra Bank Hikes Interest Rates On Recurring Deposits By Up To 75 bps; Details Here

Even as the interest rates in India is on the higher side and still rising, banks are also passing on the high interest rate regime effect to people. Several lenders, including HDFC Bank, ICICI Bank and PNB, have raised interest rates on loans and deposits. In a second instance within a month, Kotak Mahindra Bank has now hiked interest rates on the recurring deposits (RD), effective December 28.

After the latest revision, Kotak Mahindra Bank is now offering an interest rate of 7 per cent per annum on recurring deposits (RD) on tenures between 15 months and 21 months. The private sector bank has increased RD interest rate up to 75 basis points on tenures of 6 months, 12 months, 15 months, 18 months, and 21 months.

Kotak Mahindra Bank’s RD Interest Rate Per Annum (%) On December 28, 2022:

6 Months: For General Public- 5.75 per cent, For Senior Citizens- 6.25 per cent

12 Months: For General Public- 6.75 per cent, For Senior Citizens- 7.25 per cent

15 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent

18 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent

21 Months: For General Public- 7 per cent, For Senior Citizens- 7.5 per cent.

According to Kotak Mahindra Bank’s website, “Minimum Tenure of Recurring Deposit will be 6 months and in multiples of 3 months up to a maximum of 10 year… Maximum Value of RD per month for tenor greater than 36 months is restricted to Rs 25,000. For Tenor up to 36 months the Maximum RD value per month is restricted to Rs 1,00,000.”

Recently, IDBI Bank raised its interest rate on fixed deposits (FD) below Rs 2 crore, with effect from December 19. It offers 7.60 per cent interest on Retail Amrit Mahotsav Deposit, the bank said in a statement.

According to the statement, “IDBI Bank offers 7.60 per cent interest on Retail Amrit Mahotsav Deposit. IDBI Bank has enhanced rate of interest on deposits and now offers interest up to 7.60 per cent for just 700 days, as a limited period offer, effective from December 26, 2022.”

After the revision, IDBI Bank is currently offering interest rates to regular citizen ranging from 3 per cent to 6.75 per cent on tenure ranging between 7 days and 10 years. For senior citizens, the bank offers interest rate between 3.5 per cent to 7.50 per cent for tenure ranging from 7 days to 10 years.

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