INVC NEWS
Mumbai : The Kotak Mahindra Bank has recently implemented a notable increase in the interest rates for Fixed Deposits (FDs), signaling a positive turn for investors, especially senior citizens. This adjustment has raised the interest rate on FDs below ₹2 Crore to a compelling 7.80% for senior citizens, a significant boost from previous figures.
The bank’s decision to enhance the FD rates is particularly beneficial for senior citizens, who will now receive a 7.80% interest rate for FDs with a tenure ranging from 23 months to 2 years. This move represents a substantial increase, aimed at providing a more robust return on investments for this demographic. Additionally, for FDs with a maturity period of 2 to 3 years, the bank offers a competitive interest rate of 7.65%.
Furthermore, regular customers investing in FDs of less than ₹2 Crore for a duration of 3 to 4 years are set to benefit from an increase of 50 basis points in interest rates, bringing the rate up to 7%. The same rate applies to FDs with a tenure of 4 to 5 years. Prior to this revision, the bank was offering a lower interest rate of 6.25%.
This strategic revision in FD interest rates by Kotak Mahindra Bank represents a significant step towards attracting and retaining investors, particularly in a market where secure and profitable investment options are highly sought after.
