Kotak Mahindra Bank FD: Kotak Mahindra Bank has become the latest lender to join the list of banks that have hiked deposit rates to attract customers. The bank on February 9 said it has increased interest rates on fixed deposits for tenors of 15 months to two years by up to 25 bps, with effect from February 10.

With this, the bank will now offer 7.60 per cent interest per annum to senior citizens on deposits up to Rs 2 crore. An interest rate of 7.25 per cent will be offered for deposits between Rs 2 and 5 crore and 7.10 per cent for deposits up to Rs 2 crore in a tenor bucket of 12 months 25 days to two years.

Virat Dewanji (Group President & Head – Consumer Bank, Kotak Mahindra Bank) said, “With the increase in key interest rates by RBI, we have passed on the benefit to our valued customers by offering higher returns on their savings.”

Recently, in its first monetary policy meeting of 2023, the Reserve Bank of India increased the repo rate by 25 bps to 6.50 per cent on February 8, which is the lowest repo rate hike since May 2022.

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These banks have increased FD rates so far

Earlier, Kolkata-based Bandhan Bank had increased interest rates by up to 50 bps on FDs of various maturities with effect from February 6.

The bank is now paying 8.5 per cent interest per annum. For senior citizens and 8 per cent for others for deposits with a tenure of 600 days. Similarly, the revised rate for one-year deposits is now 7 per cent.

State Bank of India (SBI), HDFC Bank and Kotak Mahindra Bank among major banks have increased their FD interest rates. Small finance banks (SFBs) like AU, Jana and Equitas have also hiked their interest rates.

SBI has increased the interest rates on FDs of various tenures by 0.50 per cent. HDFC Bank and Kotak Mahindra Bank increased interest rates on FDs by 0.75 per cent and 0.25 per cent respectively.

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