Kotak Mahindra Bank Upgrades FD Interest Rate, Came Into Effect On Oct 6: Check New Rates

RBI has recently hiked the repo rate, which has led to interest rate hikes in FDs and savings accounts by major banks in India. Kotak Mahindra bank is one of those banks, that raised interest rates on FDs. The bank's FD interest rates for below Rs. 2 crore deposits went into effect on October 3. Additionally, the bank's FD interest rates for Rs. 2 crore and above to below Rs. 5 crore deposits, came into effect today, on October 6.

FD rates for Rs. 2 crore and above to below Rs. 5 crore deposits

For FD investment from 31 to 45 Days the interest rate is 4%, for 61 to 90 Days the interest rate is 5%, for 121 to 179 Days the interest rate is 5.50%, for 180 Days to 270 Days FD interest is 5.75%, for 280 Days to 364 days FD interest is 6%, for 1 year to less than 5 years FD interest is 6.25%. Additionally, for 5 years and above up to (inclusive of 7 years) FD, the interest rate is 6%.

However, investors must note that the interest rates on FDs are subject to the RBI repo rate. Any changes in the repo rate will impact the FD interest rates. Hence, investors can consider short-term FDs, rather than long-term FDs. Also, keeping in mind the high inflation rate in India, investors should calculate if the FD investment is beating the inflation rate or not.