Kotak Mahindra Bank has increased the interest on Fixed Deposit (FD) for the second time this month. Kotak has increased the interest rates on FDs of less than Rs 2 crore. After the change, the bank is offering a maximum interest of 7.19% to common citizens and 7.71% to senior citizens on fixed deposits. According to the official website of the bank, the new interest rates have come into effect.
How much interest is being received on FD in Kotak Mahindra Bank
| duration | Interest Rate for Common Citizen (in %) | Interest Rate for Senior Citizens (in %) |
| 7 to 14 days | 2.75 | 3.25 |
| 15 to 30 days | 3.00 | 3.50 |
| 31 to 45 days | 3.25 | 3.75 |
| 46 to 90 days | 3.50 | 4.00 |
| 91 to 120 days | 4.00 | 4.50 |
| 121 to 179 days | 4.25 | 4.75 |
| 180 | 5.75 | 6.25 |
| 181 to 363 days | 5.83 | 6.35 |
| 364 days | 6.09 | 6.61 |
| 365 to 389 days | 6.92 | 7.45 |
| 390 days to 23 months | 7.19 | 7.71 |
| 23 months 1 day to less than 2 years | 6.66 | 7.19 |
| 2 years to less than 3 years | 6.56 | 7.08 |
| 3 years to less than 4 years | 6.45 | 6.98 |
| 4 years to less than 5 years | 6.40 | 6.92 |
| 5 years to less than 10 years | 6.35 | 6.87 |
Now more interest on RD too
Apart from fixed deposits, Kotak Mahindra Bank has also increased the interest on recurring deposit i.e. RD. Now by doing RD here, you will get a maximum interest of 7.50% per annum.
Bank of Baroda also increased FD interest rates
Bank of Baroda (BOB) has also increased the interest on Fixed Deposit (FD) recently. After the increase, the bank is now paying 3% to 7% interest on FDs of 7 days to 10 years to regular citizens. On the other hand, the bank will pay interest at the rate of 3.50% to 7.80% on the FD of the deposit period ranging from 7 days to 10 years to the senior citizens.
Banks will remain closed for 11 days in January, see here the complete list of holidays
Only a few days are left for the year 2022 to end and the new year 2023 is about to begin. This new year will start with a holiday. This time on January 1, it is a Sunday. Banks will remain closed for a total of 11 days in different states and cities in the first month of the year
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