Kotak Mahindra Bank has increased its term deposit rates by up to 0.50 per cent. The change in interest rates is with effect from January 22.
Deposits of a tenor of one-year and above and inclusive of 389-days will now carry a rate of 8.75 per cent as against the earlier 8.25 per cent.
Similarly, for a tenor of 701-days and above but less than two-years, the rate has been upped to 8.75 per cent from the earlier 8.25 per cent.
The rate on a tenor of 271-days to less than one-year has been upped from 7.75 per cent to 8 per cent.
For 390-days, the new rate will be 9 per cent as against the earlier 8.75 per cent.
For two-years and above but less than three-years and three-years and above but less than five-years, the new rates are 9 per cent each as against the earlier 8.75 per cent.
For five-years and above and inclusive of 10-years, the rate has been upped to 9 per cent from the earlier 8.75 per cent.
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