Private sector lender, Kotak Mahindra Bank has announced an increase in interest rates of fixed deposits by as much as 25 basis points across select maturities.
The revised rates have come into effect from Monday, February 14, 2011.
Deposits having tenor of 1 year and above to 389 days will now have interest of 9% following the upward move. The 390 days deposit will fetch interest of 9.25%.
The 700 days deposit will have interest of 9.4% added to it.
Interest of deposits having tenor in the range of 391 days to 699 days and 701 days and above has been revised to 8.75% and 9% respectively.
Deposits of maturity between 2 years to less than 3 years and 3 years to less than 5 years will now fetch the depositor interest of 9.25% each.
The 5 year to 10 year deposit range will have interest of 9.25% following the rate hike.
Senior citizens will have an added 0.50% interest provided on all deposits.