Private sector lender, Kotak Mahindra Bank has increased interest rates on fixed deposits by as much as 50 basis points. The revised rates have come into effect from January 22, 2011.
Corresponding to the rise, deposits having tenor of one year and upto 389 days will now have interest of 8.75% as compared to 8.25% earlier.
Interest on deposits of tenor 701 days and above to less than 2 years will now be 8.75%. Maturities of 271 days to less than 1 year will now fetch the depositor an interest of 8%.
The 390 days deposit will now bear interest of 9% as compared to 8.75% earlier.
For 2 years and above to less than 3 years deposits and 3 years and above to less than 5 years deposits, the interest will be 9%.
Deposits of tenor 5 years to 10 years will have interest of 9%.