Planning for investments? Check the new interest rates by Kotak Bank on various products

Kotak Mahindra Bank's new interest rates on various products have come in effect from today.

Apr 20, 2020 02:04 IST India Infoline News Service

Investments are vital in such nationwide lockdown as they help you rescue in times of financial needs. If you are planning to make some savings, then you might want to check out Kotak Mahindra Bank's new interest rates which have come in effect from Monday onward.

Right from a savings account to fixed deposits, the bank has revised its interest rates offered to individuals.

Now, a customer will enjoy a 4.5% interest per annum on balance over  Rs1 lakh. While a 3.75% rate is given on up to Rs 1 lakh. A similar rate is offered to senior citizens and customers opting for Basic Savings Bank Deposit Account (BSBD) /Small Account.

As for fixed deposits, Kotak Bank's highest rate is set at 5.80% for less than Rs2cr if kept for 12 months 25 days maturity period. As for senior citizen, the rate would be 6.30% for the same.

Going forward, the bank gives a regular interest rate between 3-5.50% depending upon the tenure to the general category on fixed deposits. While senior citizens will enjoy interest rate from 3.50-6%.  The lowest tenure in Kotak's FD is 7 days while the maximum would be of 10 years.

In regards to recurring deposits, a general category customer would enjoy between 5.25-5.50% rate per annum on various tenure. Whereas senior citizens would receive between 5.75-6% on their investment. 

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