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.