Kotak Mahindra Bank hikes RD interest rates from today

28 Dec 2022 , 01:36 PM

Kotak Mahindra Bank has hiked the recurring deposits (RD) interest rates and the revised interest rates will be effective from December 28, 2022. This is the second time the private sector bank has increased the RD account interest rate this month. The last time the bank raised the RD interest rate was on December 9, 2022.

Post the latest revision, the private sector bank is offering an interest rate of 7 per cent interest rate per annum on RD tenure between 15 months to 21.

According to the bank statement, the interest rate on the RD account has been hiked by up to 75 basis points (100 basis points/bps = 1%) on certain tenures. The bank has increased RD’s interest rate on the tenure of 6 months, 12 months, 15 months, 18 months, and 21 months.

The interest rate offered on an RD account opened by a senior citizen has also been raised. The revision on RD account interest rate is certain tenures only and by up to 50 bps.

Further, the RD account interest rate has been increased for 6 months, 12 months, 15 months, 18 months, and 21 months.

At around 1:34 PM, Kotak Bank was trading at Rs1822.70 per share higher by 0.12% on the BSE.

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