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Senior Citizens Can Now Avail Up To 7.80% Interest Rate on Kotak Mahindra Bank Fixed Deposits

In Business
December 12, 2023

MUMBAI:
Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) announced an increase in interest rates on Fixed Deposits (FDs) of less than Rs 2 crore up to 7.80% for senior citizens. Senior citizens can now enjoy enhanced returns, with rates increased by up to 85 bps across various tenures.

For tenures ranging from 23 months to 2 years, senior citizens can earn up to 7.80%, showcasing Kotak’s commitment to rewarding its senior customers. The upward revision extends to tenures of 2 to 3 years, offering 7.65%. Regular customers investing less than Rs 2 crore also benefit due to the 50 basis points (bps) increase for FDs with tenures of 3 to 4 years, now providing an impressive 7.00%. Additionally, tenures of 4 to 5 years see a remarkable hike to 7.00%, up from the earlier 6.25%.

Virat Diwanji, Group President and Head – Consumer Bank at Kotak Mahindra Bank, stated, “Fixed deposits are considered safe and low-risk investments, particularly by senior citizens. Our increased FD rates enhance their regular source of income.”