Kotak Bank revises recurring deposit rates. Check new interest rates here
One of the leading private bankers, Kotak Mahindra Bank on Wednesday revised the interest rates on recurring deposits (RD). The tenures under RD vary from 6 months to 10 years. For senior citizens, the interest rates on RD vary from 6.25% to 7.50%, while for general category depositors the rates range from 5.75% to 7%. At Kotak, the interest rates on RDs are offered based on the date and time of receipt of the funds by the bank. These rates are applicable for resident individuals and HUFs only.
The bank is offering the highest rate of 7% on tenures like 15 months, 18 months, and 21 months. While the interest rate is at 6.75% for 12 months. Further, the bank gives a 6.40% rate on RDs with tenures of 24 months, 27 months, 30 months, and 33 months.On 3-years to less than 4 years tenure, the rate is set at 6.30%, while the rate is at 6.25% on 4 years - less than 5 years tenure, and at 6.20% on 5 years - 10-years tenures.
For shorter tenures, the rate is at 5.75% from 6 months and 9 months.
The bank gives as high as a 7.5% rate on 15 months, 18 months, and 21 months tenure RDs. For 12 months' tenure, the interest rate is at 7.25%.
Further, the interest rate is at 6.90% on 24 months, 27 months, 30 months, and 33 months tenures. While the rate is at 6.80% on 3 years - less than 4 years, at 6.75% on 4 years - less than 5 years, and 6.70% on 5 years - 10 years tenure.