New Delhi. Even today, when it comes to investing, most people recommend Fixed Deposit ie FD. FD is considered to be a better option in terms of investment, in which the return is guaranteed. In this, more returns are available than the Savings Account. Kotak Mahindra Bank of the private sector has changed the interest rates of its FD. These new rates have come into effect from 8 September.
For fixed deposits below Rs 2 crore, customers will get an interest rate of 2.5 per cent on deposits maturing in 7 to 30 days and 2.75 per cent for deposits maturing in 31 to 90 days. The interest rate will be 3 per cent on fixed deposits maturing in 91-120 days and 3.25 per cent for deposits maturing in 121-179 days.
Customers will get 4.25 per cent interest on fixed deposits maturing in 180-269 days. For deposits maturing in 270-364 days, interest will be available at the rate of 4.4 percent. The interest rate of FD maturing in 365-389 days is 4.5 percent. At the same time, fixed deposits maturing after 390 days and before 23 months will get an interest rate of 4.75 percent.
Also read- Opportunity to buy a cheap home! Kotak Mahindra Bank cuts interest rate on home loans
Senior citizens will get benefit
Senior citizens get more interest on fixed deposits than regular customers. Senior citizens will get an interest rate of 3 per cent for deposits maturing in 7-14 days. The interest rate offered for fixed deposits maturing in 180 days is 4.75 per cent.
Fixed deposits maturing in 364 days will get an interest rate of 4.9 percent. The bank is offering an interest rate of 5.4 per cent for deposits maturing between 23 months to 2 years. Senior citizens will get an interest rate of 5.75 percent for FDs maturing in 5 years.
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