Kotak Mahindra Bank has increased fixed deposit interest rates by up to 15 basis points for tenures of one-three years (for amounts below Rs 2 crore) with effect from August 17 2022.

The interest rate of FDs with tenor of 365 days to 389 days has been increased by 15 basis points to 5.75 percent from 5.60 percent. Interest rates of FD tenors of 390 days to three years have been hiked by 15 bps to 5.90 percent from 5.75 percent. The interest rates for tenures between three years and ten years have not been increased, these will continue to earn 5.90 percent.

Recurring deposit interest rate

has hiked interest rate on recurring deposit for tenure of 6 months by 25 basis points. Interest rate of RDs with tenor of six to nine months will earn 5 percent interest. For 12 months interest rate has been increased to 5.75 percent from earlier 5.60 percent.

RBI repo rate hike

Banks have been in a mood to hike their deposit rates after the Reserve Bank of India hiked repo rate by 50 basis points in its latest monetary policy. Banks including , , have already hiked their fixed deposit interest rates.