Kotak Mahindra Bank Limited (KMBL) has increased interest rates on fixed deposits for senior citizens from less than Rs 2 crore to 7.80%, providing enhanced returns and up to 85bps across various tenures.Kotak offers senior citizens up to 7.80% for tenures between 23 months and 2 years, and 7.65% for tenures 2 to 3 years, demonstrating its commitment to rewarding its customers.
Regular customers investing less than Rs 2 croreal so 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 enhances their regular source of income.”
