Kotak Mahindra raises term deposit rates up to 25 basis points

Private sector lender Kotak Mahindra Bank on Wednesday said it has raised its term deposit rates by up to 0.25 per cent across select maturities. The increase is with effect from Wednesday itself, the bank said in a statement issued in Mumbai.

For deposits of a maturity period of one-year and above up to and inclusive of 389 days, the rate has been increased from 8.75 per cent to 9 per cent and for 390-days from 9 to 9.25 per cent, it said.

For a maturity of 700 days, the rate has been upped by 0.15 per cent from 9.25 per cent to 9.40 per cent.

For maturities of 391 days and above up to and inclusive of 699 days and 701 days and above, but less than two years, the rates have been increased from 8.75 per cent to 9 per cent each, it said.

For two years and above but less than three years, and three years and above but less than five-years, the rates have again been increased by 0.25 per cent to 9.25 per cent, respectively.

For five years and above up to and inclusive of 10 years, the rate has been upped from 9 to 9.25 per cent, the statement said.

Senior citizens enjoy an additional 0.50 per cent across maturities, the bank said.