Kotak Mahindra Bank ups term deposit rates by up to 0.25 pc

Mumbai, Feb 16 (PTI) Private sector lender Kotak MahindraBank today said it has hiked its term deposit rates by up to0.25 per cent across select maturities.

The increase is with effect from today, the bank said ina statement issued here.

For deposits of a maturity period of one-year and aboveup to and inclusive of 389 days, the rate has been increasedfrom 8.75 per cent to 9 per cent and for 390-days from 9 to9.25 per cent, it said.

For a maturity of 700 days, the rate has been upped by0.15 per cent from 9.25 per cent to 9.40 per cent.

For maturities of 391 days and above up to and inclusiveof 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 centeach, it said.

For two years and above but less than three years andthree years and above but less than five-years, the rates haveagain been increased by 0.25 per cent to 9.25 per cent each.

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 statementsaid.

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