Dhanlaxmi Bank hikes interest rates on Fixed Deposits, Kotak Mahindra Bank revises FD rates: Know who’s eligible

Dhanlaxmi Bank and Kotak Mahindra Bank have revised their interest rates on fixed deposits (FDs).

Dhanlaxmi Bank has changed the interest rate on fixed deposits of less than Rs 2 crore. The new rates were effective from December 8, 2022 and post the change, the bank now offers deposits with maturities ranging from 7 days to 10 years and interest rates ranging from 3.25 per cent to 6.10 per cent. Dhanlaxmi Bank now offers a maximum interest rate of 7.25 per cent on deposits maturing in 555 days.

The bank will now pay 3.25 per cent interest on deposits that mature in the 7 days to 45 days, and Dhanlaxmi Bank will now pay 3.75 per cent interest on deposits that mature in the following six weeks to nine months. Dhanlaxmi Bank is now promising an interest rate of 6.25 per cent on FDs maturing from one year and above up to and inclusive of two years, and the bank will offer an interest rate of 4.50 per cent on those maturing in 91 days to less than one year.

The bank will now pay 3.25 per cent interest on deposits that mature in the next week to 45 days, and Dhanlaxmi Bank will now pay 3.75 per cent interest on deposits that mature in the following six weeks to nine months. Dhanlaxmi Bank is now promising an interest rate of 6.25 per cent on FDs maturing from one year and above up to and inclusive of two years, and the bank will offer an interest rate of 4.50 per cent on those maturing in 91 days to less than one year.

Meanwhile, Kotak Mahindra has also changed interest rates on its fixed deposits. On deposits under Rs 2 crore, the revised interest rate is applicable. The updated FD interest rates are in effect from December 9, 2022.

The bank is offering 6.75 per cent on fixed deposits for senior citizens and 6.25 percent on FDs for the general public for a year. Similar to that, a 180-day fixed-rate deposit (FD) pays interest at a rate of 5.50 percent for regular deposits and at 6 percent for senior citizen deposits.

According to the bank's website, the senior citizens' fixed deposit interest rate does not apply to NRO or NRE deposits. If the NREs FD is held for less than a year, no interest will be paid.

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