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By Sangam Singh Dec 15, 2022 12:27:22 PM IST (Published)
One of India's leading financial services conglomerates, the Kotak Mahindra Bank was established in 1985.
Kotak Mahindra Bank Limited on Thursday announced an increase in fixed deposit interest rates across various tenors. The bank will offer an interest rate of 7 percent in the 390 Days (12 months 25 days), 391 days, and 23 months tenors. The increase in rates on fixed deposits will come into effect on December 15.
"With the RBI increasing key interest rates, we have passed on the benefit to our valuable customers. This is a savers' market! Locking money in fixed deposits will help customers earn higher returns on their savings," Virat Diwanji, Group President and Head of Kotak Mahindra Bank said
One of India's leading financial services conglomerates, the Kotak Mahindra Bank was established in 1985. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received a banking licence from the Reserve Bank of India (RBI).