Private sector lender Kotak Mahindra Bank today said it has hiked its term deposit rates by up to 0.25% across select maturities.
The increase is with effect from today, the bank said in a statement issued here.
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% to 9% and for 390-days from 9 to 9.25%, it said.
For a maturity of 700 days, the rate has been upped by 0.15% from 9.25% to 9.40%.
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% to 9% 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% to 9.25% each.
For five years and above up to and inclusive of 10 years, the rate has been upped from 9 to 9.25%, the statement said.
Senior citizens enjoy an additional 0.50% across maturities, the bank said.