Private sector lender Kotak Mahindra Bank today increased interest rates on retail term deposits of various maturities by up to 0.50 per cent.
The rate hike will come into effect from January 5 and is applicable to term deposits under Rs 15 lakh, the bank said in a statement issued here.
Following the rate hike, a 390-day deposit will fetch 8.75 per cent interest per annum -- as against 8.25 per cent earlier -- while a 700-day deposit will give the banks' customers an interest rate of 9.10 per cent per annum, compared to 8.60 per cent earlier, the statement said.
