Coming close behind the unexpected 40 premise focuses (bps) hike in the repo rate to 4.4% by the RBI, Kotak Mahindra Bank has declared an expansion in deposit rates across residencies for retail clients. The new rates are pertinent on all deposits below Rs. 2 crore and become effective from May 6.
According to the public statement, the pace of interest on the well known, 390-day (a year and 25 days) deposit has been raised by 30 bps to 5.5% and that on the 23-month deposit by 35 bps to 5.6%.
Going by the reconsidered rates, the bank’s different deposits, for example, the 364-day deposit will offer 5.25% and the 365-day – 389-day deposit will offer 5.4%. Senior resident clients, that is to say, those 60 years or more will get 50 extra bps on these rates.
ICICI Bank also has hiked its deposit rates with impact from May 5. For instance, for a single deposit of Rs. 2 crore or more yet not as much as Rs. 5 crore, 185-day to 210-day deposit will offer 3.75% and the 271-day to 289-day deposit will offer 4%.
Interest rates on single deposits of under Rs. 2 crore were keep going reexamined on January 20.
