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Kotak Mahindra Bank has hiked interest rates on Non Resident (External) Rupee term deposits, with immediate effect.
The rates are applicable for deposits of all sizes, said a press release from the bank.
Most banks have hiked the interest rates on NRE deposits following the deregulation of rates by the Reserve Bank of India. The rates are now linked to banks’ domestic term deposit rates.
Revised Rates:
Tenor BucketRate (% per annum)
1 year - less than 2 years 9.25
2 years – less than 3 years 9.00
3 years – up to and including 5years 8.50
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