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Kotak Mahindra Bank has raised the interest rate on its term deposits for certain maturity periods by up to 75 basis points with effect from May 25, said a press release from the bank. On deposits of less than Rs 15 lakh having maturity of 46-90 days the interest rates has been increased by 25 basis points to 6 per cent (5.75 per cent), on deposits of 91-180 days maturity the rate is 7 per cent (6.5 per cent) and on 390-day deposit it is 9.4 per cent (9.35 per cent). On deposits of Rs 15 lakh and above having maturity of 46-90 days the rate has been increased by 25 basis points to 6.25 per cent (6 per cent), on deposits of 91-180 days maturity the rate has been hiked to 7.5 per cent (6.75 per cent).
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