Private sector lender Kotak Mahindra Bank has announced an increase in interest rates of its fixed deposits by as much as 50 bps.

The rise has been implemented only across selected deposits.

For deposits of less than Rs 15 lakhs, interest for the 46-90 days deposit has been raised to 6%.

The 91-180 days deposit will now fetch the depositor an interest of 7%.

Also the 390 days deposit will have a revised interest rate of 9.40%.

Other rates remain as earlier, the bank reported.