The Reserve Bank of India increased the policy rates by 25 bps in its recent monetary policy review on Jan. 28, 2014.

Accordingly, Kotak Mahindra Bank has revised interest rates on its INR term deposits of less than Rs 10 million for select tenor buckets by up to 25 basis points (bps), with effect from Feb. 6, 2014.

The bank now offers 9.25% p.a. for the 390 day deposit and 9% p.a for deposits of 181 days-269 days tenor. Senior citizen deposits of less than Rs 10 million enjoy an additional 50 bps across maturities.