On fixed deposits under ₹2 crore, Kotak Mahindra Bank has increased interest rates. The new rates are in effect as of today, November 23, 2022, according to the bank’s official website. Following the adjustment, the bank increased interest rates on a variety of tenors by up to 20 bps. As a result, the bank now provides FDs with maturities ranging from 7 days to 10 years with interest rates for the general public ranging from 2.75% to 6.20% and for senior citizens from 3.25% to 6.70%. The maximum interest rate for deposits that mature in 23 months to 2 years is currently 7%.
Kotak Mahindra Bank FD Rates
The bank will continue to give an interest rate of 2.75% on deposits due in the next 7 to 14 days, and a rate of 3.00% on deposits maturing in the next 15 to 30 days. Deposits that mature in 31 to 45 days will continue to earn 3.25% interest, while those that mature in 46 to 90 days will continue to earn 3.50% interest. On FDs maturing in 91–120 days and 121–179 days, respectively, Kotak Bank will continue to provide interest rates of 4.00% and 4.25%.
On FDs maturing in 180 Days to 270 Days the bank will continue to offer an interest rate of 5.50% and on those maturing in 271 Days to 363 Days, Kotak Mahindra Bank will continue to offer an interest rate of 5.75%. The interest rate on deposits maturing in 364 days and 365 days to 389 days will remain at 6.00% and 6.25%, respectively. Kotak Mahindra Bank increased the interest rate on fixed deposits maturing in 390 days (12 months 25 days) to less than 23 months by 10 basis points, from 6.30% to 6.40%.
The bank increased interest rates on FDs maturing in 23 months to less than 2 years by 20 basis points (bps), from 6.30% to 6.50%, and on those maturing in 2 years to less than 3 years by 10 bps, from 6.30% to 6.40%. FD interest rates have increased by 5 basis points (bps) from 6.25% to 6.30% for those due in 3 years or more but less than 4 years, and by 5 bps (bps) from 6.20% to 6.25% for those maturing in 4 years or more but less than 5 years at Kotak Bank. An interest rate of 6.20% will be offered on deposits with maturities of five years or longer, up to and including ten years.
For a fixed deposit, there are many ways to receive interest ranging from cumulative, monthly, or quarterly pay-out options for the FD interest amount with Kotak Mahindra Bank. Additionally, the bank permits partial or premature withdrawals of fixed deposits by depositors. You may invest in a Fixed Deposit with Kotak Mahindra Bank whether you are an Indian resident, an NRI, a senior citizen, or a member of a HUF or a minor.
