Kotak Mahindra Bank Revises Fixed Deposit (FD) Interest Rates

In order to up their asset base, when cash will be facing a crunch just ahead of the elections next year, many banks both from the public and private space, have upped their rate of return on fixed deposits.

Kotak Mahindra Bank Revises Fixed Deposit (FD) Interest Rates

Off late, private sector lender HDFC Bank has hiked FD rates to offer highest interest rate on 1-year FD deposit. On some of the select tenures also, ICICI bank increased FD rates.
The Kotak Mahindra bank also upped its interest rate and offers an interest rate as high as 7.3% per annum and 7.8% per annum for senior citizens. The new revised rates are effective from November 15, 2018 for FDs up to Rs. 1 crore.

Maturity Periods - Premature Withdrawal Allowed	Less than Rs.1 Crore#	Less than Rs.1 Crore# for seniors
7 - 14 Days	3.50%	4.00%
15 - 30 Days	4.00%	4.50%
31 - 45 Days	5.00%	5.50%
46 - 90 Days	5.50%	6.00%
91 - 120 Days	6.50%	7.00%
121 - 179 days	6.50%	7.00%
180 Days	7.00%	7.50%
181 Days to 269 Days	7.00%	7.50%
270 Days	7.00%	7.50%
271 Days to 363 Days	7.00%	7.50%
364 Days	7.00%	7.50%
365 Days to 389 Days	7.30%	7.80%
390 Days (12 months 25 days)	7.30%	7.80%
391 Days - Less than 23 Months	7.25%	7.75%
23 Months	7.25%	7.75%
23 months 1 Day- less than 2 years	7.25%	7.75%
2 years- less than 3 years	7.25%	7.75%
3 years and above but less than 4 years	7.10%	7.60%
4 years and above but less than 5 years	7.00%	7.50%
5 years and above upto and inclusive of 10 years	6.50%	7.00%