For Quick Alerts
For Daily Alerts

Kotak Mahindra Bank Revises FD Rates


The banks across public and private space have been cutting down their FD rates for better transmission of monetary policy rates. On similar lines, now Kotak Mahindra Bank has revised FD rates on few of the tenures and the new rates come into effect from September 6, 2019. The revision has been effected in just a week's time as last the rates were revised on August 29.

Kotak Mahindra Bank Revises FD Rates

New FD rates for deposit amount below Rs. 2 crore (for general category customers)

7 - 14 days 3.50%

15 - 30 days 4.00%

31 - 45 days 5.00%

46 - 90 days 5.25%

91 - 120 days 5.50%

121 - 179 days 5.60%

180 days 6.25%

181 days to 269 days 6.25%

270 days 6.25%

271 days to 363 days 6.35%

364 days 6.75%

365 days to 389 days 6.75%

390 days (12 months 25 days) 6.80%

391 days - less than 23 months 6.70%

23 months 6.70%

23 months 1 day- less than 2 years 6.70%

2 years- less than 3 years 6.50%

3 years and above but less than 4 years 6.25%

4 years and above but less than 5 years 6.25%

5 years and above upto and inclusive of 10 years 6.25%

So, with the latest revision, Kotak Mahindra Bank will give the highest rate of 6.80% for deposits maturing in 390 days. Hence as the senior citizens get a higher return by 0.5%, the highest return for them turns to be 7.3% for 390 days term.

Other banks that have revised their FD rates in the month of September include State Bank of India (SBI),IDBI Bank, Axis Bank, Bank of India and Punjab National Bank (PNB).

Story first published: Thursday, September 12, 2019, 12:02 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more