Kotak Mahindra Bank Raises FD Interest Rate by 50 Basis Points on Specific Tenure

Kotak Mahindra Bank, one of India's leading private sector banks, has announced a hike in its fixed deposit (FD) interest rates by 50 basis points (bps) on a specific tenure. The new rates will be applicable to deposits below Rs 2 crore and will be effective from May 11, 2023.

The bank offers interest rates for regular people ranging from 2.75% to 7.20% and for senior citizens 3.25% to 7.70%. Among the revised rates, the interest rate for the 180-day tenure has been increased by 50 bps from 6.50% to 7% and the interest rate for the 365 Days to 389 Days tenure has been raised by 10 bps from 7% to 7.10% for regular citizens.

Maturity Period	Regular	Senior Citizen
7 - 14 Days	2.75%	3.25%
15 - 30 Days	3.00%	3.50%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.50%	4.00%
91 - 120 Days	4.00%	4.50%
121 - 179 days	4.25%	4.75%
180 Days	7.00%	7.50%
181 Days to 269 Days	6.00%	6.50%
270 Days	6.00%	6.50%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.50%	7.00%
365 Days to 389 Days	7.10%	7.60%
390 Days (12 months 25 days)	7.20%	7.70%
391 Days - Less than 23 Months	7.20%	7.70%
23 Months	7.20%	7.70%
23 months 1 Day- less than 2 years	7.20%	7.70%
2 years- less than 3 years	7.00%	7.50%
3 years and above but less than 4 years	6.50%	7.00%
4 years and above but less than 5 years	6.25%	6.75%
5 years and above upto and inclusive of 10 years	6.20%	6.70%

Interest rates on recurring deposits range from 6% to 7.20% for terms of six months to ten years for regular residents, and from 6.50% to 7.70% for senior citizens.

Maturity Period	Regular	Senior Citizen Rates
6 Months	6.00%	6.50%
9 Months	6.00%	6.50%
12 Months	7.10%	7.60%
15 Months	7.20%	7.70%
18 Months	7.20%	7.70%
21 Months	7.20%	7.70%
24 Months	7.00%	7.50%
27 Months	7.00%	7.50%
30 Months	7.00%	7.50%
33 Months	7.00%	7.50%
3 years - less than 4 years	6.50%	7.00%
4 years - less than 5 years	6.25%	6.75%
5 years - 10 years	6.20%	6.70%

Interest will be paid at the rate in effect on the deposit date for the period during which the deposit or the withdrawn amount remained with the bank, or at the contracted rate, whichever is lower after subtracting any applicable penalties for premature withdrawal in accordance with the bank's terms and conditions.

The penalty for early termination of fixed deposits, including partial termination, has been set by the bank as follows for fixed deposits booked or renewed on or after May 20, 2022, in accordance with the terms and conditions of fixed deposit accounts offered by the bank. Penalty for Less than equal to 180 days is Nil, greater than 180 days to less than or equal to 364 days is 0.50%, greater than or equal to 365 days is 1.00%.