Kotak Mahindra Bank Revises Fixed Deposit (FD) Rates Effective From Today: Check Details

The private sector lender Kotak Mahindra Bank has revised its interest rates on fixed deposits of less than Rs 2 Cr. Following the modification, the bank is now providing a maximum return of 7.75% for senior citizens and 7.25% for the general public over a 23-month period. According to the bank's official website, the new rates will take effect on September 13, 2023.

Kotak Mahindra Bank FD Rates

The bank now pays an interest rate of 2.75% on fixed deposit terms of 7 to 14 days, while Kotak Mahindra Bank presently offers an interest rate of 3.00% on fixed deposit terms of 15 to 30 days. The current interest rates offered by Kotak Mahindra Bank are 3.25% for deposits made for 31 and 45 days and 3.50% between 46 and 90 days. Deposits that mature in 91 to 120 days now earn 4.00% interest, while those that mature in 121 to 179 days now earn 4.25% interest.

On a fixed deposit tenure of 180 days, the bank is paying an interest rate of 7.00% and on those maturing in 181 days to 363 days, Kotak Mahindra Bank is now paying an interest rate of 6.00%. Kotak Mahindra Bank is now paying an interest rate of 6.50% on a deposit tenor of 364 days and 7.10% on 365 days to 389 days tenor. Deposits maturing in 390 days (12 months 25 days) will now fetch an interest rate of 7.15% and those maturing in 391 days - less than 23 months will now fetch an interest rate of 7.20%.

The bank now pays an interest rate of 7.25% on deposits with a set maturity of 23 months, while Kotak Mahindra Bank is now giving an interest rate of 7.20% on deposits due in 23 months, 1 day-less than 2 years. The current interest rates offered by Kotak Mahindra Bank are 7.00% for deposits with terms of two years to less than three years, and 6.50% for deposits with terms of three years or more but not more than four years. Deposits that mature in 4 years or more but less than 5 years will earn interest at a rate of 6.25%, and those that mature in 5 years and above up to and inclusive of 10 years will earn interest at a rate of 6.20%.

A fixed deposit at Kotak may be started for as little as Rs. 5,000. The amount of the fixed deposit is not subject to any upper limit. Eligible customers may choose to prematurely withdraw money from fixed deposit accounts subject to penalty rates of up to 1%. With Kotak Bank, interest rates on fixed deposits vary depending on factors like maturity period, deposit amount, depositor type, etc. For instance, rates are 50 basis points additional for senior citizens than for the general public under the age of 60.