Kotak Mahindra Bank Alters FD Rates, Check New Rates Here

Fixed deposits continue to be the most common option for risk-averse persons when it comes to investment and long-term savings plans. Following the Reserve Bank of India's (RBI) increase in the repo rate on August 5, the majority of banks have altered the interest rates on fixed deposits (FDs) of various tenures.

In the latest development, the Private sector lender Kotak Mahindra Bank has also revised its interest rates on fixed-term deposits under Rs 2 crore in response to the latest rate increase. The new interest rates are effective from 26 September 2022, according to the bank's website.

According to information on the bank's website, interest rates on fixed deposits offered to regular investors ranges between 7 days to 10 years, the bank offers interest rates ranging between 2.50 per cent to 6.10 per cent, whereas for senior citizens it is 3 per cent to 6.60 per cent. According to the bank, the Senior Citizens' rate is not applicable on NRO/NRE deposits.

Here are the Interest rates on FDs FOR DOMESTIC / NRO / NRE - Premature Withdrawal Allowed

Maturity Periods	Regular	Senior Citizen*
7 - 14 Days	2.50%	3.00%
15 - 30 Days	2.65%	3.15%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.25%	3.75%
91 - 120 Days	3.75%	4.25%
121 - 179 days	3.75%	4.25%
180 Days	5.00%	5.50%
181 Days to 269 Days	5.00%	5.50%
270 Days	5.00%	5.50%
271 Days to 363 Days	5.00%	5.50%
364 Days	5.25%	5.75%
365 Days to 389 Days	5.75%	6.25%
390 Days (12 months 25 days)	6.00%	6.50%
391 Days - Less than 23 Months	6.00%	6.50%
23 Months	6.10%	6.60%
23 months 1 Day- less than 2 years	6.10%	6.60%
2 years- less than 3 years	6.10%	6.60%
3 years and above but less than 4 years	6.10%	6.60%
4 years and above but less than 5 years	6.10%	6.60%
5 years and above upto and inclusive of 10 years	6.10%	6.60%

Source- www.Kotak.com

While subscribing to FDs, one should note that returns on FDs are taxable, just like all other investment options. Therefore, one should compute and contrast the post-tax returns while investing.