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Kotak Mahindra Bank Alters Interest Rates On FDs of Less Than Rs. 2 Cr (W.e.f. 27.01.22)
Interest rates on domestic / NRO / NRE deposits of less than Rs. 2 Cr have been revised by private sector lender Kotak Mahindra Bank. The new rates are effective as of January 27, 2022, according to the bank's official website. Following today's adjustment, the bank will now provide the interest rates stated below on fixed deposits of less than Rs. 2 Cr.
Kotak Mahindra Bank Fixed Deposit Interest Rates For Regular Customers
Regular customers would receive a 2.50 percent interest rate on deposits of less than Rs. 2 Cr maturing in 7 to 30 days as of January 27, 2022. Deposits maturing in 31 days to 90 days will now get a 2.75 percent interest rate. The bank is currently offering a 3.00 percent interest rate on deposits maturing in 91-120 days. Regular customers will now get 3.25 percent and 4.40 percent interest on deposits maturing in 121-179 days and 180 days to 363 days, respectively.
On term deposits maturing in 364 days and 365 days to 389 days, the general public will now receive interest rates of 4.50 percent and 4.90 percent, respectively. Fixed deposits maturing in 390 days (12 months 25 days) to less than 2 years and 2 years-less than 3 years currently offer interest rates of 5.10 percent and 5.20 percent, respectively, from Kotak Mahindra Bank. Deposits maturing in 3 years to less than 5 years and 5 years and above up to and including 10 years will now generate interest rates of 5.40 percent and 5.50 percent, respectively.
| Tenor | Interest rates per annum | Annualised Yield |
|---|---|---|
| 7 - 14 Days | 2.50% | 2.50% |
| 15 - 30 Days | 2.50% | 2.50% |
| 31 - 45 Days | 2.75% | 2.75% |
| 46 - 90 Days | 2.75% | 2.75% |
| 91 - 120 Days | 3.00% | 3.00% |
| 121 - 179 days | 3.25% | 3.25% |
| 180 Days | 4.40% | 4.40% |
| 181 Days to 269 Days | 4.40% | 4.45% |
| 270 Days | 4.40% | 4.45% |
| 271 Days to 363 Days | 4.40% | 4.45% |
| 364 Days | 4.50% | 4.55% |
| 365 Days to 389 Days | 4.90% | 4.99% |
| 390 Days (12 months 25 days) | 5.10% | 5.20% |
| 391 Days - Less than 23 Months | 5.10% | 5.20% |
| 23 Months | 5.10% | 5.20% |
| 23 months 1 Day- less than 2 years | 5.10% | 5.20% |
| 2 years- less than 3 years | 5.20% | 5.30% |
| 3 years and above but less than 4 years | 5.40% | 5.51% |
| 4 years and above but less than 5 years | 5.40% | 5.51% |
| 5 years and above upto and inclusive of 10 years | 5.50% | 5.61% |
| Source: Bank Website |
Kotak Mahindra Bank Fixed Deposit Interest Rates For Senior Citizens
On term deposits of less than Rs. 2 Cr maturing in 7 days to 10 years, senior citizens would continue to receive an additional 0.50 percent premium.
| Tenor | Interest rates per annum | Annualised Yield |
|---|---|---|
| 7 - 14 Days | 3.00% | 3.00% |
| 15 - 30 Days | 3.00% | 3.00% |
| 31 - 45 Days | 3.25% | 3.25% |
| 46 - 90 Days | 3.25% | 3.25% |
| 91 - 120 Days | 3.50% | 3.50% |
| 121 - 179 days | 3.75% | 3.75% |
| 180 Days | 4.90% | 4.90% |
| 181 Days to 269 Days | 4.90% | 4.96% |
| 270 Days | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.90% | 4.96% |
| 364 Days | 5.00% | 5.06% |
| 365 Days to 389 Days | 5.40% | 5.51% |
| 390 Days (12 months 25 days) | 5.60% | 5.72% |
| 391 Days - Less than 23 Months | 5.60% | 5.72% |
| 23 Months | 5.60% | 5.72% |
| 23 months 1 Day- less than 2 years | 5.60% | 5.72% |
| 2 years- less than 3 years | 5.70% | 5.82% |
| 3 years and above but less than 4 years | 5.90% | 6.03% |
| 4 years and above but less than 5 years | 5.90% | 6.03% |
| 5 years and above upto and inclusive of 10 years | 6.00% | 6.14% |
| Source: Bank Website |
Kotak Mahindra Bank Recurring Deposit Interest Rates
The bank has also adjusted its interest rates on recurring deposits of less than Rs. 2 crore. Kotak Mahindra Bank is giving the following interest rates on recurring deposits for resident individuals and HUFs only as of January 27, 2022.
| Tenure | Regular Interest Rate p.a. (%) | Senior Citizen Rates p.a. (%) |
|---|---|---|
| 6 Months | 4.40% | 4.90% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.90% | 5.40% |
| 15 Months | 5.10% | 5.60% |
| 18 Months | 5.10% | 5.60% |
| 21 Months | 5.10% | 5.60% |
| 24 Months | 5.20% | 5.70% |
| 27 Months | 5.20% | 5.70% |
| 30 Months | 5.20% | 5.70% |
| 33 Months | 5.20% | 5.70% |
| 3 years - less than 4 years | 5.40% | 5.90% |
| 4 years - less than 5 years | 5.40% | 5.90% |
| 5 years - 10years | 5.50% | 6.00% |
| Source: Bank Website |
