Kotak Mahindra Bank Hikes FD Rates, Now Senior Citizens Get Upto 7.70%, Rates Effective From Today

Kotak Mahindra Bank, a leading private sector bank in India, has hiked the interest rates on fixed deposits (FDs) below Rs 2 crore. According to the bank's website, the revised rates are effective from March 21, 2023.

Post the hike, the general public gets interest rates ranging from 2.75% to 7.20% on deposits maturing in 7 days to 10 years, while senior citizens get interest rates ranging from 3.25% to 7.70% on the same deposit period.

Kotak Mahindra Bank, on deposit period ranging from 390 days (12 months 24 days) to 2 years offers the highest interest rate of 7.20% to the general public and 7.70% to senior citizens, respectively. On a deposit period of 365 days to 389 days and 2 years - less than 3 years, the bank offers 7% interest to the general public and 7.50% to senior citizens. These fixed deposits come with premature withdrawal facilities.

Interest Rates For domestic / NRO / NRE Fixed Deposits w.e.f 21 March 2023

Maturity Periods	Regular FD Rates	Senior Citizen FD Rates
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	6.50%	7.00%
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	6.25%	6.75%
365 Days to 389 Days	7.00%	7.50%
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%

Source - www.kotak.com

Please Note - Senior Citizens' rate is not applicable on NRO/NRE deposits