Kotak Mahindra Bank Hikes Interest Rates On FDs of Less Than Rs 2 Cr

Kotak Mahindra Bank, a private sector lender, has raised interest rates on fixed deposits of less than Rs 2 crore. The bank made this declaration on April 12, 2022, and as a result of the modification, the bank would now provide an interest rate of 3.50 percent, up from 3.25 percent, for deposits maturing in 121 - 179 days, a 25 basis point increase. Kotak Mahindra Bank has increased the interest rate on deposits maturing in 180 days to 363 days from 4.40 percent to 4.50 percent, a 10 basis point increase.

The bank increased the interest rate on deposits maturing in 364 days from 4.50 percent to 4.75 percent, a 25 basis point increase. The bank increased the interest rate on fixed deposits maturing in 365 to 389 days from 5% to 5.10%, a 10 basis point increase. The bank increased the interest rate on term deposits maturing in 390 days (12 months 25 days) to less than 23 months from 5.10 percent to 5.20 percent, a 10 basis point increase.

Kotak Mahindra Bank has raised the interest rate on deposits maturing in 23 months to less than 2 years from 5.10 percent to 5.25 percent. The interest rate on deposits maturing in two to three years has been raised from 5.20 percent to 5.30 percent, a 10 basis point increase. The bank will now provide a 5.45 percent interest rate on deposits maturing in three years or more but less than four years. Kotak Mahindra Bank will now provide an interest rate of 5.50 percent up from 5.45 percent before on deposits maturing in 4 years or more but less than 5 years. Whereas on long-term deposits of 5 years and above, up to and including 10 years, the bank will now provide a 5.60 percent interest rate, up from 5.50 percent previously, a 10 basis point increase.

Kotak Mahindra Bank Regular FD Rates

The regular rates of Kotak Mahindra Bank, effective April 12, 2022, are mentioned below.

Tenors	Interest rate p.a.	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	3.50%	3.50%
180 Days	4.50%	4.50%
181 Days to 269 Days	4.50%	4.55%
270 Days	4.50%	4.55%
271 Days to 363 Days	4.50%	4.55%
364 Days	4.75%	4.81%
365 Days to 389 Days	5.10%	5.20%
390 Days (12 months 25 days)	5.20%	5.30%
391 Days - Less than 23 Months	5.20%	5.30%
23 Months	5.25%	5.35%
23 months 1 Day- less than 2 years	5.25%	5.35%
2 years- less than 3 years	5.30%	5.41%
3 years and above but less than 4 years	5.45%	5.56%
4 years and above but less than 5 years	5.50%	5.61%
5 years and above upto and inclusive of 10 years	5.60%	5.72%
Source: Bank Website

Kotak Mahindra Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50% over and above the regular rate. On deposits maturing in 7 days to 10 years, senior citizens will now get an interest rate of 3% to 6.10% per annum.

Tenors	Interest rate p.a.	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	4.00%	4.00%
180 Days	5.00%	5.00%
181 Days to 269 Days	5.00%	5.06%
270 Days	5.00%	5.50%
271 Days to 363 Days	5.00%	5.50%
364 Days	5.25%	5.32%
365 Days to 389 Days	5.60%	5.72%
390 Days (12 months 25 days)	5.70%	5.82%
391 Days - Less than 23 Months	5.70%	5.82%
23 Months	5.75%	5.88%
23 months 1 Day- less than 2 years	5.75%	5.88%
2 years- less than 3 years	5.80%	5.93%
3 years and above but less than 4 years	5.95%	6.08%
4 years and above but less than 5 years	6.00%	6.14%
5 years and above upto and inclusive of 10 years	6.10%	6.24%
Source: Bank Website

Kotak Mahindra Bank RD Rates

The bank will now provide the following interest rates on recurring deposits (RD) of less than Rs 2 Cr, commencing April 12, 2022.

Tenure	Interest Rate p.a. ( %)	Senior Citizen Rates p.a. ( %)
6 Months	4.50%	5.00%
9 Months	4.50%	5.00%
12 Months	5.10%	5.60%
15 Months	5.20%	5.70%
18 Months	5.20%	5.70%
21 Months	5.20%	5.70%
24 Months	5.30%	5.80%
27 Months	5.30%	5.80%
30 Months	5.30%	5.80%
33 Months	5.30%	5.80%
3 years - less than 4 years	5.45%	5.95%
4 years - less than 5 years	5.50%	6.00%
5 years - 10years	5.60%	6.10%
Source: Bank Website