Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits By Up To 25 Bps, Details Inside

Kotak Mahindra Bank, one of the leading private sector banks in India, has hiked the interest rates on fixed deposits by up to 25 bps. The new rates will be effective from February 10, 2023. With the modification, the bank is making its fixed deposits more lucrative for its customers by transferring the benefit of an Interest rate hike.

Kotak Mahindra Bank Revised FD Rates

Kotak Mahindra Bank is giving a maximum interest of 7.10 percent on fixed deposits of less than Rs 2 crore for a deposit period ranging from 7 days to 10 years for the general public. While for senior citizens the bank will now offer a maximum interest of 7.60 percent maturing in 7 days to 10 years.

Kotak Mahindra Bank is giving a maximum interest of 7.10 percent on fixed deposits of less than Rs 2 crore for a deposit period ranging from 7 days to 10 years for the general public. While for senior citizens the bank will now offer a maximum interest of 7.60 percent maturing in 7 days to 10 years.

The bank offers interest rates ranging from 2.75 percent to 4 percent for a deposit period of 7 days to 120 days for the general public and 3.25 percent to 4.50 percent for senior citizens. For a deposit period of 121 days to 179 days, the bank offers 4.25 percent to the general public and 4.75 percent to senior citizens.

The bank offers 6 percent interest to the general public and 6.50 percent to senior citizens for a deposit period of 180 days to 363 days, respectively. For the deposit period of 364 days, the bank offers 6.25 percent to the general public and 6.75 percent to senior citizens. The same interest rates are applicable for maturity periods of 4 years to less than 5 years.

Deposit period of 365 days to 389 days, the bank will offer 6.90 percent to the general public and 7.40 percent to senior citizens. The bank will now offer an interest rate of 7.10 percent to the general public and 7.60 percent to senior citizens for a maturity period ranging from 390 days to less than 2 years.

The bank will now offer an interest of 6.75 percent to the general public and 7.25 percent to senior citizens for a maturity period of 2 years to 3 years. While for the general public, the bank will now offer 6.20 percent to the general public and 6.70 percent to senior citizens for a deposit period of 5 years to 10 years.

FD Rates For Domestic/NRO/NRE/ Fixed Deposit Below Rs 2 Cr -Premature Withdrawal Allowed

Maturity Periods	General Customers	Senior Citizens
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	6.00%	6.50%
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	6.90%	7.40%
390 Days (12 months 25 days)	7.10%	7.60%
391 Days - Less than 23 Months	7.10%	7.60%
23 Months	7.10%	7.60%
23 months 1 Day- less than 2 years	7.10%	7.60%
2 years- less than 3 years	6.75%	7.25%
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: Kotak.com