Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits of 1 Year

Kotak Mahindra Bank, a private sector lender, has increased the interest rate on fixed deposits of less than Rs 2 crore with a one-year maturity. Previously, the bank offered a 4.9 percent interest rate on deposits maturing in 365 days to 389 days, but with the change announced today, 9th March 2022, the bank will now give a 5% interest rate on this tenor. Except for this tenor, the bank has kept the interest rate unchanged across all tenors on fixed deposits of less than Rs 2 Cr.

Kotak Mahindra Bank Fixed Deposit Interest Rates

On deposits of less than Rs 2 Cr maturing in 7 days to 10 years, the bank is now offering the following interest rates to the general public and senior citizens.'

Tenors	Regular Interest Rate Per Annum	Annualised Yield	Senior Citizen Interest Rate Per Annum	Annualised Yield
7 - 14 Days	2.50%	2.50%	3.00%	3.00%
15 - 30 Days	2.50%	2.50%	3.00%	3.00%
31 - 45 Days	2.75%	2.75%	3.25%	3.25%
46 - 90 Days	2.75%	2.75%	3.25%	3.25%
91 - 120 Days	3.00%	3.00%	3.50%	3.50%
121 - 179 days	3.25%	3.25%	3.75%	3.75%
180 Days	4.40%	4.40%	4.90%	4.90%
181 Days to 269 Days	4.40%	4.45%	4.90%	4.96%
270 Days	4.40%	4.45%	4.90%	4.96%
271 Days to 363 Days	4.40%	4.45%	4.90%	4.96%
364 Days	4.50%	4.55%	5.00%	5.06%
365 Days to 389 Days	5.00%	5.09%	5.50%	5.61%
390 Days (12 months 25 days)	5.10%	5.20%	5.60%	5.72%
391 Days - Less than 23 Months	5.10%	5.20%	5.60%	5.72%
23 Months	5.10%	5.20%	5.60%	5.72%
23 months 1 Day- less than 2 years	5.10%	5.20%	5.60%	5.72%
2 years- less than 3 years	5.20%	5.30%	5.70%	5.82%
3 years and above but less than 4 years	5.45%	5.56%	5.95%	6.08%
4 years and above but less than 5 years	5.45%	5.56%	5.95%	6.08%
5 years and above upto and inclusive of 10 years	5.50%	5.61%	6.00%	6.14%
Source: Bank Website. Effective from 9th March 2022