Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits (W.e.f. May 06, 2022)

Post the RBI off-cycle rate hike to combat inflation, banks across the private and public space have started to raise interest rates. Likewise, Kotak Mahindra Bank has also raised FD rates across tenures. In a media release, the bank announced a rate increase in fixed deposit interest rates across multiple tenor baskets for retail customers. The increase in FD rates comes after the Reserve Bank of India announced a 40 basis points increase in the repo rate. The increase is effective from 6th May on all deposits below Rs 2 crore.

Tenure bucket	Existing rate	New rates effective May 6, 2022	Increase
390 days	5.20%	5.50%	30 bps
23 months	5.25%	5.60%	35 bps

1 bps hike is equivalent to one-hundredth of a percentage point.

Senior citizens aged 60 years and more will get 0.5% higher return on the above tenures.

INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS - PREMATURE WITHDRAWAL ALLOWED

	Regular		Senior Citizen*
Maturity Periods - Premature Withdrawal Allowed	Less than Rs.2 Crore#	Annualised Yield	Less than Rs.2 Crore#	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	3.00%	3.00%	3.50%	3.50%
46 - 90 Days	3.00%	3.00%	3.50%	3.50%
91 - 120 Days	3.50%	3.50%	4.00%	4.00%
121 - 179 days	3.50%	3.50%	4.00%	4.00%
180 Days	4.75%	4.75%	5.25%	5.25%
181 Days to 269 Days	4.75%	4.81%	5.25%	5.32%
270 Days	4.75%	4.81%	5.25%	5.32%
271 Days to 363 Days	4.75%	4.81%	5.25%	5.32%
364 Days	5.25%	5.32%	5.75%	5.83%
365 Days to 389 Days	5.40%	5.51%	5.90%	6.03%
390 Days (12 months 25 days)	5.50%	5.61%	6.00%	6.14%
391 Days - Less than 23 Months	5.50%	5.61%	6.00%	6.14%
23 Months	5.60%	5.72%	6.10%	6.24%
23 months 1 Day- less than 2 years	5.60%	5.72%	6.10%	6.24%
2 years- less than 3 years	5.60%	5.72%	6.10%	6.24%
3 years and above but less than 4 years	5.75%	5.88%	6.25%	6.40%
4 years and above but less than 5 years	5.75%	5.88%	6.25%	6.40%
5 years and above upto and inclusive of 10 years	5.75%	5.88%	6.25%	6.40%

Fixed Deposits Interest Rates for Domestic / NRO / NRE effective from 6th May 2022. (Rates are subject to change from time to time)

Maturity Period - Premature Withdrawal Allowed	Rs. 2 Crore & above but below Rs. 5 Crores #	Rs. 5 Crores & above but below Rs. 10 Crores #	Rs. 10 Crores & above but below 25 Crores #	Rs. 25 Crores & above #
7 - 14 Days	3.00%	3.00%	3.00%	3.00%
15 - 30 Days	3.00%	3.25%	3.25%	3.25%
31 - 45 Days	3.25%	3.50%	3.50%	3.50%
46 - 60 Days	3.25%	3.75%	3.75%	3.75%
61 - 90 Days	3.25%	3.75%	3.75%	3.75%
91 - 120 Days	4.00%	4.25%	4.25%	4.25%
121 - 179 Days	4.00%	4.50%	4.50%	4.50%
180 Days	4.75%	4.75%	4.75%	4.75%
181 Days to 270 Days	4.75%	4.75%	4.75%	4.75%
271 Days to 279 Days	3.00%	3.00%	3.00%	3.00%
280 Days to Less than 12 Months	4.75%	4.75%	4.75%	4.75%
12 months - less than 15 months	5.25%	5.15%	5.15%	5.15%
15 months - less than 18 months	5.25%	5.25%	5.25%	5.25%
18 months - less than 2 Years	5.50%	5.25%	5.25%	5.25%
2 years and above but less than 3 years	5.50%	5.25%	5.25%	5.25%
3 years and above but less than 4 years	5.75%	5.25%	5.25%	5.25%
4 years and above but less than 5 years	5.75%	5.25%	5.25%	5.25%
5 years and above upto & inclusive of 7 years	5.75%	5.25%	5.25%	5.25%

INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS - PREMATURE WITHDRAWAL NOT ALLOWED

Maturity Period - Premature Withdrawal Not Allowed	Rs. 2 Crore & above but below Rs. 5 Crores #	Rs. 5 Crores & above but below Rs. 10 Crores #	Rs. 10 Crores & above But below 25 Crores #	Rs. 25 Crores & Above #
91 - 120 Days	NA	4.40%	4.40%	4.40%
121 - 179 Days	NA	4.65%	4.65%	4.65%
180 Days	NA	4.95%	4.95%	4.95%
181 Days to 270 Days	4.95%	4.95%	4.95%	4.95%
271 Days to 279 Days	3.20%	3.20%	3.20%	3.20%
280 Days to Less than 12 Months	4.95%	4.95%	4.95%	4.95%
12 months - less than 15 months	5.45%	5.35%	5.40%	5.40%
15 months - less than 18 months	5.45%	5.45%	5.50%	5.50%
18 months - less than 2 Years	5.70%	5.45%	5.50%	5.50%
2 years and above but less than 3 years	5.70%	5.45%	5.50%	5.50%