Kotak Mahindra Bank Hikes Interest Rates On Long Term Deposits By 5 Bps

Kotak Mahindra Bank, a private sector lender, has raised interest rates on long-term deposits of three years or more but less than five years. Previously, as of January 27th, 2022, the bank was offering an interest rate of 5.40 percent on deposits maturing in 3 years or more but less than 4 years and 4 years or more but less than 5 years, but as of February 23rd, 2022, the bank has raised the interest rate by 5 basis points and is now offering an interest rate of 5.45 percent on these tenors. The interest rate on the other tenors has remained constant, and the bank is currently giving the following interest rates on deposits of less than Rs 2 Cr.

Kotak Mahindra Bank Interest Rates For Regular Customers

The bank is currently offering an interest rate of 2.50 percent to 5.50 percent on deposits of less than Rs 2 crore maturing in 7 days to 5 years and above, up to and including 10 years. Kotak Mahindra Bank is giving the following interest rates to the general public on Domestic / NRO / NRE fixed deposits of less than Rs 2 Cr as of February 23, 2022.

Tenor	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	3.25%	3.25%
180 Days	4.40%	4.40%
181 Days to 269 Days	4.40%	4.45%
270 Days	4.40%	4.45%
271 Days to 363 Days	4.40%	4.45%
364 Days	4.50%	4.55%
365 Days to 389 Days	4.90%	4.99%
390 Days (12 months 25 days)	5.10%	5.20%
391 Days - Less than 23 Months	5.10%	5.20%
23 Months	5.10%	5.20%
23 months 1 Day- less than 2 years	5.10%	5.20%
2 years- less than 3 years	5.20%	5.30%
3 years and above but less than 4 years	5.45%	5.56%
4 years and above but less than 5 years	5.45%	5.56%
5 years and above upto and inclusive of 10 years	5.50%	5.61%
Source: Bank Website. Effective from 23rd February 2022.

Kotak Mahindra Bank Interest Rates For Senior Citizens

The bank is now giving interest rates ranging from 3.00% to 6% on deposits of less than Rs 2 crore maturing in 7 days to 5 years and above, up to and including 10 years. As of February 23, 2022, Kotak Mahindra Bank is offering the following interest rates to senior citizens on domestic / NRO / NRE fixed deposits of less than Rs 2 Cr.

Tenor	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	3.75%	3.75%
180 Days	4.90%	4.90%
181 Days to 269 Days	4.90%	4.96%
270 Days	4.90%	4.96%
271 Days to 363 Days	4.90%	4.96%
364 Days	5.00%	5.06%
365 Days to 389 Days	5.40%	5.51%
390 Days (12 months 25 days)	5.60%	5.72%
391 Days - Less than 23 Months	5.60%	5.72%
23 Months	5.60%	5.72%
23 months 1 Day- less than 2 years	5.60%	5.72%
2 years- less than 3 years	5.70%	5.82%
3 years and above but less than 4 years	5.95%	6.08%
4 years and above but less than 5 years	5.95%	6.08%
5 years and above upto and inclusive of 10 years	6.00%	6.14%
Source: Bank Website. Effective from 23rd February 2022.

Kotak Mahindra Bank Recurring Deposit Interest Rates

The newest Kotak Mahindra Bank's recurring deposit rates, effective February 23rd, 2022, are listed below.

Tenure	Interest Rate p.a. (%)	Senior Citizen Rates p.a. (%)
6 Months	4.40%	4.90%
9 Months	4.40%	4.90%
12 Months	4.90%	5.40%
15 Months	5.10%	5.60%
18 Months	5.10%	5.60%
21 Months	5.10%	5.60%
24 Months	5.20%	5.70%
27 Months	5.20%	5.70%
30 Months	5.20%	5.70%
33 Months	5.20%	5.70%
3 years - less than 4 years	5.45%	5.95%
4 years - less than 5 years	5.45%	5.95%
5 years - 10years	5.50%	6.00%
Source: Bank Website. Effective from 23rd February 2022.