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Kotak Mahindra Bank Hikes Interest Rates On RD & FD, Check Latest Rates Here
Private sector lender Kotak Mahindra Bank announced Fixed Deposit and Recurring Deposits interest rates. The Fixed Deposit interest rates get a hike by 10 to 25 basis points across all tenors. These changes will take effect on Friday, June 10, 2022. Kotak Mahindra Bank has increased the interest rate on fixed deposits of less than Rs 2 crore for deposits of one year to ten years. The increase in term deposit rates has affected a variety of tenors. Rates on deposits of more than Rs 2 crore have been increased by up to 0.25%. For shorter-term deposits, the Bank FD rates have remained unchanged, the development came a day after RBI hiked the policy rate to tame inflation.
Fixed Deposits for Domestic / NRO / NRE FIXED DEPOSITS Under Rs 2 Crore (w.e.f 10 June 2022)
| Maturity Periods | Regular Deposits | Senior Ciizen Deposits |
|---|---|---|
| 7 - 14 Days | 2.50% | 3.00% |
| 15 - 30 Days | 2.50% | 3.00% |
| 31 - 45 Days | 3.00% | 3.50% |
| 46 - 90 Days | 3.00% | 3.50% |
| 91 - 120 Days | 3.50% | 4.00% |
| 121 - 179 days | 3.50% | 4.00% |
| 180 Days | 4.75% | 5.25% |
| 181 Days to 269 Days | 4.75% | 5.25% |
| 270 Days | 4.75% | 5.25% |
| 271 Days to 363 Days | 4.75% | 5.25% |
| 364 Days | 5.25% | 5.75% |
| 365 Days to 389 Days | 5.50% | 6.00% |
| 390 Days (12 months 25 days) | 5.65% | 6.15% |
| 391 Days - Less than 23 Months | 5.65% | 6.15% |
| 23 Months | 5.75% | 6.25% |
| 23 months 1 Day- less than 2 years | 5.75% | 6.25% |
| 2 years- less than 3 years | 5.75% | 6.25% |
| 3 years and above but less than 4 years | 5.90% | 6.40% |
| 4 years and above but less than 5 years | 5.90% | 6.40% |
| 5 years and above upto and inclusive of 10 years | 5.90% | 6.40% |
Note - Premature withdrawl are allowed
Latest Recurring Deposit Interest Rates for Resident Individuals & HUF (w.e.f 10 June 2022)
| Tenure | Regualr Deposit Interest Rate p.a. ( %) | Senior Citizen Rates p.a. ( %) |
|---|---|---|
| 6 Months | 4.75% | 5.25% |
| 9 Months | 4.75% | 5.25% |
| 12 Months | 5.60% | 6.00% |
| 15 Months | 5.65% | 6.15% |
| 18 Months | 5.65% | 6.15% |
| 21 Months | 5.65% | 6.15% |
| 24 Months | 5.75% | 6.25% |
| 27 Months | 5.75% | 6.25% |
| 30 Months | 5.75% | 6.25% |
| 33 Months | 5.75% | 6.25% |
| 3 years - less than 4 years | 5.90% | 6.40% |
| 4 years - less than 5 years | 5.90% | 6.40% |
| 5 years - 10years | 5.90% | 6.40% |
Note: Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the bank.
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