Kotak Mahindra Bank Revises FD Rates: Now Get Up To 7.25% On 23 Months-2 Years Tenure

Kotak Mahindra Bank announced an interest rate revision on its fixed deposits of less than Rs 2 Cr. The general public can now earn interest rates ranging from 2.75% to 6.20% and senior citizens can earn 3.25% to 6.70% on tenures of 7 days to 10 years. Kotak Mahindra Bank is now offering a maximum return of 7.25% on deposits made between 23 months and 2 years. According to the bank's official website, the new rates take effect on October 25, 2023.

Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank is currently offering an interest rate of 3.00% on deposits that mature between 15 to 30 days, while the bank is paying an interest rate of 2.75% on deposits maturing in 7 to 14 days. As of right now, Kotak Mahindra Bank is giving deposits with terms of 31 to 45 days 3.25% interest rate, and those with terms of 46 to 90 days 3.50% interest rate. At Kotak Mahindra Bank, deposits that mature between 91-120 days will now pay a return of 4.00%, while those maturing in 121-179 days will pay a return of 4.25%.

Kotak Mahindra Bank is currently paying an interest rate of 6.00% on FDs that mature between 181 days to 363 days, and the bank is giving an interest rate of 7.00% on those maturing in 180 days. Kotak Mahindra Bank will now pay interest at a rate of 6.50% for deposits with an expiration date of 364 days and 7.10% for those with a period of 365 days to 389 days. At Kotak Mahindra Bank, deposits that mature within 391 days - less than 23 months will earn a 7.20% return, while those maturing in 390 days (12 Months and 25 Days) are eligible for a 7.15% return.

On deposits maturing in 23 months to less than 2 years the bank is now offering an interest rate of 7.25% and on those maturing in 2 years- less than 3 years, Kotak Mahindra Bank is now offering an interest rate of 7.10%. Deposits maturing in 3 years and above but less than 4 years will now pay a 6.50% return and those maturing in 4 years and above but less than 5 years will now pay a 6.25% return. Kotak Mahindra Bank is now paying an interest rate of 6.20% on deposits maturing in 5 years and above upto and inclusive of 10 years.

On a standalone basis, Kotak Mahindra Bank reported a net profit of Rs 3,191 crore in Q2FY24, up 24% YoY from Rs 2,581 crore in Q2FY23. Net Interest Income (NII) increased by 23% YoY, from Rs 5,099 crore in Q2FY23 to Rs 6,297 crore in Q2FY24. Net Interest Margin (NIM) for Q2FY24 was 5.22%. Compared to Q2FY23's operating profit of 3,568 crore, the bank's operating profit for Q2FY24 was Rs 4,610 crore, a 29% YoY jump. On a consolidated basis, the bank's PAT for Q2FY24 was Rs 4,461 crore, up 24% YoY from Rs 3,608 crore in Q2FY23.