This Private Sector Bank Revises Interest Rates On FD & RD: Latest Rates Inside

With an attractive rate of interest, a minimum deposit amount limit of Rs 5000, a flexible maturity period of 7 days to 10 years, and interest payout options of monthly, quarterly, or at maturity, Kotak Mahindra Bank offers term deposit schemes that are a good bet for both regular customers and senior citizens who want to earn a higher and fixed rate of returns on their deposits, as well as the promise of deposit safety of up to Rs 5 lakhs guaranteed by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The bank yesterday revised its interest rates on fixed deposits and recurring deposits of less than Rs 2 Cr which are discussed below in brief.

Kotak Mahindra Bank FD Rates For Regular Customers

The bank is now providing an interest rate ranging from 2.50 percent to 5.30 percent for deposits of less than Rs 2 crore with a maturity period of 7 days to 10 years. On deposits maturing in three years to less than ten years, the bank promises the maximum interest rate of 5.30 percent. For regular residents, Kotak Mahindra Bank is now offering the following interest rates on their deposits with a premature withdrawal option, which are in effect from October 27, 2021.

Maturity Periods	Interest rates	Annualized 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	3.20%	3.20%
180 Days	4.25%	4.25%
181 Days to 269 Days	4.25%	4.30%
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	4.75%	4.84%
390 Days (12 months 25 days)	4.90%	4.99%
391 Days - Less than 23 Months	4.90%	4.99%
23 Months	5.00%	5.09%
23 months 1 Day- less than 2 years	5.00%	5.09%
2 years- less than 3 years	5.15%	5.25%
3 years and above but less than 4 years	5.30%	5.41%
4 years and above but less than 5 years	5.30%	5.41%
5 years and above upto and inclusive of 10 years	5.30%	5.41%
Source: Bank Website. W.e.f. 27th October-2021

Kotak Mahindra Bank FD Rates For Senior Citizens

Senior citizens will continue to receive an additional rate of 0.50 percent across all tenures after the bank's most recent adjustment on fixed deposit interest rates. The bank is now providing elderly citizens a maximum rate of 5.80 percent on deposits of less than Rs 2 crore maturing in three to less than ten years. Senior citizens will now get the following interest rates on their fixed deposits.

Maturity Periods	Interest rates	Annualized 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	3.70%	3.70%
180 Days	4.75%	4.75%
181 Days to 269 Days	4.75%	4.81%
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	5.25%	5.35%
390 Days (12 months 25 days)	5.40%	5.51%
391 Days - Less than 23 Months	5.40%	5.51%
23 Months	5.50%	5.61%
23 months 1 Day- less than 2 years	5.50%	5.61%
2 years- less than 3 years	5.65%	5.77%
3 years and above but less than 4 years	5.80%	5.93%
4 years and above but less than 5 years	5.80%	5.93%
5 years and above upto and inclusive of 10 years	5.80%	5.93%
Source: Bank Website. W.e.f. 27th October-2021

Kotak Mahindra Bank Recurring Deposit Interest Rates

Kotak Mahindra Bank also allows recurring deposits where depositors can select maturity amount and monthly investment amount according to their convenience. The bank has also revised its interest rates on recurring deposits and following the most recent adjustment made on 27th October 2021, Kotak Mahindra Bank is now promising a maximum rate of 5.30% to the general public and 5.80% to senior citizens on their deposits maturing in 3 years to less than 10 years. Below listed are the latest interest rates on recurring deposits for both regular and senior citizens.

Tenure	Interest Rate p.a. (%)	Senior Citizen Rates p.a. (%)
6 Months	4.25%	4.75%
9 Months	4.40%	4.90%
12 Months	4.75%	5.25%
15 Months	4.90%	5.40%
18 Months	4.90%	5.40%
21 Months	4.90%	5.40%
24 Months	5.15%	5.65%
27 Months	5.15%	5.65%
30 Months	5.15%	5.65%
33 Months	5.15%	5.65%
3 years - less than 4 years	5.30%	5.80%
4 years - less than 5 years	5.30%	5.80%
5 years - 10years	5.30%	5.80%
Source: Bank Website. W.e.f. 27th October-2021