Kotak Mahindra Bank Modifies Fixed Deposit Rates Effective From Today; Here’s How Much You Can Earn Now

With effect from June 14, 2024, Kotak Mahindra Bank, one of India's top private sector lenders, has altered the interest rates on fixed deposits of less than Rs 3 Cr. This happened after the RBI lifted the ceiling on retail term deposits from Rs 2 Cr to Rs 3 Cr. With a 12-month duration of 25 days to 23 months, Kotak Mahindra Bank is currently giving a maximum rate of interest of 7.40% for regular customers and 7.90% for senior citizens. After today's modification, the bank currently provides regular customers with rates on deposits maturing in seven days to 10 years that range from 2.75% to 6.20%.

"The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates on fixed deposits are higher for resident senior citizen individuals (age 60 years & above) compared to residing Indians under the age of 60 years, exception being FDs made through the feature of ActivMoney or Non-withdrawable FD, whereby senior citizen rate benefit is not offered)," mentioned Kotak Mahindra Bank on its website under the FAQs section.

Latest FD Rates of Kotak Mahindra Bank

7 - 14 Days: 2.75%
15 - 30 Days: 3.00%
31 - 45 Days: 3.25%
46 - 90 Days: 3.50%
91 - 120 Days: 4.00%
121 - 179 days: 4.25%
180 Days: 7.00%
181 Days to 269 Days: 6.00%
270 Days: 6.00%
271 Days to 363 Days: 6.00%
364 Days: 6.50%
365 Days to 389 Days: 7.10%
390 Days (12 months 25 days): 7.40%
391 Days - Less than 23 Months: 7.40%
23 Months: 7.30%
23 months 1 Day- less than 2 years: 7.30%
2 years- less than 3 years: 7.15%
3 years and above but less than 4 years: 7.00%
4 years and above but less than 5 years: 7.00%
5 years and above upto and inclusive of 10 years: 6.20%

Latest FD Rates of Kotak Mahindra Bank For Senior Citizens

7 - 14 Days: 3.25%
15 - 30 Days: 3.50%
31 - 45 Days: 3.75%
46 - 90 Days: 4.00%
91 - 120 Days: 4.50%
121 - 179 days: 4.75%
180 Days: 7.50%
181 Days to 269 Days: 6.50%
270 Days: 6.50%
271 Days to 363 Days: 6.50%
364 Days: 7%
365 Days to 389 Days: 7.60%
390 Days (12 months 25 days): 7.90%
391 Days - Less than 23 Months: 7.90%
23 Months: 7.85%
23 months 1 Day- less than 2 years: 7.85%
2 years- less than 3 years: 7.65%
3 years and above but less than 4 years: 7.60%
4 years and above but less than 5 years: 7.60%
5 years and above upto and inclusive of 10 years: 6.70%