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The latest fixed deposit (FD) interest rates of Kotak Mahindra Bank are effective as of today, 24th January 2023. Both new deposits and renewals of existing deposits are subject to the new rates. Customers of Kotak Mahindra Bank may create a fixed deposit account with a minimum lump-sum deposit of Rs. 5000, and the flexible tenure options vary from 7 days to 10 years.

Kotak Bank FD Rates

The bank is giving an interest rate of 2.75% on fixed deposits of less than 2 Cr maturing in 7 to 14 days, and Kotak Mahindra Bank is offering an interest rate of 3.00% on deposits maturing in 15 to 30 days. In addition to giving an interest rate of 3.50% on deposits with a tenor of 46 to 90 days, Kotak Mahindra Bank now offers an interest rate of 3.25% on deposits with a tenor of 31 to 45 days.

Deposits that mature in 91 to 120 days now earn 4.00% interest, while those that mature in 121 to 179 days now earn 4.25% interest. Kotak Mahindra Bank is giving interest rates of 5.75% and 6.00% on deposits maturing in 180 days to 363 days and those maturing in 364 days, respectively. On a deposit tenor of 365 days to 389 days to 390 days (12 months 25 days) to 23 months 1 day—less than 2 years—Kotak Mahindra Bank is giving an interest rate of 6.75% and 7%, respectively.

Deposits that mature in two to three years will earn interest at a rate of 6.75%, while those that mature in three years or more but less than four years will earn interest at a rate of 6.50%. The interest rates offered by Kotak Bank for deposits maturing in 4 years or more but less than 5 years, and 5 years or more but not including 10 years, are 6.25% and 6.20%, respectively.

Kotak Bank FD Rates
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Kotak Bank FD Rates (kotak.com)

Net Interest Income (NII) for the bank grew to 5,653 crore in Q3FY23 from 4,334 crore in Q3FY22, up 30% YoY. The bank's PAT for Q3FY23 reached 2,792 crore, up 31% from 2,131 crore in Q3FY22. For Q3FY23, Net Interest Margin (NIM) was 5.47%. Consolidated PAT for the third quarter of FY23 was 3,995 crore, up 17% from 3,403 crore in the third quarter of FY22. On a consolidated basis, Return on Assets (ROA) was 2.76% for Q3FY23, 2.60% for Q3FY22, and Return on Equity (ROE) was 15.04% for Q3FY23, compared to 14.81% for Q3FY22.

In Q3FY23, the bank recorded an operating profit of 3,850 crore, a growth of 43% YoY from Q3FY22's 2701 crore. 39.0 million people were bank customers as of December 31, 2022 as against 30.7 mn as of December 31, 2021. Kotak Mahindra Bank said its Customer Assets, which comprise Advances and Credit substitutes, increased by 24% to 3,39,313 crore as of December 31, 2022 from 2,74,569 crore as of December 31, 2021. From 2,52,935 crore in Q3FY22 to 3,10,734 crore as of December 31, 2022, advances grew by more than 23%. As of December 31, 2022, the CASA ratio for Kotak Mahindra Bank was 53.3%.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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