Home / Industry / Banking /  Kotak Mahindra Bank hikes FD rates by 25 bps on this tenor in force from today
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Kotak Mahindra Bank, one of the leading lenders in the private sector, raised its interest rates on fixed deposits under 2 crore. According to the bank's official website, the new rates are in effect as of today, January 16, 2023. Following the revision, the bank has hiked interest rates by 25 bps on a tenor of 2 years to less than 3 years and on the rest of the tenors the bank has kept the interest rates unchanged.

Kotak Mahindra Bank FD Rates

The bank will continue to give an interest rate of 2.75% on deposits maturing in the next 7 to 14 days, and a rate of 3.00% on deposits maturing in the next 15 to 30 days, according to Kotak Mahindra Bank. The interest rates offered by Kotak Mahindra Bank will remain at 3.25% for deposits with a tenor of 31 to 45 days and 3.50% for deposits with a tenor of 46 to 90 days.

Deposits with maturities between 91 and 120 days will earn interest at a rate of 4.00%, while deposits with maturities between 121 and 179 days will earn interest at a rate of 4.25%. Deposits that mature in 180 days to 363 days will continue to earn 5.75% interest, while those that mature in 364 days will continue to earn 6.00% interest. On deposits with a tenor of 364 days, Kotak Mahindra Bank will continue to give an interest rate of 6.00%, and on deposits with a tenor of 365 days to 389 days, the bank will continue to offer an interest rate of 6.75%.

The interest rate on deposits with maturities between 390 days and less than 2 years will remain at 7.00%, while the interest rate on deposits with maturities between 2 years and less than 3 years has increased from 6.50% to 6.75%. Kotak Mahindra Bank will continue to give an interest rate of 6.25% on deposits maturing in 4 years or more but less than 5 years, and an interest rate of 6.50% on deposits maturing in 3 years or more but less than 4 years. For deposits with a tenor of five years or more and extending up to and including ten years, Kotak Mahindra Bank will continue to provide an interest rate of 6.20%.

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

Kotak Mahindra Bank has informed stock exchanges that “Pursuant to Regulation 29(1)(a) and Regulation 50(1)(c) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that a meeting of the Board of Directors of Kotak Mahindra Bank Limited (“Bank") will be held on Saturday, January 21, 2023 to, inter alia, consider, approve and take on record the Consolidated and Standalone Unaudited Financial Results of the Bank for the quarter and nine months ended December 31, 2022 along with the limited review report of the Joint Statutory Auditors on the same."

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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