Home / Industry / Banking /  Kotak Mahindra Bank hikes interest rates on fixed deposits by up to 20 bps

On fixed deposits under 2 crore, Kotak Mahindra Bank has revised interest rates. The new rates are in effect as of 14th November, according to the bank's official website. As a result, the bank now provides FDs with maturities ranging from 7 days to 10 years with interest rates for the general public ranging from 2.75% to 6.50% and 3.25% to 7% for senior citizens. The maximum interest rate for deposits that mature in 23 months to 2 years is currently 7% for senior citizens. 

Kotak Mahindra Bank FD Rates

The bank will continue to give an interest rate of 2.75% on deposits due in the next 7 to 14 days, and a rate of 3.00% on deposits maturing in the next 15 to 30 days. Deposits that mature in 31 to 45 days will continue to earn 3.25% interest, while those that mature in 46 to 90 days will continue to earn 3.50% interest. On FDs maturing in 91–120 days and 121–179 days, respectively, Kotak Bank will continue to provide interest rates of 4.00% and 4.25%.

On FDs maturing in 180 Days to 270 Days the bank will continue to offer an interest rate of 5.50% and on those maturing in 271 Days to 363 Days, Kotak Mahindra Bank will continue to offer an interest rate of 5.75%. The interest rate on deposits maturing in 364 days and 365 days to 389 days will remain at 6.00% and 6.25%, respectively. Kotak Mahindra Bank increased the interest rate on fixed deposits maturing in 390 days (12 months 25 days) to less than 23 months by 10 basis points, from 6.30% to 6.40%.

The bank increased interest rates on FDs maturing in 23 months to less than 2 years by 20 basis points (bps), from 6.30% to 6.50%, and on those maturing in 2 years to less than 3 years by 10 bps, from 6.30% to 6.40%. FD interest rates have increased by 5 basis points (bps) from 6.25% to 6.30% for those due in 3 years or more but less than 4 years, and by 5 bps (bps) from 6.20% to 6.25% for those maturing in 4 years or more but less than 5 years at Kotak Bank. An interest rate of 6.20% will be offered on deposits with maturities of five years or longer, up to and including ten years.

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

For a fixed deposit, there are many ways to receive interest ranging from cumulative, monthly, or quarterly pay-out options for the FD interest amount with Kotak Mahindra Bank. Additionally, the bank permits partial or premature withdrawals of fixed deposits by depositors. You may invest in a Fixed Deposit with Kotak Mahindra Bank whether you are an Indian resident, an NRI, a senior citizen, or a member of a HUF or a minor.

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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