Kotak Mahindra Bank latest FD rates are effective from today with up to 7.70% to senior citizens on these tenors
2 min read 27 Mar 2023, 02:48 PM ISTThe latest fixed deposit interest rates of the leading private sector lender Kotak Mahindra Bank are effective as of today.
PremiumThe latest fixed deposit interest rates of the leading private sector lender Kotak Mahindra Bank are effective as of today. According to the bank's official website, the latest interest rates for fixed deposits of less than ₹2 Cr are applicable as of March 27, 2023. The bank is currently giving interest rates ranging from 2.75% to 6.20% on fixed deposits maturing in 7 days to 10 years for the general public and 3.25% to 6.70% for elderly people. Kotak Mahindra Bank is giving a maximum interest rate of 7.20% for the general public and 7.70% for senior citizens on deposit terms ranging from 390 days (12 months 25 days) to less than 2 years.
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank will pay 2.75% interest on fixed deposits maturing in 7-14 days and 3.00% interest on fixed deposits maturing in 15-30 days. Kotak Mahindra Bank will pay 3.25% interest on deposits held between 31 and 45 days and 3.50% on deposits held between 46 and 90 days. Deposits maturing in 91-120 days will gain a 4.00% interest rate, while those maturing in 121-179 days will receive a 4.25% interest rate. Kotak Mahindra Bank would pay 6.50% interest on fixed deposits maturing in 180 days, and 6.00% on those maturing in 181 days to 363 days.
Kotak Mahindra Bank will pay 6.25% interest on fixed deposits maturing in 364 days, and 7.00% on those maturing in 365 days to 389 days. Kotak Mahindra Bank would pay 7.20% interest on deposits held for 390 days (12 months 25 days) to less than 2 years, and 7.00% on deposits held for 2 years to less than 3 years. Deposits maturing in 3 years or more but less than 4 years will earn 6.50% interest, while those maturing in 4 years or more but less than 5 years will earn 6.25% interest. On term deposits maturing in 5 years and above upto and inclusive of 10 years, the bank will pay an interest rate of 6.20%.
A fixed deposit has several interest withdrawal choices. The FD interest amount can be paid out in cumulative, monthly, or quarterly payments with Kotak Mahindra Bank. The depositor must open a fixed deposit account with a minimum value of Rs. 5,000 with Kotak Mahindra Bank.
“If you are an existing savings and current account customer of the Bank account, you can avail the Fixed Deposit through digital platforms like Netbanking, Mobile Banking. If you are not a customer of the Bank, you may be required to visit the bank branch with necessary documents required as per KYC (Know Your Customer) guidelines," mentioned Kotak Mahindra Bank on its website.
The Kotak Mahindra Bank FDs provide you with incredible benefits such as investment safety with DICGC insurance coverage of up to ₹5 lakhs, tax savings under Section 80C of up to ₹1.5 lakh per fiscal year, handsome FD interest rates, online account opening option, premature withdrawal option, and flexible tenors.
