Home / Industry / Banking /  Kotak Mahindra Bank revises fixed deposit interest rates today: Check new rates

Kotak Mahindra Bank, a private sector lender, has modified the interest rates on fixed deposits below 2 crore. The new rates are in effect as of today, September 26, 2022, according to the bank's official website. After the modification, the bank is now offering interest rates on fixed deposits with maturities ranging from seven days to ten years that range from 2.50% to 6.10% for the general public and from 3.00% to 6.60% for senior citizens. As a consequence of the modification, the bank is now giving a maximum interest rate of 6.10% for the general public and 6.60% for senior citizens on deposits maturing in 23 months to 10 years.

Kotak Mahindra Bank FD Rates

Fixed deposits that mature in 7 to 14 days will now pay an interest rate of 2.50%, while those that mature in 15 to 30 days will pay 2.65%. The bank is now offering an interest rate of 3.25% on deposits maturing in the next 31 to 90 days, and it will also provide an interest rate of 3.75% on deposits maturing in the next 91 to 179 days. Fixed deposits with maturities between 180 and 363 days will now pay interest at a rate of 5.00%, while those with maturities above 364 days will now earn interest at a rate of 5.25%. The interest rates offered by Kotak Mahindra Bank are now 5.75% for deposits maturing in 365 days to 389 days and 6% for deposits maturing in 390 days (12 months 25 days) to less than 23 months. The bank will now provide fixed deposits with maturities ranging from 23 months to 10 years at an interest rate of 6.10%.

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

The bank has mentioned on its website that “At Kotak, you can start a fixed deposit with a minimum amount of Rs. 5,000.There isn’t any maximum limit for the fixed deposit amount. The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates are higher for senior citizens compared to residing Indians under the age of 60 years."

 

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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