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Home / Money / Personal Finance /  Kotak Mahindra Bank hikes interest rates on fixed deposits: Check new rates here
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Interest rates on fixed deposits below 2 Cr have increased by the private sector lender Kotak Mahindra Bank. The bank's official website states that the new rates are in force from 26th July 2022. The bank increased interest rates on fixed deposits maturing in 365 days to 389 days as a result of the modification.

Kotak Mahindra Bank FD Rates 2022

The bank will continue to offer a 2.50 per cent interest rate on deposits maturing in 7 to 30 days and a 3 per cent interest rate on term deposits maturing in 31 to 90 days. On fixed deposits maturing from 91 days to 179 days, Kotak Mahindra Bank will continue to give an interest rate of 3.50 per cent, while on term deposits maturing from 180 days to 363 days, the bank has maintained its previous interest rate of 4.75 per cent. The interest rate on deposits that mature in 364 days will remain at 5.25 per cent, and the interest rate on term deposits that mature in 365 days to 389 days has increased from 5.50 per cent to 5.60 per cent, a 10 basis points increase. The bank will continue to give an interest rate of 5.75 per cent on term deposits maturing in 390 days (12 months and 25 days) to less than 3 years, and Kotak Mahindra Bank will continue to offer an interest rate of 5.90 per cent on fixed deposits maturing in 3 years and over and including 10 years.

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

If the fixed deposit's tenure is less than 180 days, Kotak Mahindra Bank levies a penalty rate of 0 per cent for premature withdrawals. If the deposit tenure is greater than 180 days but less than or equal to 364 days, the bank will impose a 0.50 per cent penalty; if it is greater than or equal to 365 days, the bank will impose a 1.00 per cent penalty. Kotak Mahindra Bank has mentioned on its website that “Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank. As per Terms & Conditions of Fixed Deposit Accounts of the Bank, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 20th May, 2022."

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