Home / Money / Personal Finance /  Kotak Mahindra Bank hikes interest rates on fixed deposits of 2 to 10 years

The interest rate on fixed deposits below 2 Cr has increased at the private sector lender Kotak Mahindra Bank. According to the bank's official website, the new rates took effect on September 19, 2022. Following the adjustment, the bank increased interest rates on fixed deposits with maturities between two and ten years by 10 basis points. On fixed deposits maturing in 7 days to 10 years, the bank is now promising an interest rate ranging from 2.50% to 6.10% for the general public and 3.00% to 6.60% for senior citizens.

Kotak Mahindra Bank FD Rates

The bank will continue to provide an interest rate of 2.65% on term deposits maturing in 15 to 30 days and an interest rate of 2.50% on fixed deposits maturing in 7 to 14 days. On fixed deposits maturing in 31 to 90 days, Kotak Mahindra Bank will continue to provide an interest rate of 3.25%, while on fixed deposits maturing in 91 to 179 days, the bank has maintained its current interest rate of 3.75%. Fixed deposits with maturities between 180 and 363 days will continue to pay interest at a rate of 5.00%, while term deposits with maturities between 364 days will continue to earn interest at a rate of 5.25%.

Kotak Mahindra Bank will continue to give an interest rate of 5.75% on fixed deposits maturing in 365 days to 389 days, while it has maintained a rate of 6.00% on term deposits maturing in 390 days (12 months and 25 days) to less than 23 months. Fixed deposits with maturities of 23 months to less than 2 years will continue to pay interest at a rate of 6.10 per cent, but fixed deposits with maturities of 2 years and above up to 10 years will now provide an interest rate of 6.10 per cent, up from 6% before, a 10 basis point increase.

Kotak Bank Fixed Deposit Rates
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Kotak Bank Fixed Deposit Rates (Bank Website)

The bank deducts a penalty charge of 0.50% for premature withdrawals of fixed deposits having a maturity of more than 180 days but less than or equal to 364 days, and a penalty charge of 1.00% for premature withdrawals of fixed deposits with a maturity of more than 365 days. 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its website that “Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms &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."

 

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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