Interest rates

Kotak Mahindra Bank raises interest rates on fixed deposits by 25 basis points on these maturities

On term deposits under 2 crore, private sector lender Kotak Mahindra Bank raised interest rates. The new rates have been in effect since October 3, 2022, according to the bank’s official website. After the amendment, the bank increased interest rates on deposits with maturities from 271 days to less than 3 years. The bank currently offers interest rates for term deposits with maturities of 7 days to 10 years ranging from 2.50% to 6.10% for the general public and from 3.00% to 6.60% for seniors. On the contrary, deposits with a maturity between 23 months and 3 years would now yield a maximum interest rate of 6.70% for seniors and 6.20% for the general public.

Kotak Mahindra Bank FD Rates

Term deposits with maturities between 7 and 14 days and between 15 and 30 days will continue to bear interest at a rate of 2.65% and 2.50%, respectively. Deposits maturing between 31 and 90 days will continue to earn 3.25% interest, while deposits maturing between 91 and 179 days will continue to earn 3.75% interest. On deposits that mature in 180-270 days, Kotak Mahindra Bank will still grant an interest rate of 5.00%, but on deposits that mature in 271-363 days, the interest rate has increased by 25 basis points, from 5% to 5.25%. .

Interest rates on fixed deposits for deposits maturing in 364 days increased by 25 basis points, from 5.25% to 5.50%, while interest rates for deposits maturing in maturity in 365 to 389 days increased by 25 basis points, from 5.75% to 6%. The bank raised the interest rate on term deposits maturing in 390 days (12 months 25 days) to 391 days – less than 23 months by 10 basis points from 6% to 6.10%, and Kotak Mahindra Bank continued to raise interest rates on deposits maturing in 23 months to less than 3 years by 10 basis points from 6.10% to 6.20%. The interest rate on deposits maturing between three and ten years will remain at 6.10%.

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Kotak Mahindra Bank FD Rates (kotak.com)

A fixed deposit at Kotak Bank can be initiated for as low as Rs. 5,000. There is no cap on the fixed deposit amount. The customer must present documents proving their citizenship status when creating an account. Kotak Mahindra Bank mentioned on its website that “The interest rate for term deposits with Kotak Bank varies depending on the maturity period, deposit amount, type of depositor, etc. For example, the rates are higher for the elderly compared to Indian residents under the age of 60.”

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