Kotak Mahindra Bank has revised interest rate on fixed deposits (FD) effective 29 August. This is the second time in a month that the bank has revised FD rates on deposits less than ₹2 crore. Kotak Mahindra Bank offers interest ranging from 3.50% to 6.85% on maturities with different tenures. Kotak Bank offers 50 basis point higher interest rates to senior citizens as compared to general public on fixed deposits maturing in 7 days to 10 years.
For FDs maturing in 7 to 14 days, 15 to 30 days and 31 to 45 days, Kotak Mahindra Bank offers interest rate 3.5%, 4.00% and 5% respectively. After the latest revision, Kotak Mahindra Bank is offering 5.25% interest on FDs between 46-90 days. For 91 to 120 days, the interest rate is 5.75%. Kotak Mahindra Bank pays interest rate of 5.75% on FDs between 121 and 179 days. For term deposits maturing in 180 to 270 days, Kotak Mahindra Bank pays 6.40% interest. For 271 days to 364 days, the bank offers an interest rate of 6.75%
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for general public
7 to 14 days-3.50%
15 to 30 days-4.00%
31 to 45 days-5.00%
46 to 90 days-5.25%
91 to 120 days-5.75%
121 to 179 days-5.75%
180 days-6.25%
181 days to 269 days-6.30%
270 days-6.40%
271 days to 363 days-6.50%
364 days-6.75%
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for general public for maturity between 1 year and 2 years
On FDs maturing between one year to 389 days, Kotak Mahindra Bank offers 6.75% interest. For deposits maturing in 390 days, the bank offers an interest rate of 6.85%. For FDs maturing in 391 days to less than 23 months, Kotak Mahindra Bank gives 6.75% interest. For deposits maturing in 23 months to less than 2 years, the bank offers 6.75% interest.
365 days to 389 days-6.75%
390 days (12 months 25 days)-6.85%
391 days to less than 23 months-6.75%
23 months-6.75%
23 months 1 day to less than 2 years-6.75%
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for general public for maturity between 2 years and 10 years
Kotak Mahindra Bank gives 6.75% interest for deposits maturing in two years to less than 3 years. For FDs maturing in 3 years and above but less than 4 years, the bank offers an interest rate of 6.50%. For term deposits maturity period between 4 years and above but less than 5 years, Kotak Bank gives 6.25% interest. For long-term deposits with maturity 5 years and above upto and inclusive of 10 years, the bank offers 6.25% interest.
2 years to less than 3 years-6.75%
3 years and above but less than 4 years-6.50%
4 years and above but less than 5 years-6.25%
5 years and above upto and inclusive of 10 years-6.25%
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for senior citizens
Like other banks, Kotak Mahindra also gives higher interest rate to senior citizens as compared to general public. Senior citizens get an interest rate ranging from 4.00% to 7.25% on these deposits.
7 to 14 days-4.00%
15 to 30 days-4.50%
31 to 45 days-5.50%
46 to 90 days-5.75%
91 to 120 days-6.25%
121 to 179 days-6.25%
180 days-6.75%
181 days to 269 days-6.80%
270 days-6.90%
271 days to 363 days-7.00%
364 days-7.25%
365 days to 389 days-7.25%
390 days (12 months 25 days)-7.35%
391 days to less than 23 months-7.25%
23 months-7.25%
23 months 1 day to less than 2 years-7.25%
2 years to less than 3 years-7.25%
3 years and above but less than 4 years-7.00%
4 years and above but less than 5 years-6.75%
5 years and above upto and inclusive of 10 years-6.75%
All the major banks have been revising interest rate on their FDs after the Reserve Bank of India (RBI) cut its repo rate by 35 basis points last month. State Bank of India, Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank, IDFC First Bank and AU Small Finance Bank are among some of the banks that revised their FD interest rates in the month of August.
