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Kotak Mahindra Bank Revises Interest Rates On Fixed & Recurring Deposits: Latest Rates Here
Among the leading private sector banks of India, Kotak Mahindra Bank allows different types of term deposit schemes for its debt investors having a low-risk appetite. For salaried individuals who are seeking to earn risk-free returns against their regular deposits, the bank offers a unique deposit account dubbed as Recurring Deposit (RD). The highest amount of Rs 25,000 each month is allowed to deposit in an RD account for a tenure of more than 36 months and a maximum RD amount of Rs.1,00,000/- per month is allowed for a tenure of up to 36 months at Kotak Mahindra Bank. One can open an RD account at the bank for a flexible tenure ranging from 6 months to 10 years. On the other hand, Kotak Mahindra Bank also allows a fixed deposit scheme where investors can park a fixed amount of money for a tenure that can range from 7 days to 10 years to gain interest rate on their deposits of less than Rs 2 Cr. For both deposit schemes, the bank has recently revised interest rates which are in force from 23rd September 2021.
Kotak Mahindra Bank Recurring Deposit Interest Rates
For recurring deposits made by resident individuals & HUF only, Kotak Mahindra Bank is offering the following interest rates which are applicable from 23rd September 2021.
| Period | Interest Rate p.a. (%) | Senior Citizen Rates p.a. (%) |
|---|---|---|
| 6 Months | 4.25% | 4.75% |
| 9 Months | 4.40% | 4.90% |
| 12 Months | 4.50% | 5.00% |
| 15 Months | 4.75% | 5.25% |
| 18 Months | 4.75% | 5.25% |
| 21 Months | 4.75% | 5.25% |
| 24 Months | 5.00% | 5.50% |
| 27 Months | 5.00% | 5.50% |
| 30 Months | 5.00% | 5.50% |
| 33 Months | 5.00% | 5.50% |
| 3 years - less than 4 years | 5.10% | 5.60% |
| 4 years - less than 5 years | 5.20% | 5.70% |
| 5 years - 10years | 5.25% | 5.75% |
| Source: Bank Website |
Kotak Mahindra Bank Fixed Deposit Interest Rates For Regular Customers
For Domestic, NRO, NRE fixed deposits of less than Rs 2 Cr, Kotak Mahindra Bank is offering the following interest rates to the regular customers with a premature withdrawal option.
| Maturity Periods | Less than Rs.2 Crore | Annualised Yield |
|---|---|---|
| 7 - 14 Days | 2.50% | 2.50% |
| 15 - 30 Days | 2.50% | 2.50% |
| 31 - 45 Days | 2.75% | 2.75% |
| 46 - 90 Days | 2.75% | 2.75% |
| 91 - 120 Days | 3.00% | 3.00% |
| 121 - 179 days | 3.20% | 3.20% |
| 180 Days | 4.20% | 4.20% |
| 181 Days to 269 Days | 4.25% | 4.30% |
| 270 Days | 4.40% | 4.45% |
| 271 Days to 363 Days | 4.40% | 4.45% |
| 364 Days | 4.40% | 4.45% |
| 365 Days to 389 Days | 4.50% | 4.58% |
| 390 Days (12 months 25 days) | 4.75% | 4.84% |
| 391 Days - Less than 23 Months | 4.75% | 4.84% |
| 23 Months | 4.90% | 4.99% |
| 23 months 1 Day- less than 2 years | 4.90% | 4.99% |
| 2 years- less than 3 years | 5.00% | 5.09% |
| 3 years and above but less than 4 years | 5.10% | 5.20% |
| 4 years and above but less than 5 years | 5.20% | 5.30% |
| 5 years and above upto and inclusive of 10 years | 5.25% | 5.35% |
| Source: Bank Website, effective from 23rd September 2021 |
Kotak Mahindra Bank Fixed Deposit Interest Rates For Senior Citizens
On their fixed deposits of less than Rs 2 Cr, senior citizens will get an additional rate over the applicable card rate to the general public. For deposits maturing in 7 days to 10 years, senior citizens will now get the following interest rates.
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.2 Crore | Annualised Yield |
|---|---|---|
| 7 - 14 Days | 3.00% | 3.00% |
| 15 - 30 Days | 3.00% | 3.00% |
| 31 - 45 Days | 3.25% | 3.25% |
| 46 - 90 Days | 3.25% | 3.25% |
| 91 - 120 Days | 3.50% | 3.50% |
| 121 - 179 days | 3.70% | 3.70% |
| 180 Days | 4.70% | 4.70% |
| 181 Days to 269 Days | 4.75% | 4.81% |
| 270 Days | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.90% | 4.96% |
| 364 Days | 4.90% | 4.96% |
| 365 Days to 389 Days | 5.00% | 5.09% |
| 390 Days (12 months 25 days) | 5.25% | 5.35% |
| 391 Days - Less than 23 Months | 5.25% | 5.35% |
| 23 Months | 5.40% | 5.51% |
| 23 months 1 Day- less than 2 years | 5.40% | 5.51% |
| 2 years- less than 3 years | 5.50% | 5.61% |
| 3 years and above but less than 4 years | 5.60% | 5.72% |
| 4 years and above but less than 5 years | 5.70% | 5.82% |
| 5 years and above upto and inclusive of 10 years | 5.75% | 5.88% |
| Source: Bank Website, effective from 23rd September 2021 |
