PremiumThe fixed deposits of interest rates of Kotak Mahindra Bank are effective from today 30th November and as per the official website of the bank, the new rates are applicable on deposits of less than ₹2 Cr. Following the update, the bank is now providing FDs with maturities ranging from 7 days to 10 years with interest rates ranging from 2.75% to 6.20% for the general public and 3.25% to 6.70% for senior citizens. The maximum interest is now 6.50% for the general public and 7.00% for senior citizens on FDs maturing in 23 months to less than 2 years.
The bank is giving an interest rate of 2.75% on FDs maturing in the next 7 to 14 days, and Kotak Mahindra Bank is offering an interest rate of 3.00% on FDs maturing in the next 15 to 30 days. For FDs with maturities between 31 and 45 days and between 46 and 90 days, Kotak Mahindra Bank is providing interest rates of 3.25% and 3.50%, respectively. Deposits that mature between 91 and 120 days will earn interest at a rate of 4.00%, while deposits that mature between 121 and 179 days will earn interest at a rate of 4.25%.
The bank is offering an interest rate of 5.50% on FDs maturing in 180 days to 270 days, and Kotak Mahindra Bank is offering a rate of 5.75% on FDs maturing in 271 days to 363 days. For FDs that mature in 364 days, Kotak Mahindra Bank is offering an interest rate of 6.00%, and for those that mature in 365 days to 389 days, the bank is offering an interest rate of 6.25%. Deposits that mature in 390 days to less than 23 months get 6.40% interest, while those that mature in 23 months to less than 2 years earn 6.50% interest.
The bank is offering an interest rate of 6.40% on FDs maturing in 2 years but less than 3 years, and Kotak Mahindra Bank is offering an interest rate of 6.30% on FDs maturing in 3 years or more but less than 4 years. Deposits maturing in 4 years or more but less than 5 years, as well as in 5 years or more inclusive 10 years, will now earn interest at 6.25% and 6.20%, respectively.
A fixed deposit at Kotak can be started for as little as Rs. 5,000 and the amount of the fixed deposit is not subject to any upper bound. The interest rate for fixed deposits with Kotak Bank differs with maturity period, deposit amount, kind of depositor, etc. The rates are 50 basis points higher for elderly persons compared to residing Indians under the age of 60.