PremiumOne of the leading private sector lenders Kotak Mahindra Bank has revised interest rates on fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of today 9th December 2022. Kotak Mahindra Bank is now offering a maximum interest rate of 6.50% to the general public and 7.00% for senior citizens on deposits maturing in 390 Days (12 months 25 days) to less than 2 years.
The bank is now giving an interest rate of 2.75% on deposits maturing in the next 7 to 14 days, while Kotak Bank is now offering an interest rate of 3.00% on deposits maturing in the next 15 to 30 days. The interest rates offered by Kotak Bank are now 3.25% for deposits maturing in 31 to 45 days and 3.50% for deposits maturing in 46 to 90 days. Deposits that mature in 91 to 120 days now earn 4.00% interest, while those that mature in 121 to 179 days now earn 4.25% interest. On deposits maturing in 180 Days to 270 Days, the bank is now offering an interest rate of 5.50% and on those maturing in 271 Days to 363 Days, Kotak Bank is now offering an interest rate of 5.75%.
Kotak Mahindra Bank is promising an interest rate of 6.00% on FDs maturing in 364 days and an interest rate of 6.25% on those maturing in 365 Days to 389 Days. Deposits maturing in 390 Days (12 months 25 days) to less than 2 years will now fetch an interest rate of 6.50% and those maturing in 2 years- less than 3 years will now fetch an interest rate of 6.40%. On FDs maturing in 3 years and above but less than 4 years, the bank is offering an interest rate of 6.30% and on those maturing in 4 years and above but less than 5 years, Kotak Mahindra Bank is offering an interest rate of 6.25%. Deposits maturing in 5 years and above upto and inclusive of 10 years will fetch an interest rate of 6.20%.
In order to start a fixed deposit account, the depositor must have a minimum deposit of Rs. 5,000. Kotak Mahindra Bank offers fixed deposit alternatives with terms ranging from 7 days to 10 years. You may pick from cumulative, monthly, or quarterly pay-out alternatives for the FD interest amount with Kotak Mahindra Bank. Additionally, the bank permits customers to partially or prematurely withdraw fixed deposits. An Indian national or an NRI, a senior citizen or a member of HUF; can invest in a fixed deposit with Kotak Mahindra Bank.