The latest FD rates of Kotak Mahindra Bank are effective from today, non-senior citizens can earn as high as 7.20%
3 min read . Updated: 06 Apr 2023, 02:52 PM IST
Premium- On April 6, 2023, the latest fixed deposit interest rates went into effect, according to Kotak Mahindra Bank's official website.
On April 6, 2023, the latest fixed deposit interest rates went into effect, according to Kotak Mahindra Bank's official website. With effect from Thursday morning, Kotak Mahindra Bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 2.75% to 6.20% for the general public and 3.25% to 6.70% for senior citizens. A maximum interest rate of 7.20% for non-senior citizens and 7.70% for elderly individuals will apply to deposits maturing in 390 days (12 months 25 days) to less than 2 years.
Kotak Mahindra Bank FD Rates
Deposits that mature in 7 days to 14 days will be charged interest at a rate of 2.75%, while those that mature in 15 days to 30 days will be charged interest at a rate of 3.00%. For deposits maturing in the next 31 to 45 days, Kotak Mahindra Bank is now offering a return of 3.25%, and for deposits maturing in the next 46 to 90 days, a return of 3.50%.
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 now promises an interest rate of 6.50% on deposits that mature in 180 days, and Kotak Mahindra Bank now offers an interest rate of 6.00% on deposits that mature in 181 days to 363 days.
The interest rate on fixed deposits will be 6.25% for those maturing in 364 days and 7.00% for those maturing in 365 days to 389 days. The interest rate on deposits that mature in 390 days (12 months and 25 days) to less than 2 years is 7.20%, while the interest rate on deposits that mature in 2 years to less than 3 years is 7.00%. The interest rate is 6.50% on deposits with a tenor of three years or more but less than four years, 6.25% on deposits with a tenor of four years or more but less than five years, and 6.20% on deposits with a tenor of five years or more including ten years.
“Standalone Fixed Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as below mentioned in premature withdrawal penalty section. For ActivMoney (2 way sweep deposits) Regular Fixed Deposit rates will be applicable for all customers including Senior Citizen's / Bank Staff,"Kotak Mahindra Bank has mentioned on its website.
“The interest rate for fixed deposits with Kotak Bank varies with maturity period, deposit amount, type of depositor, etc. For instance, the rates are higher for senior citizens compared to residing Indians under the age of 60 years," said the bank on its website.
A fixed deposit at Kotak may be started for as little as Rs. 5,000. There is no maximum amount that may be put into a fixed deposit, and anybody can book one through net banking as long as his or her PAN has been updated with the bank for the primary applicant who will be using the fixed deposit.