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Kotak Mahindra Bank Raises Fixed Deposit Interest Rates; Know Latest FD Rates

By: Business Desk

News18.com

Last Updated: July 26, 2022, 16:54 IST

New Delhi, India

Kotak Mahindra Bank's senior citizen rates are not applicable on NRO/NRE deposits.

Kotak Mahindra Bank's senior citizen rates are not applicable on NRO/NRE deposits.

FD interest rate hike by Kotak Mahindra Bank comes after several other lenders, including ICICI Bank, PNB and SBI, also raised interest rates

Private sector lender Kotak Mahindra Bank has hiked its interest rates on fixed deposits (FD) on a particular tenure. The new rates will be effective Tuesday on FD with a tenure of 365 days to 389 days, rising by 10 basis points. The FD interest rate hike by Kotak Mahindra Bank comes after several other lenders, including ICICI Bank, PNB and SBI, also raised interest rates. The lenders are raising the FD rates as the RBI’s Monetary Policy Committee (MPC) hiked the key repo rates in order to control inflation in the country.

According to Kotak Mahindra Bank’s website, the latest FD rates are applicable to domestic/ NRO / NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from July 26:

7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent

15 days to 30 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent

31 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

46 days to 90 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

91 days to 120 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent

121 days to 179 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent

180 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent

181 days to 269 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent

270 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent

271 days to 363 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent

364 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent

365 days to 389 days – For General Public: 5.60 per cent; For Senior Citizens: 6.10 per cent

390 days (12 months 25 days)- For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent

391 days to less than 23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent

23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent

23 months 1 days to less than 2 years – For General Public: 6.25 per cent; For Senior Citizens: 5.75 per cent

2 years to less than 3 years – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent

3 years and above but less than 4 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent

4 years and above but less than 5 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent

5 years and above up to and inclusive of 10 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent.

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first published:July 26, 2022, 16:54 IST
last updated:July 26, 2022, 16:54 IST