There are many financial instruments that can give you good returns but fixed deposits continue to be the favourite among many investors. The reasons remain the same guaranteed returns, reliability and less risk. From salaried folks to senior citizens, fixed deposits remain popular across different sections of investors. There are quite a few banks that offer attractive interest rates for FDs. Kotak Mahindra, one of India’s largest private sector banks, has revised interest rates on its fixed deposits which came into effect on September 8.
Here, we take a look at the new interest rates at Kotak Mahindra Bank
On deposits less than Rs 2 crore, you will get an interest rate of 2.5 per cent for deposits maturing from 7 to 30 days and 2.75% for deposits maturing in 31 to 90 days. Following the revision,fixed deposits maturing in 91-120 days will give a return of 3 per cent, while for those maturing in 121-179 days comes with an interest rate of 3.25 per cent.
The fixed deposits that will mature in 180-269 days will garner an interest of 4.25 per cent for Kotak Mahindra bank account holders. For FDs maturing in 270-364 days, 4.4 per cent interest is available. The interest rates become attractive as the maturing period for the FD falls in the range of 365-389 days, for which the interest rate offered is 4.5 per cent, while the deposits maturing after 390 days, but before 23 months will get an interest rate of 4.75 per cent.
For senior citizens, Kotak Mahindra bank offers a host of benefits. The interest rates on fixed deposits certainly get enticing for senior citizens. In the case of FDs maturing in 7-14 days, the interest rate is 3 per cent. For deposits maturing in 180 days, the interest rate offered by the bank amounts to 4.75 per cent. If the period of the fixed deposit goes to 364 days, a senior citizen can avail of an interest rate of 4.9 per cent from the bank.
Based on the revised rates, Kotak Mahindra Bank is offering an interest rate of 5.4 per cent for deposits with a maturing period between 23 months and 2 years. For deposits maturing for above 5 years, the senior citizen customers will get an interest of 5.75 per cent.