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Kotak Mahindra Bank Hikes FD Rates By 5 Bps On 2-3 Years Tenure: Details Inside
Kotak Mahindra Bank joined SBI, Bank of Baroda, IDBI Bank, PNB, and Axis Bank in raising interest rates on fixed deposits under Rs 2 Cr. This comes after the Reserve Bank of India's Monetary Policy Committee (MPC) maintained the repo rate at 6.5% for the fifth time on December 8. On January 4, 2024, Kotak Mahindra Bank increased interest rates by 5 basis points for a two- to three-year term.
Kotak Mahindra Bank FD Rates
The interest rate on deposits maturing in 7-14 days is 2.75%, whereas Kotak Mahindra Bank offers a 3.00% interest rate on deposits maturing in 15-30 days. The interest rates that Kotak Mahindra Bank now offers are 3.25% for durations between 31 and 45 days and 3.50% for terms between 46 and 90 days. Deposits that mature in 91-120 days will still be eligible for 4.00% interest, while those that mature in 121-179 days will still be eligible for 4.25% interest.
The bank is paying 7.00% interest on deposits that mature in 180 days, and Kotak Mahindra Bank is offering 6.00% interest on deposits maturing in 181 days to 363 days. The interest rate that Kotak Mahindra Bank is offering is 6.50% for a 364-day deposit tenure and 7.10% for a 365-day to 389-day deposit duration. The interest rate on deposits maturing in 390 days (12 months and 24 days) will remain at 7.15%, while the interest rate on deposits maturing in 391 days - less than 23 months will remain at 7.20%.
The bank will continue to offer an interest rate of 7.25% on deposits maturing in 23 months to less than 2 years, and on deposits maturing in 2 years to less than 3 years. Kotak Mahindra Bank raised interest rates from 7.10% to 7.15%, a 5 basis point hike. Deposits that mature in three years or more but less than five years will still have an interest rate of 7.00%, while deposits that mature in five years and above, including ten years, will still have an interest rate of 6.20%.
| Fixed Deposits Interest Rates for Domestic/ NRO / NRE effective from 4th January 2024. (Rates are subject to change from time to time) | ||||
|---|---|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Regular | Senior Citizen | ||
| Less than Rs.2 Crore | Annualised Yield | Less than Rs.2 Crore | Annualised Yield | |
| 7 - 14 Days | 2.75% | 2.75% | 3.25% | 3.25% |
| 15 - 30 Days | 3.00% | 3.00% | 3.50% | 3.50% |
| 31 - 45 Days | 3.25% | 3.25% | 3.75% | 3.75% |
| 46 - 90 Days | 3.50% | 3.50% | 4.00% | 4.00% |
| 91 - 120 Days | 4.00% | 4.00% | 4.50% | 4.50% |
| 121 - 179 days | 4.25% | 4.25% | 4.75% | 4.75% |
| 180 Days | 7.00% | 7.00% | 7.50% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.09% | 6.50% | 6.61% |
| 270 Days | 6.00% | 6.09% | 6.50% | 6.61% |
| 271 Days to 363 Days | 6.00% | 6.09% | 6.50% | 6.61% |
| 364 Days | 6.50% | 6.61% | 7.00% | 7.12% |
| 365 Days to 389 Days | 7.10% | 7.29% | 7.60% | 7.82% |
| 390 Days (12 months 24 days) | 7.15% | 7.34% | 7.65% | 7.87% |
| 391 Days - Less than 23 Months | 7.20% | 7.40% | 7.70% | 7.93% |
| 23 Months | 7.25% | 7.45% | 7.80% | 8.03% |
| 23 months 1 Day- less than 2 years | 7.25% | 7.45% | 7.80% | 8.03% |
| 2 years- less than 3 years | 7.15% | 7.34% | 7.65% | 7.87% |
| 3 years and above but less than 4 years | 7.00% | 7.19% | 7.60% | 7.82% |
| 4 years and above but less than 5 years | 7.00% | 7.19% | 7.60% | 7.82% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.35% | 6.70% | 6.87% |
| Source: Bank Website |
The appointment of Mr. C S Rajan, an Independent Director of the Bank, as the Part-Time Chairman has been recently authorised by the Reserve Bank of India (RBI) and will take effect on January 1, 2024. The position is valid for a duration of two years. After Mr. Prakash Apte, the current part-time chairman retires on December 31, 2023, Mr. Rajan has been appointed as the Bank's Board's next part-time chairman. As of 30 September 2023, Kotak Mahindra Bank Ltd has a national footprint of 1,850 branches and 3,170 ATMs, and branches in GIFT City and DIFC (Dubai).
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