Kotak Mahindra Bank Hikes FD Rates By 75 Bps On These Tenors: Check Details

Kotak Mahindra Bank, a leading lender in the private sector, raised the interest rate on fixed deposits under Rs 2 Cr. The bank issued this statement on December 11th, and in response to the change, it increased interest rates on tenors ranging from three to five years by as much as 75 basis points.

The last time Kotak Mahindra Bank changed interest rates was October 25, 2023. Following this, the bank provided a maximum return of 7.25% for terms ranging from 23 months to 2 years. Kotak Mahindra Bank announced a change in interest rates for its term deposits following the central bank's decision to maintain the repo rate at 6.5% in its December 2023 monetary policy committee (MPC) meeting.

Kotak Mahindra Bank FD Rates

The bank is paying 2.75% interest on fixed deposits that mature in 7-14 days, and Kotak Mahindra Bank is offering 3.00% interest on deposits maturing in 15-30 days. For deposits between 31 and 45 days, Kotak Mahindra Bank is giving an interest rate of 3.25%; for deposits between 46 and 90 days, the rate is 3.50%. The interest rate on deposits maturing in 91-120 days is 4%, while the interest rate on deposits maturing in 121-179 days is 4.25%.

The bank is giving an interest rate of 7.00% on fixed deposits maturing in 180 days, and Kotak Mahindra Bank is offering an interest rate of 6.00% on those maturing in 181 days to 363 days. For a deposit period of 364 days, Kotak Mahindra Bank is giving an interest rate of 6.50%; for a duration of 365 days to 389 days, the rate is 7.10%. An interest rate of 7.15% will be paid on deposits maturing in 390 days (12 months and 24 days), and 7.20% will be paid on deposits that mature in 391 days to less than 23 months.

The bank offers an interest rate of 7.25% on term deposits with a duration of 23 months to less than 2 years, while Kotak Mahindra Bank will continue to pay an interest rate of 7.10% on deposits that mature in 2 years to less than 3 years. Kotak Mahindra Bank has hiked interest rates by 50 bps from 6.50% to 7% on 3 years and above but less than 4 years tenure and by 75 bps from 6.25% to 7.00% on 4 years and above but less than 5 years tenure. Deposits that mature in five years and up to and including ten years, will earn 6.20% interest.

Kotak Mahindra Group, one of India's top financial services companies, was founded in 1985. The Group's flagship firm, Kotak Mahindra Finance Ltd. (KMFL), became the first non-banking financing company in India to become a bank when it converted into Kotak Mahindra Bank Limited in February 2003 after receiving a banking license from the Reserve Bank of India (RBI). As on 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).