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Kotak Mahindra Bank Hikes FD Rates, Now Senior Citizens Get Upto 7.70%, Rates Effective From Today
Kotak Mahindra Bank, a leading private sector bank in India, has hiked the interest rates on fixed deposits (FDs) below Rs 2 crore. According to the bank's website, the revised rates are effective from March 21, 2023.
Post the hike, the general public gets interest rates ranging from 2.75% to 7.20% on deposits maturing in 7 days to 10 years, while senior citizens get interest rates ranging from 3.25% to 7.70% on the same deposit period.
Kotak Mahindra Bank, on deposit period ranging from 390 days (12 months 24 days) to 2 years offers the highest interest rate of 7.20% to the general public and 7.70% to senior citizens, respectively. On a deposit period of 365 days to 389 days and 2 years - less than 3 years, the bank offers 7% interest to the general public and 7.50% to senior citizens. These fixed deposits come with premature withdrawal facilities.
Interest Rates For domestic / NRO / NRE Fixed Deposits w.e.f 21 March 2023
| Maturity Periods | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.25% | 6.75% |
| 365 Days to 389 Days | 7.00% | 7.50% |
| 390 Days (12 months 25 days) | 7.20% | 7.70% |
| 391 Days - Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Source - www.kotak.com
Please Note - Senior Citizens' rate is not applicable on NRO/NRE deposits
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