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Kotak Mahindra Bank Latest FD Rates Effective From Today, Offer Highest 7.70% On This Tenure
On April 10, 2023, the lKotak Mahindra Bank's latest fixed deposit (FD) interest rates became effective, according to the Kotak Mahindra Bank website. For deposits maturing in 7 days to 10 years, Kotak Mahindra Bank now offers interest rates that range from 2.75% to 7.20% for the general public and from 3.25% to 7.70% for senior citizens.
The maximum interest rate for deposits maturing in 390 days (12 months 25 days) to less than 2 years is 7.20% for non-senior citizens and 7.70% for senior citizens.
These Fixed deposits come with a premature withdrawal facility, which allows the depositor to close the FD before the date of maturity arrives.
Interest Rates for Domestic/NRO/NRE Fixed Deposits effective from 10th April 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 - Kotak.com
According to the Kotak Mahindra Bank, "No interest will be payable for NRE TDs staying less than 1 year. For Fixed Deposits with tenure below 181 days, interest will be calculated at maturity as Simple Interest. Standalone Fixed Deposits of tenure 181 days and above linked to saving / current account will be treated as per the regular sweep deposit functionality and penal charge will be applicable as below mentioned in premature withdrawal penalty section."
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