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Kotak Mahindra Bank Latest FD Rates Effective From Today, Offers Maximum 7.70% To Senior Citizens
Kotak Mahindra Bank, a leading private sector bank, hikes the interest rates on fixed deposits of less than Rs 2 crore. The interest rate hike will come into effect from April 6, 2023, according to Kotak Mahindra Bank's official website.
The Bank offers interest rates on deposits from 2.75% to 7.20% for the general public and 3.25% to 7.70% for senior citizens. The interest rates on FDs are applicable on the maturity period ranging from 7 days to 10 years.
On Fixed Deposits maturing in 390 days (12 months 25 days) to less than 2 years, the bank offers a maximum interest rate of 7.20% to the general public and 7.70% to senior citizens These interest rates on Fixed Deposits come with premature withdrawal facility.
Interest Rates For Domestic/NRO/NRE FD Less Than Rs 2 Crore - Premature Withdrawal Allowed
| Maturity Periods | Regular Interest Rates (% p.a.) | Senior Citizen Interest Rates (% p.a.) |
|---|---|---|
| 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% |
Please Note - Senior Citizens' rate is not applicable on NRO/NRE deposits. 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.
Source - Kotak.com
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