Kotak Mahindra Bank revises fixed deposit interest rates; check latest rates here

Kotak Mahindra Bank has revised its interest rate for fixed deposits, bringing some festive cheer to account holders. The new rates, which are effective from today, 26 September, range from 2.50 percent to 6.10 percent on different tenures.

For senior citizens, the interest rates range from 3 percent to 6.60 percent per annum.

Moreover, in case of term deposits with tenure less than 181 days, no penalty will be charged on early withdrawal of FD. For terms over 181 days, a penalty amounting to 0.50 percent of interest will be charged by Kotak Mahindra Bank.

Interest rates (per annum) on Kotak Mahindra Bank FDs (for less than Rs 2 crore): ― 7 to 14 days: 2.50 percent ― 15 to 30 days: 2.65 days ― 31 to 45 days: 3.25 percent ― 46 to 90 days: 3.25 percent ― 91 to 120 days: 3.75 percent ― 121 to 179 days: 3.75 percent ― 180 days: 5 percent ― 181 to 269 days: 5 percent ― 270 days: 5 percent ― 271 to 363 days: 5 percent ― 364 days: 5.25 percent ― 365 days to 389 days: 5.75 percent ― 390 days: 6 percent ― 391 Days: 6 percent ― 23 Months: 6.1 percent ― 23 months 1 day- less than 2 year: 6.1 percent ― 2 years to less than 3 years: 6.1 percent ― 3 years to less than 5 years: 6.10 percent ― 5 years to 10 years: 6.10 percent

As per the official website, “No interest will be payable for NRE TDs staying less than 1 year.” Furthermore, for FDs with tenure below 181 days, the interest will be calculated as simple interest. As per Kotak Mahindra Bank’s website, you can open a fixed deposit with a minimum of Rs 5,000.

Recently ICICI Bank had hiked its interest rate on term deposits less than Rs 2 crore. For more information related to the new rate, you can visit the bank’s website.

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