New Delhi: Kotak Mahindra Bank has increased the interest rates on fixed deposit (FD) schemes with varying maturity periods. The private lender has hiked the interest rates on FD schemes worth less than Rs 2 crore, according to the bank’s official website. The latest FD interest rates are effective from April 12, 2022.
The bank has pointed out that the latest interest rates are applicable to fixed deposit accounts opened by Domestic or NRO or NRE investors. It also means that the new interest rates are not applicable to senior citizen investors.
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Kotak Mahindra Bank FD Interest Rates
Kotak Mahindra Bank has increased the interest rates on FDs maturing between 121 days and 179 days to 4.50 per cent. Also, deposits with a term period of 364 days will also fetch a 0.25% higher interest rate of 4.75 per cent.
Also, the bank will provide a higher interest rate of 5.50 per cent on FD policies maturing in four years or more but less than five years. Investors used to receive an interest of 5.45% on such FD investments.
Meanwhile, Kotak Bank is offering a 2.50% interest rate on FD schemes maturing between seven to 14 days. The interest rate on FDs maturing between 15 days to 30 days, 31 days to 45 days, and 46 days to 90 days now stand at 2.50%, 2.75%, and 2.75%, respectively.
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Also, the bank provides an interest rate of 3% on FD schemes maturing between 91 days to 120 days. FD investments maturing in 121 days to 179 days will now fetch returns at 3.50%.
The bank is offering a higher interest rate of 5.50% on term deposits maturing in more than 4 years but less than 5 years. Further, investors can receive returns at 5.60% on FD investments maturing between 5 years or more but less than 10 years.
