The private sector lender Kotak Mahindra Bank has increased interest rates on fixed deposits under Rs. 2 crores. The new rates are in effect as of September 1, 2022, according to the bank’s official website. As a result of the modification, the bank raised interest rates on fixed deposits with maturities ranging from 390 days to 10 years.
FD Rates at Kotak Mahindra Bank
The bank will continue to offer interest rates of 2.50% for fixed deposits maturing in 7 to 14 days and 2.65% for term deposits maturing in 15 to 30 days. Fixed deposit interest rates that mature in 31 to 90 days will continue to be 3.25%, while term deposit interest rates that mature in 91 to 179 days will continue to be 3.75%.
Read More: Plan To Invest In 3-5 Years FD? 10 Banks Offering The Highest Interest Rates
Kotak Mahindra Bank will continue to pay an interest rate of 5.00% on fixed deposits maturing in 180 days to 363 days and 5.25% on term deposits maturing in 364 days. Fixed deposits that mature in 390 days (12 months and 25 days) or less than 23 months will now earn interest at a rate of 6%, up from 5.90% previously, a 10 basis point increase. Fixed deposits that mature in 365 days to 389 days will continue to earn interest at a rate of 5.75%. Fixed deposits with maturities between 23 months and less than two years will now be available from the bank at an interest rate of 6.10%, up from 5.90% previously, a 20 basis point increase.
Interest rates for fixed deposits maturing in 2–10 years increased by 10 basis points, from 5.90% to 6%, at Kotak Mahindra Bank. After the bank made the change, customers who have fixed deposits can now benefit from higher fixed deposit rates for terms of 23 months to less than two years, at a rate of 6.10% p.a.
Read More: Yes Bank Fixed Deposit rate changed. These account holders to get upto 7.25% interest – Details
On its website, the bank notes that “The depositor needs to open a fixed deposit account with at least a minimum amount for Fixed Deposit, which is Rs. 5,000 for Kotak Mahindra Bank. The amount remains fixed for a pre-determined period against the promise of a specific interest rate. There are multiple interest withdrawal options for a fixed deposit. With Kotak Mahindra Bank, you choose among cumulative, monthly, or quarterly pay-out options of the FD interest amount.”
