At the private sector lender Kotak Mahindra Bank, the interest rate on fixed deposits under Rs. 2 Cr. has increased. The new rates became effective on September 19, 2022, according to the bank’s official website. The bank increased interest rates on fixed deposits with maturities ranging from two to ten years by 10 basis points after the adjustment. The bank is now promising an interest rate range of 2.50% to 6.10% for fixed deposits maturing in 7 days to 10 years for the general public and 3.00% to 6.60% for senior citizens.
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Kotak Mahindra Bank: FD rates
The bank will still offer a 2.65% interest rate on term deposits that mature in 15 to 30 days and a 2.50% interest rate on fixed deposits that mature in 7 to 14 days. The interest rate on fixed deposits maturing in 31 to 90 days will remain at 3.25%, and the interest rate on fixed deposits maturing in 91 to 179 days will remain at 3.75%, according to Kotak Mahindra Bank.
Fixed deposits that mature in 180 to 363 days will continue to pay interest at a rate of 5.00%, while term deposits that mature in 364 days or more will continue to pay interest at a rate of 5.25%.
While maintaining a rate of 6.00% on term deposits maturing in 390 days (12 months and 25 days) to less than 23 months, Kotak Mahindra Bank will continue to offer an interest rate of 5.75% on fixed deposits maturing in 365 days to 389 days.
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Fixed deposits with maturities of less than two years (23 months to less than two years) will continue to pay interest at a rate of 6.10 percent, but fixed deposits with maturities of two years and up will now offer an interest rate of 6.10 percent, up from 6% previously, a 10 basis point increase.
For early withdrawals of fixed deposits with a maturity of more than 180 days but less than or equal to 364 days, the bank deducts a penalty charge of 0.50%; for early withdrawals of fixed deposits with a maturity of more than 365 days, the penalty charge is 1.00%.
According to Kotak Mahindra Bank’s website, interest will be paid at the rate in effect on the deposit date for the duration that the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting any applicable penalties for premature withdrawal in accordance with the bank’s terms and conditions.
According to the bank’s terms and conditions for fixed deposit accounts, there is a penalty for early closure.
