Private sector lenders Kotak Mahindra Bank has tweaked the interest rates on its fixed deposits on select tenors. The bank will now offer interest rate of 7 per cent for the 390-days schemes, which is basically for 12 months 25 days. The same rate of interest is being offered in the schemes of 391 Days-Less than 23 Months, and the 23-Month scheme.
Besides, it is offering a revised rate of 6.75 per cent for the scheme of 365 days to 389 days. The fixed deposit rates will come into effect from December 15, 2022, i.e. Thursday, and applicable on deposits below Rs 2 crore.
The revised rates are as follows:
365 Days – 389 Days
6.75%
390 Days (12 months 25 days)
7.00%
391 Days- Less than 23 Months
7.00%
23 Months
7.00%
On December 9, Kotak Mahindra Bank tweaked the interest rate for the scheme maturing in 390 Days (12 months 25 days) to less than 2 years to 6.50 per cent to the general public and 7.00 per cent for senior citizens.
Similar to that, a 180-day fixed-rate deposit (FD) pays interest at a rate of 5.50 percent for regular deposits and at 6 percent for senior citizen deposits.
According to the bank’s website, the senior citizens’ fixed deposit interest rate does not apply to NRO or NRE deposits. If the NREs FD is held for less than a year, no interest will be paid.
FD rules in general
The private lender offers fixed deposit schemes ranging from 7 days to 10 years. Investors can opt for different pay-out plans like cumulative, monthly, or quarterly pay-out alternatives for the FD interest amount.
The bank also allows its investors to partially or prematurely withdraw fixed deposits.
