Kotak Mahindra Bank has hiked the interest rate on fixed deposits (FD). After the latest revision, Kotak Bank is offering an interest rate of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years. These rates are effective from 25 October 2023.
The bank has increased the interest rate by 10 basis points (bps) on deposits maturing in two to less than three years. Now, these FDs will fetch 7.10%. Kotak Bank has also hiked the rate on deposits with a tenure of 23 months 1 day to less than 2 years by 5 bps. These term deposits will now fetch 7.25%.
For FDs maturing in 7 to 14 days, 15 to 30 days, 31 to 45, 46 to 90 days, and 91 to 120 days, Kotak Mahindra Bank offers an interest rate of 2.75%, 3%, 3.25%, 3.50%, and 4% respectively. For term deposits maturing in 121 – 179 days , Kotak Mahindra Bank pays 4.25% interest, and for 180 days 7%. For deposits maturing in one year to 389 days, the bank gives 7.1%.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for the general public effective 25 October 2023
7 – 14 days 2.75%
15 – 30 days 3%
31 – 45 days 3.25%
46 – 90 days 3.50%
91 – 120 days 4%
121 – 179 days 4.25%
180 days 7%
181 days to 269 days 6%
270 days 6%
271 days to 363 days 6%
364 days 6.50%
365 days to 389 days 7.10%
390 days (12 months 25 days) 7.15%
391 days – than 23 months 7.20%
23 months 7.25%
23 months 1 day- less than 2 years 7.25%
2 years- less than 3 years 7.10%
3 years and above but less than 4 years 6.50%
4 years and above but less than 5 years 6.25%
5 years and above up to and inclusive of 10 years 6.20%
Kotak Mahindra Bank latest FD rates (below ₹2 crore) for senior citizens
Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 3.25% to 7.75% on FDs maturing in 7 days to 10 years.
Meanwhile, on Saturday, the lender also said the Reserve Bank of India (RBI) has approved Ashok Vaswani, an external candidate, to lead it and succeed its founder Uday Kotak, as the managing director and chief executive officer.
Bank of Baroda, and Unity Bank also increased interest rates on FDs for selected tenors. On the other hand, Yes Bank, and HDFC Bank slashed term deposit interest rates on selected tenure in October 2023.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Updated: 26 Oct 2023, 09:28 AM IST