Kotak Mahindra Bank is raising fixed deposit interest rates for these accounts; Know the details

Kotak Mahindra Bank Fixed Deposit Rates: The main private lender Kotak Mahindra Bank has again raised interest rates on fixed deposits (FD) of different tenors. The latest FD rate hike only applies to amounts below Rs 2 crore, Kotak Mahindra Bank said on its website. The new rates are applicable to Domestic / NRO / NRE fixed term accounts. However, senior citizen rates do not apply to NRO/NRE deposits, Kotak Mahindra Bank said. The new tariffs came into effect from April 12, Thursday.

The bank, in its announcement, said it had raised the interest rate by 25 basis points for terms between 121 days and 179 days, and for 364 days. These fixed deposits will bear interest at the rates of 4.50% and 4.75% respectively. The bank will now offer an interest rate of 5.50% compared to 5.45% previously on deposits maturing in four years or more but less than five years.

Here are the revised interest rates on fixed deposits below Rs 2 crore at Kotak Mahindra Bank (per annum):

7 days to 14 days – For the General Public: 2.50%; For seniors: 3.00%

15 days to 30 days – For the general public: 2.50%; For seniors: 3.00%

31 days to 45 days – For the general public: 2.75%; For seniors: 3.25%

46 days to 90 days – For the general public: 2.75%; For seniors: 3.25%

91 days to 120 days – For the general public: 3.00%; For seniors: 3.50%

121 days to 179 days – For the general public: 3.50%; For seniors: 4%

180 days – For the general public: 4.50%; For seniors: 5%

181 days to 269 days – For the general public: 4.50%; For seniors: 5%

270 days – For the general public: 4.50%; For seniors: 5%

271 days to 363 days – For the general public: 4.50%; For seniors: 5%

364 days – For the general public: 4.75%; For seniors: 5.25%

365 days to 389 days – For the general public: 5.10%; For seniors: 5.60%

390 days (12 months 25 days) – For the general public: 5.20%; For seniors: 5.70%

391 days to less than 23 months – General Public: 5.20%; For seniors: 5.70%

23 months – For the general public: 5.25%; For seniors: 5.75%

23 months 1 day to under 2 years – General Public: 5.25%; For seniors: 5.75%

2 years to less than 3 years – General Public: 5.30%; For seniors: 5.80%

3 years and over but less than 4 years – For the general public: 5.45%; For seniors: 5.95%

4 years and over but less than 5 years – For the general public: 5.50%; For seniors: 6%

5 years and over up to and including 10 years – For the public: 5.60%; For seniors: 6.10%

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Leslie M. Gill