Kotak Mahindra Bank, a leading private sector lender, has raised its interest rates on fixed deposits (FDs) of less than ₹2 crore. After the adjustment, the bank raised the interest rates on select tenors by up to 50 basis points. The general public can earn interest rates ranging from 2.75% to 6.20% on deposits maturing in 7 days to 10 years, while senior citizens may receive rates ranging from 3.25% to 6.70%. Kotak Mahindra Bank currently provides a maximum interest rate of 7.20% and 7.70% for older folks on terms ranging from 390 days (12 months 24 days) to less than 2 years. According to the bank's official website, the new rates are effective as of today, March 8, 2023.
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank will continue to give a 2.75% interest rate on deposits maturing in 7 - 14 days and a 3.00% interest rate on deposits maturing in 15 - 30 days. Kotak Mahindra Bank will continue to give 3.25% interest rates on deposits held for 31-45 days and 3.50% interest rates on deposits held for 46-90 days. Deposits maturing in 91-120 days will continue to give a 4.00% interest rate, while those maturing in 121-179 days will continue to offer a 4.25% interest rate.
Kotak Mahindra Bank has increased the interest rate on domestic term deposits maturing in 180 days by 50 basis points, from 6% to 6.50%, while those maturing in 181 days to 363 days will remain at 6.00%. Kotak Mahindra Bank will continue to offer a 6.25% interest rate on deposits held for 364 days, and a 7.00% interest rate on deposits held for 365 days to 389 days.
Deposits maturing in 390 days (12 months 24 days) to less than 2 years will continue to pay 7.20%, while those maturing in 2 years to less than 3 years will now pay 7.00%, a 25 basis point increase from 6.75%. Fixed deposits maturing in 3 years or more but less than 4 years will continue to earn a 6.50% interest rate, while those maturing in 4 years or more but less than 5 years will earn a 6.25% interest rate. Kotak Mahindra Bank will continue to offer a 6.20% interest rate on deposits of 5 years and above, up to and including 10 years.
To open a fixed deposit account with Kotak Mahindra Bank, the depositor must have a minimum fixed deposit of Rs. 5,000. For the FD interest payment, you can choose from cumulative, monthly, or quarterly pay-out options with Kotak Mahindra Bank.
Kotak Mahindra Bank has said in a regulatory filing that “we wish to inform you that a meeting of the Board of Directors of Kotak Mahindra Bank Limited ("Bank") will be held on Friday, March 17 - Saturday, March 18, 2023, inter alia, to consider and declare dividend on 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares of face value of Rs. 5/- each (“PNCPS") (INE237A04014), as per the terms of issue. The Bank has fixed Friday, March 17, 2023 as the "Record Date" for the purpose of ascertaining the holders of PNCPS who will be eligible to receive the aforesaid dividend."
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