Kotak Mahindra Bank hikes FD interest rate on this tenor

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Kotak Mahindra Bank has hiked the interest rates offered on its fixed deposits (FDs) for amounts below Rs 2 crore. The revised interest rates on FDs are effective from January 16, 2023. The revised interest rates are applicable for domestic, NRO, and NRE deposits. This is the second time the bank has revised the FD interest rates on select tenor in January.
Also read: Latest Bank Fixed Deposit Interest Rates in India for 2023

Latest Kotak Mahindra FD interest rates
The bank has hiked the interest rate on tenure of 2 years- less than 3 years from 6.50 percent to 6.75 percent. Interest rates on other tenures remain unchanged.

RegularSenior Citizen*
Maturity PeriodLess than Rs.2 Crore#Less than Rs.2 Crore#
7 – 14 Days2.75%3.25%
15 – 30 Days3.00%3.50%
31 – 45 Days3.25%3.75%
46 – 90 Days3.50%4.00%
91 – 120 Days4.00%4.50%
121 – 179 days4.25%4.75%
180 Days5.75%6.25%
181 Days to 269 Days5.75%6.25%
270 Days5.75%6.25%
271 Days to 363 Days5.75%6.25%
364 Days6.00%6.50%
365 Days to 389 Days6.75%7.25%
390 Days (12 months 25 days)7.00%7.50%
391 Days – Less than 23 Months7.00%7.50%
23 Months7.00%7.50%
23 months 1 Day- less than 2 years7.00%7.50%
2 years- less than 3 years6.75%7.25%
3 years and above but less than 4 years6.50%7.00%
4 years and above but less than 5 years6.25%6.75%
5 years and above upto and inclusive of 10 years6.20%6.70%

Kotak Mahindra loan rates
Kotak Mahindra Bank revised the marginal cost of funds-based lending rate (MCLR) across tenures. The revised MCLR rates will take effect on January 16, 2023.

TenorBenchmarkRate
OvernightK-MCLR O/N8.15%
One MonthK-MCLR 1M8.40%
Three MonthK-MCLR 3M8.55%
Six MonthK-MCLR 6M8.75%
One YearK-MCLR 1Y8.95%
Two yearK-MCLR 2Y9.00%
Three yearK-MCLR 3Y9.15%

Source: Bank website

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