Latest Kotak Mahindra FD interest rates
The bank will provide 7% interest rates on tenors of 390 days (12 months 25 days), 391 days less than 23 months, and 23 months. The rate hike on fixed deposits will take effect on December 15, 2022.
The bank is now offering an interest rate of 5.75% on tenure of 180 days and for tenure ranging between 181 days to 270 days. The bank will offer an interest rate of 6.75% on tenure of 365 days to 389 days.
Now bank FDs are offering over 9% return, is it time to break your old low-interest FD and reinvest?
FD premature withdrawal charges: SBI vs HDFC Bank vs ICICI Bank vs PNB vs Yes Bank
Senior citizen FD rates
Kotak Mahindra Bank offers 0.50% higher interest rate for senior citizen customers. The bank offers interest rates between 3.25% to 7.50% for tenure ranging from 7 days to 10 years. According to the bank’s website, the senior citizens’ fixed deposit interest rate does not apply to NRO or NRE accounts. If the NREs FD is held for less than a year, no interest will be paid.
SBI hikes FD interest rates by up to 65 bps
HDFC Bank hikes FD interest rate by up to 75 bps
Kotak Mahindra RD rates
The bank offers interest rates ranging between 5.75% to 7% for 6 months to 10 years for regular citizens and 6.25% to 7.50% for senior citizens.
Source: Bank website
Penalty on delay in payment of RD instalment
According to the bank website, “In case of delay in payment of any instalment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.”