Kotak Mahindra Bank hikes FD interest rates for third time in a week; Earn up to 7.5%

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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 December 15, 2022. The revised interest rate is applicable for domestic, NRO, and NRE deposits. This is the third time the bank increased FD interest rates since December 9, 2022.
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.

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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.

Also read:
SBI hikes FD interest rates by up to 65 bps

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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.

kotak-rd-dec15

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.”

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