Kotak Mahindra Bank hikes FD interest rates: Senior citizens can earn up to 7.70%

Rate this post

Kotak Mahindra Bank increased the interest rates on its fixed deposits for the second time in a month, making them more lucrative for the citizens. The new FD rates for amounts below Rs 2 crore will take effect on February 17th, according to the bank website.
Kotak Mahindra Bank had earlier revised FD rates on February 10, 2023.

Kotak Mahindra Bank FD rates
After the hike, the bank is offering 7.7 per cent interest rates to senior citizens and 7.20% for regular citizens for a tenure lasting from 15 months to 2 years.

Kotak Mahindra FD interest rates
TenureRegularSenior Citizen
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 Days6.00%6.50%
181 Days to 269 Days6.00%6.50%
270 Days6.00%6.50%
271 Days to 363 Days6.00%6.50%
364 Days6.25%6.75%
365 Days to 389 Days7.00%7.50%
390 Days (12 months 25 days)7.20%7.70%
391 Days – Less than 23 Months7.20%7.70%
23 Months7.20%7.70%
23 months 1 Day- less than 2 years7.20%7.70%
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%

The above rates are applicable for domestic, NRO, and NRE fixed deposits and these deposits have premature withdrawal facilities.

Kotak Mahindra Bank recurring deposit rates
After the hike, the bank offers interest rates between 6 per cent to 7.20 per cent for regular citizens and 6.50 per cent to 7.70 per cent for senior citizens. The highest rate of 7.20 per cent and 7.70 per cent is offered on deposits of 15 months, 18 months, and 21 months.

TenureInterest Rate p.a. ( %)Senior Citizen Rates p.a. ( %)
6 Months6.00%6.50%
9 Months6.00%6.50%
12 Months7.00%7.50%
15 Months7.20%7.70%
18 Months7.20%7.70%
21 Months7.20%7.70%
24 Months6.75%7.25%
27 Months6.75%7.25%
30 Months6.75%7.25%
33 Months6.75%7.25%
3 years – less than 4 years6.50%7.00%
4 years – less than 5 years6.25%6.75%
5 years – 10years6.20%6.70%

Penalty on delay in payment of RD installment
According to the Kotak Mahindra Bank website, “In case of delay in payment of any installment 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 per cent p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.”

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Please consider supporting us by disabling your ad blocker on our website