Kotak Mahindra Bank Hikes Fixed Deposit Interest Rates for These Accounts; Know Details

Kotak Mahindra Bank Fixed Deposits Rate: Leading private lender Kotak Mahindra Bank has once again hiked the interest rates on fixed deposits (FD) of different tenures. The latest FD rate hike is only applicable on amounts of less than Rs 2 crore, Kotak Mahindra Bank has said on its website. The new rates are applicable to Domestic / NRO / NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits, Kotak Mahindra Bank has said. The new rates have come into effect from April 12, Thursday.

The bank, in its announcement, has said that has hiked the interest rate by 25 basis points for tenures between 121 days and 179 days, and for 364 days. These fixed deposits will earn an interest at the rates of 4.50 per cent an 4.75 per cent respectively. The bank will now offer an interest rate of 5.50 per cent up from 5.45 per cent before on deposits maturing in four years or more but less than five years.

Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum):

7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent

15 days to 30 days – For General Public: 2.50 per cent; For Senior Citizens:  3.00 per cent

31 days to 45 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent

46 days to 90 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent

91 days to 120 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

121 days to 179 days – For General Public: 3.50 per cent; For Senior Citizens: 4 per cent

180 days – For General Public: 4.50 per cent; For Senior Citizens: 5 per cent

181 days to 269 days – For General Public: 4.50 per cent; For Senior Citizens: 5 per cent

270 days – For General Public: 4.50 per cent; For Senior Citizens: 5 per cent

271 days to 363 days – For General Public: 4.50 per cent; For Senior Citizens: 5 per cent

364 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent

365 days to 389 days – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent

390 days (12 months 25 days)- For General Public: 5.20 per cent; For Senior Citizens: 5.70 per cent

391 days to less than 23 months – For General Public: 5.20 per cent; For Senior Citizens: 5.70 per cent

23 months – For General Public: 5.25 per cent; For Senior Citizens: 5.75  per cent

23 months 1 days to less than 2 years – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent

2 years to less than 3 years – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent

3 years and above but less than 4 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent

4 years and above but less than 5 years  – For General Public: 5.50 per cent; For Senior Citizens: 6 per cent

5 years and above up to and inclusive of 10 years – For Public: 5.60 per cent; For Senior Citizens: 6.10 per cent

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