Kotak Mahindra Bank, a leading private sector lender, has hiked its interest rates on fixed deposits (FDs). 2 crores. Following the adjustment, the bank increased interest rates by up to 50 basis points on select tenors. General public can earn interest rates ranging from 2.75% to 6.20% on deposits maturing in 7 days to 10 years, while senior citizens can get rates ranging from 3.25% to 6.70%. Kotak Mahindra Bank currently offers a maximum interest rate of 7.20% and 7.70% for senior citizens on terms ranging from 390 days (12 months 24 days) to less than 2 years. The new rates are effective from today, March 8, 2023, according to the bank’s official website.
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank will continue to offer 2.75% interest rate on deposits maturing in 7-14 days and 3.00% interest rate on deposits maturing in 15-30 days. Kotak Mahindra Bank will continue to offer an interest rate of 3.25% on deposits of 31-45 days and 3.50% on deposits of 46-90 days. Deposits maturing in 91-120 days will continue to fetch an interest rate of 4.00%, while deposits maturing in 121-179 days will continue to fetch an interest rate of 4.25%.
Kotak Mahindra Bank has increased the interest rate on domestic fixed deposits maturing in 180 days by 50 basis points from 6% to 6.50%, while those maturing in 181 days to 363 days will carry an interest rate of 6.00%. Kotak Mahindra Bank will continue to offer 6.25% interest rate on deposits for 364 days and 7.00% interest rate on deposits for 365 days to 389 days.
Deposits maturing in 390 days (12 months 24 days) to less than 2 years will continue to pay 7.20%, while deposits maturing in 2 years to less than 3 years now pay 7.00% Which is an increase of 25 basis points from 6.75%. Fixed Deposits maturing in 3 years or more but less than 4 years will continue to earn 6.50% interest rate, while Fixed Deposits maturing in 4 years or more but less than 5 years will continue to earn 6.25% interest rate will be earned. Kotak Mahindra Bank will continue to offer 6.20% interest rate on deposits of 5 years and above up to 10 years.
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To open a fixed deposit account with Kotak Mahindra Bank, the depositor must have a minimum fixed deposit of Rs. 5,000. For FD interest payouts, you can choose from cumulative, monthly or quarterly payout options with Kotak Mahindra Bank.
Kotak Mahindra Bank said in a regulatory filing that “We wish to inform you that a meeting of the Board of Directors of Kotak Mahindra Bank Limited (the “Bank”) will be held on Friday, March 17 – Saturday, March 18, 2023. Inter alia as well as to consider and declare dividend on 8.10% Non-Convertible Perpetual Non-Cumulative Preference Shares of face value of Rs.5/- each (“PNCPS”) (INE237A04014), in accordance with the terms of the issue The Bank has fixed Friday, the 17th March, 2023 as the “Record Date” for the purpose of ascertaining the holders of PNCPS who will be eligible to receive the aforesaid dividend.”
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