Kotak Mahindra Bank hikes interest rates on fixed deposits: Check new rates here

Kotak Mahindra Bank FD Rates 2022

The bank will continue to offer an interest rate of 2.50 per cent on deposits maturing in 7 to 30 days and 3 per cent on fixed deposits maturing in 31 to 90 days. On fixed deposits maturing from 91 days to 179 days, Kotak Mahindra Bank will continue to offer an interest rate of 3.50 per cent, while on fixed deposits maturing from 180 days to 363 days, the bank has retained its previous interest rate of 4.75 per cent. , The interest rate on deposits maturing in 364 days will remain at 5.25 per cent, and on fixed deposits maturing in 389 days from 365 days, the interest rate has increased from 5.50 per cent to 5.60 per cent, an increase of 10 basis points. The bank will continue to offer an interest rate of 5.75 per cent on fixed deposits maturing in from 390 days (12 months and 25 days) to less than 3 years, and Kotak Mahindra Bank will continue to offer an interest rate of 5.90 per cent on fixed deposits. Deposits maturing in 3 years and above and with 10 years.

Kotak Mahindra Bank levies a penalty of 0 percent for premature withdrawal if the term of the fixed deposit is less than 180 days. If the deposit period exceeds 180 days but is less than or equal to 364 days, the bank will levy a penalty of 0.50 per cent; If it is greater than or equal to 365 days, the bank will levy a penalty of 1.00 per cent. Kotak Mahindra Bank on its website mentions that “Interest shall be paid at the rate prevailing on the date of deposit for the period of deposit or amount withdrawn with the Bank or at the contracted rate, whichever is less, in the applicable penalty charges.” For premature withdrawal as per Bank’s terms and conditions after deduction. Partially withdrawn by the Bank on Fixed Deposits booked/renewed on or after May 20, 2022, as per terms and conditions of the Bank’s Fixed Deposit Accounts Penal charges have been prescribed for premature closure of Fixed Deposit including closure.

first article