interest rate on fixed deposits down Private sector lender Kotak Mahindra Bank has raked in Rs 2 crore. According to the bank’s official website, the new rates came into effect from September 19, 2022. Post adjustments, the bank increased interest rates on fixed deposits with maturities between two and ten years by 10 basis points. On fixed deposits maturing in 7 days to 10 years, the bank is now promising interest rates ranging from 2.50% to 6.10% for general public and 3.00% to 6.60% for senior citizens.
Kotak Mahindra Bank FD Rates
The bank will continue to offer an interest rate of 2.65 per cent on fixed deposits maturing in 15 to 30 days and 2.50% on fixed deposits maturing in 7 to 14 days. On fixed deposits maturing in 31 to 90 days, Kotak Mahindra Bank will continue to offer an interest rate of 3.25%, while on fixed deposits maturing in 91 to 179 days, the bank has maintained its current interest rate of 3.75%. Fixed deposits maturing between 180 and 363 days will continue to pay interest at the rate of 5.00%, while fixed deposits maturing between 364 days will continue to earn interest at the rate of 5.25%.
Kotak Mahindra Bank will continue to offer an interest rate of 5.75% on fixed deposits maturing in 365 days to 389 days, while it has reduced the rate of 6.00% on fixed deposits maturing in 390 days (12 months and 25 days). is maintained. 23 months. Fixed deposits with maturities of 23 months to less than 2 years will continue to pay interest at the rate of 6.10 per cent, but fixed deposits with maturities of 2 years and more than 10 years will now attract an interest rate of 6.10 per cent, up from 6% earlier , an increase of 10 basis points.
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The bank levies a penalty fee of 0.50% for premature withdrawal of fixed deposits with maturities of more than 180 days but less than or equal to 364 days and a penalty of 1.00% for premature withdrawal of fixed deposits with maturities of more than 364 days. more than 365 days. 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mentions that “Interest shall be paid at the rate prevailing on the date of deposit for the period of deposit or amount withdrawn with the Bank or at the contracted rate, whichever is less, in the applicable penalty charges.”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 Partially withdrawn by the Bank on Fixed Deposits booked/renewed on or after May 20, 2022, as per terms and conditions of Bank’s Fixed Deposit Accounts Penal charges have been prescribed for premature closure of fixed deposits including closure.”
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