Kotak Mahindra has increased the interest rates on fixed deposits once again for different tenures. In a statement, the bank said that the latest hike in FD interest rate is applicable on amounts less than Rs 2 crore.
Kotak further stated that the new rates will apply to Domestic/NRO/NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits, they added. The bank said that the new interest rates have come into effect from April 12.
On the official website, the bank said it has increased the interest rate by 25 basis points for tenures between 121 days and 179 days, and 364 days. These fixed deposits will earn interest at the rates of 4.50 % and 4.75 % respectively, the bank added. For a tenure of 4 to 5 years, the bank will offer a 5.5% to 5.45% interest rate on deposits.
New FD Interest rates
- 7 days to 14 days – For General Public: 2.50 %; For Senior Citizens: 3.00 %
- 15 days to 30 days – For General Public: 2.50 %; For Senior Citizens: 3.00 %
- 31 days to 45 days – For General Public: 2.75 %; For Senior Citizens: 3.25 %
- 46 days to 90 days – For General Public: 2.75 %; For Senior Citizens: 3.25 %
- 91 days to 120 days – For General Public: 3.00 %; For Senior Citizens: 3.50 %
- 121 days to 179 days – For General Public: 3.50 %; For Senior Citizens: 4 %
- 180 days – For General Public: 4.50 %; For Senior Citizens: 5 %
- 181 days to 269 days – For General Public: 4.50 %; For Senior Citizens: 5 %
- 270 days – For General Public: 4.50 %; For Senior Citizens: 5 %
- 271 days to 363 days – For General Public: 4.50 %; For Senior Citizens: 5 %
- 364 days – For General Public: 4.75 %; For Senior Citizens: 5.25 %
- 365 days to 389 days – For General Public: 5.10 %; For Senior Citizens: 5.60 %
- 390 days (12 months 25 days)- For General Public: 5.20 %; For Senior Citizens: 5.70 %
- 391 days to less than 23 months – For General Public: 5.20 %; For Senior Citizens: 5.70 %
- 23 months – For General Public: 5.25 %; For Senior Citizens: 5.75 %
- 23 months 1 day to less than 2 years – For General Public: 5.25 %; For Senior Citizens: 5.75 %
- 2 years to less than 3 years – For General Public: 5.30 %; For Senior Citizens: 5.80 %
- 3 years and above but less than 4 years – For General Public: 5.45 %; For Senior Citizens: 5.95 %
- 4 years and above but less than 5 years – For General Public: 5.50 %; For Senior Citizens: 6 %
- 5 years and above up to and inclusive of 10 years – For Public: 5.60 %; For Senior Citizens: 6.10 %.
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