Kotak Mahindra Bank hikes FD interest rate by 50 basis points on this tenure
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Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023Kotak Mahindra Bank has increased fixed deposit interest rate by 50 basis points (bps) on one tenure. The revised interest rate will be applicable for deposits below Rs 2 crore from May 11, 2023.Kotak Mahindra Bank offers an interest rate between 2.75% to 7.20% to general citizens and 3.25% to 7.70% for senior citizens. The bank has increased interest rate by 50 bps on tenure of 180 days from 6.50% to 7% and 10 bps on tenure of 365 Days to 389 Days from 7% to 7.10% for regular citizens.
Latest FD interest rates
RegularSenior Citizen7 - 14 Days2.75%3.25%15 - 30 Days3.00%3.50%31 - 45 Days3.25%3.75%46 - 90 Days3.50%4.00%91 - 120 Days4.00%4.50%121 - 179 days4.25%4.75%180 Days7.00%7.50%181 Days to 269 Days6.00%6.50%270 Days6.00%6.50%271 Days to 363 Days6.00%6.50%364 Days6.50%7.00%365 Days to 389 Days7.10%7.60%390 Days (12 months 25 days)7.20%7.70%391 Days - Less than 23 Months7.20%7.70%23 Months7.20%7.70%23 months 1 Day- less than 2 years7.20%7.70%2 years- less than 3 years7.00%7.50%3 years and above but less than 4 years6.50%7.00%4 years and above but less than 5 years6.25%6.75%5 years and above upto and inclusive of 10 years6.20%6.70%
Latest recurring deposit interest rate
Recurring deposit interest rate vary between 6% to 7.20% for tenure between 6 months to 10 years for regular citizens and 6.50% to 7.70% for senior citizens.
TenureInterest Rate p.a. ( %)Senior Citizen Rates p.a. ( %)6 Months6.00%6.50%9 Months6.00%6.50%12 Months7.10%7.60%15 Months7.20%7.70%18 Months7.20%7.70%21 Months7.20%7.70%24 Months7.00%7.50%27 Months7.00%7.50%30 Months7.00%7.50%33 Months7.00%7.50%3 years - less than 4 years6.50%7.00%4 years - less than 5 years6.25%6.75%5 years - 10years6.20%6.70%
Premature withdrawal
According to the Kotak Mahindra Bank website, the penal charge on premature closure of Fixed Deposits including partial closure has been fixed by the bank as below on Fixed Deposits booked/ renewed on or after 20th May, 2022.
Tenure of Fixed DepositPenaltyLess than equal to 180 daysNilGreater than 180 days to less than or equal to 364 days0.50%Greater than or equal to 365 days1.00%Source: Bank website
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This story originally appeared on: India Times - Author:Faqs of Insurances
