Kotak Mahindra Bank hikes FD rates; now earn 7.9% on this fixed deposit tenure
Kotak Mahindra Bank has increased fixed deposit interest rates on select tenures applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from February 27, 2024.FD interest of up to 9.21%: These banks offer over 9% interest rate on fixed deposits for senior citizens
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.40% to general citizens and 3.25% to 7.90% for senior citizens. Earlier the bank was offering an interest rate between 2.75% to 7.25% to general citizens and 3.25% to 7.75% for senior citizens.
On which tenure the bank offers highest interest rate
The bank provides the highest FD interest rate of 7.4% on deposits maturing between 390 days and less than 23 months for regular citizens. The rate on deposits maturing in 23 months or less than two years is 7.3% for regular citizens.Latest Kotak Mahindra FD interest rates
Maturity Periods - Regular7 - 14 Days2.75%15 - 30 Days3.00%31 - 45 Days3.25%46 - 90 Days3.50%91 - 120 Days4.00%121 - 179 days4.25%180 Days7.00%181 Days to 269 Days6.00%270 Days6.00%271 Days to 363 Days6.00%364 Days6.50%365 Days to 389 Days7.10%390 Days (12 months 24 days)7.40%391 Days - Less than 23 Months7.40%23 Months7.30%23 months 1 Day- less than 2 years7.30%2 years- less than 3 years7.15%3 years and above but less than 4 years7.00%4 years and above but less than 5 years7.00%5 years and above upto and inclusive of 10 years6.20%Senior citizens highest interest rate
The bank provides the highest FD interest rate of 7.9% on deposits maturing between 390 days and less than 23 months for senior citizens. The rate on deposits maturing in 23 months or less than two years is 7.85% for senior citizens.
Maturity Periods - Premature Withdrawal AllowedSenior Citizen*7 - 14 Days3.25%15 - 30 Days3.50%31 - 45 Days3.75%46 - 90 Days4.00%91 - 120 Days4.50%121 - 179 days4.75%180 Days7.50%181 Days to 269 Days6.50%270 Days6.50%271 Days to 363 Days6.50%364 Days7.00%365 Days to 389 Days7.60%390 Days (12 months 24 days)7.90%391 Days - Less than 23 Months7.90%23 Months7.85%23 months 1 Day- less than 2 years7.85%2 years- less than 3 years7.65%3 years and above but less than 4 years7.60%4 years and above but less than 5 years7.60%5 years and above upto and inclusive of 10 years6.70%
Recurring deposit
The bank offers interest rates between 6% to 7.40% for regular citizens for tenure between 6 months to 10 years.
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 Months7.40%7.90%18 Months7.40%7.90%21 Months7.40%7.90%24 Months7.15%7.65%27 Months7.15%7.65%30 Months7.15%7.65%33 Months7.15%7.65%3 years - less than 4 years7.00%7.60%4 years - less than 5 years7.00%7.60%5 years - 10years6.20%6.70%
Other big banks
HDFC Bank offers the highest interest rate of 7.25% on tenure of 18 months to less than 21 months. ICICI Bank offers 7.20% 15 months to 2 years. SBI offers highest interest rate of 7.10% on “400 days” (Amrit Kalash) tenure.
This story originally appeared on: India Times - Author:Faqs of Insurances
