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 – | Regular |
| 7 – 14 Days | 2.75% |
| 15 – 30 Days | 3.00% |
| 31 – 45 Days | 3.25% |
| 46 – 90 Days | 3.50% |
| 91 – 120 Days | 4.00% |
| 121 – 179 days | 4.25% |
| 180 Days | 7.00% |
| 181 Days to 269 Days | 6.00% |
| 270 Days | 6.00% |
| 271 Days to 363 Days | 6.00% |
| 364 Days | 6.50% |
| 365 Days to 389 Days | 7.10% |
| 390 Days (12 months 24 days) | 7.40% |
| 391 Days – Less than 23 Months | 7.40% |
| 23 Months | 7.30% |
| 23 months 1 Day- less than 2 years | 7.30% |
| 2 years- less than 3 years | 7.15% |
| 3 years and above but less than 4 years | 7.00% |
| 4 years and above but less than 5 years | 7.00% |
| 5 years and above upto and inclusive of 10 years | 6.20% |
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 Allowed | Senior Citizen* |
| 7 – 14 Days | 3.25% |
| 15 – 30 Days | 3.50% |
| 31 – 45 Days | 3.75% |
| 46 – 90 Days | 4.00% |
| 91 – 120 Days | 4.50% |
| 121 – 179 days | 4.75% |
| 180 Days | 7.50% |
| 181 Days to 269 Days | 6.50% |
| 270 Days | 6.50% |
| 271 Days to 363 Days | 6.50% |
| 364 Days | 7.00% |
| 365 Days to 389 Days | 7.60% |
| 390 Days (12 months 24 days) | 7.90% |
| 391 Days – Less than 23 Months | 7.90% |
| 23 Months | 7.85% |
| 23 months 1 Day- less than 2 years | 7.85% |
| 2 years- less than 3 years | 7.65% |
| 3 years and above but less than 4 years | 7.60% |
| 4 years and above but less than 5 years | 7.60% |
| 5 years and above upto and inclusive of 10 years | 6.70% |
Recurring deposit
The bank offers interest rates between 6% to 7.40% for regular citizens for tenure between 6 months to 10 years.
| Tenure | Interest Rate p.a. ( %) | Senior Citizen Rates p.a. ( %) |
| 6 Months | 6.00% | 6.50% |
| 9 Months | 6.00% | 6.50% |
| 12 Months | 7.10% | 7.60% |
| 15 Months | 7.40% | 7.90% |
| 18 Months | 7.40% | 7.90% |
| 21 Months | 7.40% | 7.90% |
| 24 Months | 7.15% | 7.65% |
| 27 Months | 7.15% | 7.65% |
| 30 Months | 7.15% | 7.65% |
| 33 Months | 7.15% | 7.65% |
| 3 years – less than 4 years | 7.00% | 7.60% |
| 4 years – less than 5 years | 7.00% | 7.60% |
| 5 years – 10years | 6.20% | 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.
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