Kotak 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 Kotak Mahindra Bank FD interest rates
| Regular | Senior Citizen | |
| 7 – 14 Days | 2.75% | 3.25% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.25% | 3.75% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 – 120 Days | 4.00% | 4.50% |
| 121 – 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.20% | 7.70% |
| 391 Days – Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 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.
| 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 | 7.20% | 7.70% |
| 18 Months | 7.20% | 7.70% |
| 21 Months | 7.20% | 7.70% |
| 24 Months | 7.00% | 7.50% |
| 27 Months | 7.00% | 7.50% |
| 30 Months | 7.00% | 7.50% |
| 33 Months | 7.00% | 7.50% |
| 3 years – less than 4 years | 6.50% | 7.00% |
| 4 years – less than 5 years | 6.25% | 6.75% |
| 5 years – 10years | 6.20% | 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 Deposit Penalty
Less than equal to 180 days Nil
Greater than 180 days to less than or equal to 364 days 0.50%
Greater than or equal to 365 days 1.00%
Source: Bank website
