Kotak Mahindra Bank Hikes Interest Rates On Fixed Deposits; Details Here

In a second instance of the interest rate hike within a month, Kotak Mahindra Bank has hiked interest rates on its fixed deposits (FD) below Rs 2 crore effective November 1, according to the bank’s website. Fixed deposits with a maturity of one year will now get 6.10 per cent interest for the general public and 6.60 per cent for senior citizens.

The bank is offering the highest interest rate of 6.30 per cent on tenure between 23 months and less than three years to the general public and 6.80 per cent to senior citizens.

The Kotak Mahindra Bank FD interest rate hike comes at a time when the RBI has been raising the key repo rate in order to control inflation. The bank has earlier also raised its interest rates on both loans and deposits.

Here are the revised interest rates on fixed deposits below Rs 2 crore at Kotak Mahindra Bank (per annum) effective from November 2:

7 days to 14 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent

15 days to 30 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent

31 days to 45 days – For General Public: 3.25 per cent; For Senior Citizens: 3.75 per cent

46 days to 90 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent

91 days to 120 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent

121 days to 179 days – For General Public: 4.25 per cent; For Senior Citizens: 4.75 per cent

180 days – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

181 days to 269 days – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

270 days – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent

271 days to 363 days – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent

364 days – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent

365 days to 389 days – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent

390 days (12 months 25 days)- For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent

391 days to less than 23 months – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent

23 months – For General Public: 6.30 per cent; For Senior Citizens: 6.80 per cent

23 months 1 days to less than 2 years – For General Public: 6.30 per cent; For Senior Citizens: 6.80 per cent

2 years to less than 3 years – For General Public: 6.30 per cent; For Senior Citizens: 6.80 per cent

3 years and above but less than 4 years – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent

4 years and above but less than 5 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent

5 years and above up to and inclusive of 10 years – For General Public: 6.20 per cent; For Senior Citizens: 6.70 per cent.

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