Private sector lender Kotak Mahindra Bank has increased its fixed deposit rates for certain customers. The Kotak Mahindra Bank FD rates are applicable to deposits of below Rs 2 crore. It must also be noted that the new Kotak Mahindra Bank FD interest rates have already come into effect from earlier this week. The new fixed deposit interest rates are applicable for deposits for the tenures between two years and 10 years.
The Kotak Mahindra Bank fixed deposit interest rates have come into effect from September 19, Monday. Fixed deposits with tenures of two years and above up to 10 years will now provide an interest rate of 6.10 per cent, up from 6 per cent before, which is an increase of 10 basis points.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum) effective from September 19:
7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
15 days to 30 days – For General Public: 2.65 per cent; For Senior Citizens: 3.15 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: 3.25 per cent; For Senior Citizens: 3.75 per cent
91 days to 120 days – For General Public: 3.75 per cent; For Senior Citizens: 4.25 per cent
121 days to 179 days – For General Public: 3.75 per cent; For Senior Citizens: 4.25 per cent
180 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
181 days to 269 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
270 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
271 days to 363 days – For General Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
364 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent
365 days to 389 days – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
390 days (12 months 25 days)- For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
391 days to less than 23 months – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
23 months – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
23 months 1 days to less than 2 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
2 years to less than 3 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
3 years and above but less than 4 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
4 years and above but less than 5 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent
5 years and above up to and inclusive of 10 years – For General Public: 6.10 per cent; For Senior Citizens: 6.60 per cent.
According to Kotak Mahindra Bank’s website, the latest FD rates are applicable to domestic/ NRO / NRE fixed deposit accounts. However, senior citizen rates are not applicable on NRO/NRE deposits.
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Source: News18