In a move that brings good news to savers and investors, Kotak Mahindra Bank has announced an increase in fixed deposit interest rates on select tenures, applicable for deposits below Rs 2 crore. The revised rates, effective from February 27, 2024, offer an attractive proposition for those looking to grow their wealth with fixed deposits.
The Latest Kotak Mahindra Bank FD Interest Rates
Kotak Mahindra Bank now presents enhanced fixed deposit interest rates, catering to both general citizens and senior citizens. The bank’s offering for general citizens ranges between 2.75% and 7.40%, while senior citizens can enjoy rates varying from 3.25% to an impressive 7.90%. This marks a notable increase compared to the previous rates, demonstrating the bank’s commitment to providing competitive returns.
Highlights of the Revised Rates
- For General Citizens:
- Earlier: 2.75% to 7.25%
- Latest: 2.75% to 7.40%
- For Senior Citizens:
- Earlier: 3.25% to 7.75%
- Latest: 3.25% to 7.90%
Focus on Competitive Tenures
One of the standout features of Kotak Mahindra Bank’s revised rates is the lucrative 7.4% interest on fixed deposits with a maturity period between 390 days and less than 23 months for regular citizens. Additionally, the bank offers an attractive 7.3% interest rate on deposits maturing in 23 months or less than two years, providing flexibility to investors.
Making Informed Choices
With this latest development, Kotak Mahindra Bank aims to empower individuals to make informed investment decisions, aligning with their financial goals. Whether you are a general citizen or a senior citizen, the revised rates offer a spectrum of options to suit diverse preferences and tenure requirements.
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.
Seizing Opportunities in Times of Change
In a financial landscape characterized by fluctuations, seizing opportunities is key to maximizing returns. Kotak Mahindra Bank’s decision to increase fixed deposit interest rates underscores its commitment to supporting customers in their wealth-building journey. Savers and investors now have a chance to leverage these competitive rates and optimize their financial portfolios.
