Kotak Mahindra Bank FD Rates: Private lender Kotak Mahindra Bank has changed its interest rates on fixed deposits recently. The interest rates have been altered on fixed deposits of less than Rs 2 crore and are applicable from this month, as per reports. The new rates are applicable to Domestic / NRO / NRE fixed deposit accounts. Like earlier, Kotak Mahindra Bank gives the customers an option of premature withdrawal with charges. The new charges are applicable on shortest-term deposits (7-14 days) as well. The returns will increase if a customer keeps his or her money as fixed deposit at the Kotal Mahindra Bank for a longer period of time.
The lender’s revision in interest rates for fixed deposits comes a month after the Reserve Bank of India conducted its monetary policy meeting in December and decided to keep the repo rates unchanged. The repo rates have been kept stable at 4 per cent in view of the Covid-19 pandemic and the emergence of the Omicron variant in India. This might have come as a good news to many, but for some the news might be not all that pleasant. This applies particularly for investors who have fixed deposit accounts at public and private sector banks. The RBI has been maintaining a status quo in the interest rates for over a year now, which has affected those with fixed deposit accounts.
In the past few years, many banks and non-banking finance companies (NBFCs) have also relentlessly cut down the interest rates on fixed deposits (FDs). However, recently, some of them have hiked the rates. Banks cannot charge an interest rate lower than what is specified in the RBI guidelines.
As per the private lender’s website, with effect from January 6, 2022, the Kotak Mahindra Bank will provide an interest rate of 2.50 per cent and 2.75 per cent to the general public percent on fixed deposits maturing between 7 to 30 days and 31 to 90 days respectively. For senior citizens, this rate will increase to 3 per cent and 3.25 per cent for the same time period.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (monthly yield):
7 days to 14 days – For Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
15 days to 30 days – For Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
31 days to 45 days – For Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
46 days to 90 days – For Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
91 days to 120 days – For Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
121 days to 179 days – For Public: 3.25 per cent; For Senior Citizens: 3.75 per cent
180 days – For Public: 4.30 per cent; For Senior Citizens: 4.80 per cent
181 days to 269 days – For Public: 4.40 per cent; For Senior Citizens: 4.90 per cent
270 days – For Public: 4.40 per cent; For Senior Citizens: 4.90 per cent
271 days to 363 days – For Public: 4.40 per cent; For Senior Citizens: 4.90 per cent
364 days – For Public: 4.50 per cent; For Senior Citizens: 5.00 per cent
365 days to 389 days – For Public: 4.90 per cent; For Senior Citizens: 5.40 per cent
390 days (12 months 25 days)- For Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
391 days to less than 23 months – For Public: 5.00 per cent; For Senior Citizens: 5.50 per cent
23 months – For Public: 5.10 per cent; For Senior Citizens: 5.60 per cent
23 months 1 days to less than 2 years – For Public: 5.10 per cent; For Senior Citizens: 5.60 per cent
2 years to less than 3 years – For Public: 5.15 per cent; For Senior Citizens: 5.65 per cent
3 years and above but less than 4 years – For Public: per cent; For Senior Citizens: 5.80 per cent
4 years and above but less than 5 years – For Public: 5.30 per cent; For Senior Citizens: 5.80 per cent
5 years and above up to and inclusive of 10 years – For Public: 5.30 per cent; For Senior Citizens: 5.80 per cent
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