Kotak Mahindra Bank: Check Revised Fixed Deposit Interest Rates | Personal finance news
Kotak Mahindra Bank, a private lender, has changed its fixed deposit and recurring deposit rates. The general public will now benefit from a higher interest rate of 5.25% on deposits with a maturity between 5 and 10 years according to the new rates. The interest rate for seniors is now 5.75%. For fixed and recurring deposits below Rs 2 crore, the revised rates went into effect on September 30.
Kotak Mahindra Bank customers have the option of making an early withdrawal with a fee, just like they did before. The new fees apply to short-term (7-14 days) and long-term (7-14 days) deposits. The general public would receive 2.5% interest on term deposits of less than Rs 2 crore which will mature in 7-14 days and 15-31 days. For the elderly, the rate will be 3%.
Likewise, Kotak Mahindra Bank account holders will receive 2.75% interest on term deposits maturing in 31-45 days and 46-90 days. In each category, senior citizens’ interest rates were kept 0.50% higher than those of their younger counterparts.
Customers will receive a higher return if they hold their money for a longer period of time. Term deposits maturing in 91-120 days and 121-179 days, respectively, will earn 3% and 3.20%, according to the private sector bank.
If Kotak Mahindra Bank customers keep their money in term deposits for 180 days, their interest rate increases by 1%. For FDs with a maturity of 180 days, they will receive 4.2%. Customers who put their money in a FD for one year (364 days) will receive a 4.4% return.
Clients will receive a 5% return on FDs with a maturity of two to three years. The return will be 5.2 percent for three years and less than five years.
Kotak Mahindra Bank customers will receive an interest rate of 4.25% on recurring deposits with a six-month term. It is 4.4% for nine months and 4.5% for recurring deposits with a one-year maturity. For recurring deposits with a duration of 15 months, 18 months or 21 months, the interest rate has not changed (4.75%).
For 24 months, 27 months, 30 months and 33 months, the rate is 5%. The new interest rate is 5.2% for a period of three to five years. The interest rate in the last 5-10 year category is 5.25%.
The interest rate on recurring deposits of the elderly is maintained at 0.50% higher than that of the general public, as are term deposits.