Kotak Mahindra Bank has changed the interest rate on Fixed Deposit (FD). These changes have been implemented from 30 September. According to the bank, Kotak Mahindra Bank has kept interest rates of 2.5 percent, 2.75 percent and 3 percent respectively for FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 120 days.
The bank will pay 5.10 per cent interest on fixed deposits maturing in 3 years and above but less than 4 years. Kotak Mahindra Bank will offer an interest rate of 5.20 per cent on deposits maturing in 4 years and above but less than 5 years. The bank will pay 5.25 percent interest on FDs maturing in 5 years and above and 10 years.
How much interest will be received for how much time
- 2.50 per cent on 7 – 14 days
- 2.50 percent on 15-30 days
- 2.75 percent on 31-45 days
- 46 – 2.75 percent on 90 days
- 91 – 3% on 120 days
- 121 – 3.20 percent on 179 days
- 4.25 per cent on 180 days
- 4.40 percent on 181 to 269 days
- 4.40 per cent on 270 days FD
- -271 days to 4.40 per cent on 263 days FD
- 4.40 percent on FD of 364 days
- 4.50 per cent on 365 days to 389 days
- 4.75 per cent on 390 days (12 months 25 days)
- 391 days – 4.75 percent less than 23 months
- 4.9% on FD of 23 months
- 23 months 1 day – 4.90 percent less than 2 years
- 2 years – less than 3 years but 5%
- 3 years and above but less than 4 years but 5.2%
- 4 years and above but less than 5 years 5.20 per cent
- Bearing rate in 5 years and above and 10 years is 5.25 percent
Big advantage for senior citizens
Senior citizens continue to get 50 basis points higher interest rate than the general public. The bank is offering an interest rate of 3 per cent to 5.75 per cent on FDs maturing in 7 days to 10 years.
