Kotak Mahindra Bank has recently raised the interest rates on their fixed deposits (FD). As of October 25, 2023, the bank is offering interest rates ranging from 2.75% to 7.25% for general customers on deposits with maturities spanning from seven days to ten years.
The bank has increased interest rates by 10 basis points (bps) for deposits maturing in two to less than three years, resulting in an interest rate of 7.10%. Additionally, they've raised the rates by 5 bps for deposits with tenures of 23 months 1 day to less than 2 years, now offering a rate of 7.25%.
Kotak Bank Revised FD Rates
For specific maturity periods, the bank provides the following interest rates:
| Regular | Senior Citizen | |
|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.2 Crore | Less than Rs.2 Crore |
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.15% | 7.65% |
| 391 Days - Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.25% | 7.75% |
| 23 months 1 Day- less than 2 years | 7.25% | 7.75% |
| 2 years- less than 3 years | 7.10% | 7.60% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Senior citizens, as usual, enjoy a 50 basis point advantage, with interest rates ranging from 3.25% to 7.75% on FDs maturing in 7 days to 10 years.
Starting from today, October 26, these are the fixed deposit interest rates, varying with the deposit amount and maturity period for domestic, NRO, and NRE accounts.
| Maturity Period - Premature Withdrawal Allowed | Rs. 2 Crore & above but below Rs. 5 Crores # | Rs. 5 Crores & above but below Rs. 10 Crores # | Rs. 10 Crores & above but below 25 Crores # | Rs. 25 Cr & above but below 100 cr # | Rs. 100 Cr and above # |
|---|---|---|---|---|---|
| 7 - 14 Days | 4.00% | 4.50% | 4.50% | 4.50% | 4.50% |
| 15 - 30 Days | 4.00% | 4.75% | 4.75% | 4.75% | 4.75% |
| 31 - 45 Days | 4.50% | 5.50% | 5.50% | 5.50% | 5.50% |
| 46 - 60 Days | 4.75% | 5.75% | 5.75% | 5.75% | 5.75% |
| 61 - 90 Days | 5.25% | 6.25% | 6.25% | 6.25% | 6.25% |
| 91 - 120 Days | 5.50% | 6.75% | 6.75% | 6.85% | 6.85% |
| 121 - 179 Days | 6.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| 180 Days | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% |
| 181 Days to 270 Days | 6.50% | 7.05% | 7.10% | 7.10% | 7.10% |
| 271 Days to 279 Days | 5.50% | 5.75% | 5.75% | 5.75% | 5.75% |
| 280Days ? 364 days | 6.75% | 7.10% | 7.10% | 7.20% | 7.20% |
| 365 days ? Less Than 15Months | 7.25% | 7.35% | 7.35% | 7.40% | 7.45% |
| 15 months - less than 18 months | 7.25% | 7.30% | 7.30% | 7.30% | 7.30% |
| 18 months - less than 2 Years | 7.25% | 7.10% | 7.10% | 7.10% | 7.10% |
| 2 years and above but less than 3 years | 7.00% | 7.10% | 7.10% | 7.10% | 7.10% |
| 3 years and above but less than 4 years | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.40% | 6.40% | 6.40% |
| 5 years and above upto & inclusive of 7 years | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% |
| Maturity Period - Premature Withdrawal Not Allowed | Rs. 2 Crore & above but below Rs. 5 Crores # | Rs. 5 Crores & above but below Rs. 10 Crores # | Rs. 10 Crores & above But below 25 Crores # | Rs. 25 Cr & above but below 100 cr # | Rs. 100 Cr and above # |
|---|---|---|---|---|---|
| 91 - 120 Days | NA | 7.10% | 7.10% | 7.10% | 7.10% |
| 121 - 179 Days | NA | 7.15% | 7.15% | 7.15% | 7.15% |
| 180 Days | NA | 7.20% | 7.20% | 7.20% | 7.20% |
| 181 Days to 270 Days | 6.80% | 7.25% | 7.25% | 7.25% | 7.25% |
| 271 Days to 279 Days | 6.00% | 6.25% | 6.25% | 6.25% | 6.25% |
| 280Days ‐ 364 days | 7.15% | 7.35% | 7.35% | 7.40% | 7.45% |
| 365 days ‐ Less Than 15Months | 7.55% | 7.55% | 7.55% | 7.60% | 7.60% |
| 15 months - less than 18 months | 7.50% | 7.50% | 7.50% | 7.75% | 7.75% |
| 18 months - less than 2 Years | 7.40% | 7.30% | 7.30% | 7.30% | 7.30% |
| 2 years and above but less than 3 years | 7.20% | 7.25% | 7.25% | 7.25% | 7.25% |
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