Kotak Mahindra Bank has revised its fixed deposit interest rates with effect from November 7, 2019. After the revision, Kotak Mahindra Bank pays interest rates in the range of 3.50-6.50 per cent to the general public on fixed deposits (FD) up to Rs 2 crore, over maturity periods ranging from seven days to 10 years, according to lender's website - kotak.com. The bank pays slightly higher returns to senior citizen customers. In the same range of maturity options, the bank pays interest rates to the tune of 4-7 per cent to senior citizens on these FDs. (Also read: Axis Bank Revises Fixed Deposit Interest Rates From This Month)
Kotak Mahindra Bank offers an interest rate of 6.4 per cent to the general public on fixed deposits up to Rs 2 crore over a maturity period of 364 days. On FDs of a lock-in period - or term - of 365 days to 389 days, the bank provides an interest rate of 6.4 per cent to the general public and 6.9 per cent to senior citizens. respectively, according to the bank's website.
Here are the interest rates offered by Kotak Mahindra Bank on FDs up to Rs 2 crore with effect from November 7:
| Regular citizens | Senior Citizens | |
|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs 2 crore | Less than Rs 2 crore |
| 7 - 14 Days | 3.50% | 4.00% |
| 15 - 30 Days | 4.00% | 4.50% |
| 31 - 45 Days | 4.75% | 5.25% |
| 46 - 90 Days | 5.25% | 5.75% |
| 91 - 120 Days | 5.40% | 5.90% |
| 121 - 179 days | 5.40% | 5.90% |
| 180 Days | 5.80% | 6.30% |
| 181 Days to 269 Days | 5.90% | 6.40% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.25% | 6.75% |
| 364 Days | 6.40% | 6.90% |
| 365 Days to 389 Days | 6.40% | 6.90% |
| 390 Days (12 months 25 days) | 6.50% | 7.00% |
| 391 Days - Less than 23 Months | 6.45% | 6.95% |
| 23 Months | 6.45% | 6.95% |
| 23 months 1 Day- less than 2 years | 6.45% | 6.95% |
| 2 years- less than 3 years | 6.40% | 6.90% |
| 3 years and above but less than 4 years | 6.25% | 6.75% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.25% | 6.75% |
Fixed deposit interest rates are subject to change from time to time. Public sector banking majors State Bank of India and Punjab National Bank have also revised their FD rates for select maturity options this month.
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