Kotak Mahindra Bank revised its fixed deposit (FD) interest rates with effect from February 21, 2019, said the private sector lender on its website, kotak.com. The bank has revised the interest rates on select maturities. On maturity periods of 180 days, 181 days to 269 days and 270 days, the bank is now offering 6.75 per cent to general public and 7.25 per cent to senior citizens on FDs up to Rs. 1 crore, according to the lender's website. Previously, Kotak Mahindra Bank paid interest at the rate of 7 per cent to the general public and 7.5 per cent to the senior citizens on FDs of the same amount in the three maturities.
Given below are the latest interest rates offered by Kotak Mahindra Bank on fixed deposits up to Rs 1 crore:
| Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from February 21, 2019 | ||
|---|---|---|
| Maturity Periods - Premature Withdrawal Allowed | General public | Senior citizens |
| 7 - 14 Days | 3.50% | 4.00% |
| 15 - 30 Days | 4.00% | 4.50% |
| 31 - 45 Days | 5.00% | 5.50% |
| 46 - 90 Days | 5.50% | 6.00% |
| 91 - 120 Days | 6.25% | 6.75% |
| 121 - 179 days | 6.25% | 6.75% |
| 180 Days | 6.75% | 7.25% |
| 181 Days to 269 Days | 6.75% | 7.25% |
| 270 Days | 6.75% | 7.25% |
| 271 Days to 363 Days | 7.00% | 7.50% |
| 364 Days | 7.00% | 7.50% |
| 365 Days to 389 Days | 7.30% | 7.80% |
| 390 Days (12 months 25 days) | 7.40% | 7.90% |
| 391 Days - Less than 23 Months | 7.30% | 7.80% |
| 23 Months | 7.25% | 7.75% |
| 23 months 1 Day- less than 2 years | 7.25% | 7.75% |
| 2 years- less than 3 years | 7.25% | 7.75% |
| 3 years and above but less than 4 years | 7.10% | 7.60% |
| 4 years and above but less than 5 years | 7.00% | 7.50% |
| 5 years and above up to and inclusive of 10 years | 6.50% | 7.00% |
Fixed deposit interest rates are subject to change from time to time. Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.
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