Kotak Mahindra Bank, the country's leading private sector lender offers 20 maturity options with varied interest rates on fixed deposits up to Rs 2 crore with an option of pre-mature withdrawal. The maturity period for fixed deposits offered by the Kotak Mahindra Bank starts from seven days and go on for 10 years. Currently, HDFC Bank offers 2.5 per cent interest rate on fixed deposit for maturity period of 7-14 days. On fixed deposit with maturity period of five years and above up to and inclusive of 10 years Kotak Mahindra Bank offers an interest rate of 4.50 per cent. (Also Read: HDFC Bank Offers 5.5% Interest On 5 Years Fixed Deposit)
Here are the latest fixed deposit interest rates offered by Kotak Mahindra Bank:
| Maturity Periods ( Premature Withdrawal Allowed) | Interest Rate On Fixed Deposit of Less than Rs 2 Crore |
|---|---|
| 7 - 14 Days | 2.50% |
| 15 - 30 Days | 2.50% |
| 31 - 45 Days | 2.75% |
| 46 - 90 Days | 2.75% |
| 91 - 120 Days | 3.25% |
| 121 - 179 days | 3.25% |
| 180 Days | 4.50% |
| 181 Days to 269 Days | 4.50% |
| 270 Days | 4.50% |
| 271 Days to 363 Days | 4.50% |
| 364 Days | 4.50% |
| 365 Days to 389 Days | 4.60% |
| 390 Days (12 months 25 days) | 4.90% |
| 391 Days - Less than 23 Months | 4.90% |
| 23 Months | 4.90% |
| 23 months 1 Day- less than 2 years | 4.75% |
| 2 years- less than 3 years | 4.75% |
| 3 years and above but less than 4 years | 4.75% |
| 4 years and above but less than 5 years | 4.75% |
| 5 years and above upto and inclusive of 10 years | 4.50% |
| Source: https://www.kotak.com | |
Kotak Mahindra Bank revised its interest rates on fixed deposits with effect from November 25, 2020.
This year, the Reserve Bank of India (RBI) has reduced the repo rate - or the key interest rate at which it lends money to banks - by a total of 115 basis points since February, on top of 135 basis points last year. This has also forced banks to lower their FD rates.
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