In a heartwarming Diwali gesture, Kotak Mahindra Bank has presented its customers with an early festive treat. The bank has once again raised the interest rates on Fixed Deposits (FDs).
These revised interest rates, effective from October 25, 2023, are designed to make the season of lights even more illuminating for depositors.
Specifically, Kotak Bank has increased the interest rate on FDs with a tenure of more than 2 years and less than 3 years by 0.10 percent.
Additionally, FDs with tenures of 23 months, 1 day to less than 2 years will experience a 0.05 percent boost in interest rates.
A Spectrum of FD Options, Including a Minimum 7-Day Deposit:
Kotak Bank’s offering extends across various tenures, spanning from 7 days to 10 years, ensuring that customers can select the option that aligns with their financial goals.
Currently, the bank provides interest rates ranging from 2.75 percent to 6.20 percent.
Notably, general customers can enjoy a maximum interest rate of 7.25 percent, while senior citizens are entitled to an even higher rate of 7.75 percent.
Revised FD Interest Rates:
Here’s a breakdown of the new interest rates for Kotak Bank Fixed Deposits:
7 days to 14 days: For the general public, 2.75 percent; for senior citizens, 3.25 percent
15 days to 30 days: For the general public, 3.00 percent; for senior citizens, 3.50 percent
31 days to 45 days: For the general public, 3.25 percent; for senior citizens, 3.75 percent
46 days to 90 days: For the general public, 3.50 percent; for senior citizens, 4.00 percent
91 days to 120 days: For the general public, 4.00 percent; for senior citizens, 4.50 percent
121 days to 179 days: For the general public, 4.25 percent; for senior citizens, 4.75 percent
180 days: For the general public, 7 percent; for senior citizens, 7.50 percent
181 days to 269 days: For the general public, 6 percent; for senior citizens, 6.50 percent
270 days: For the general public, 6 percent; for senior citizens, 6.50 percent
271 days to 363 days: For the general public, 6 percent; for senior citizens, 6.50 percent
364 days: For the general public, 6.50 percent; for senior citizens, 7 percent
365 days to 389 days: For the general public, 7.10 percent; for senior citizens, 7.60 percent
390 days (12 months 25 days): For the general public, 7.15 percent; for senior citizens, 7.65 percent
391 days to less than 23 months: For the general public, 7.20 percent; for senior citizens, 7.70 percent
23 months: For the general public, 7.25 percent; for senior citizens, 7.75 percent
23 months 1 day to less than 2 years: For the general public, 7.25 percent; for senior citizens, 7.75 percent
2 years to less than 3 years: For the general public, 7.10 percent; for senior citizens, 7.60 percent
3 years and more but less than 4 years: For the general public, 6.50 percent; for senior citizens, 7 percent
4 years and more but less than 5 years: For the general public, 6.25 percent; for senior citizens, 6.75 percent
5 years and above up to and including 10 years: For the general public, 6.20 percent; for senior citizens, 6.70 percent.
Kotak Mahindra Bank’s decision to enhance FD interest rates comes as a boon for investors seeking stable and rewarding financial options, just in time for the festive season.
Savvy customers can now make the most of these revised rates to grow their savings effectively.
