Kotak Mahindra Bank hikes FD interest rates by 10 basis points

Kotak Mahindra Bank has increased interest rates on fixed deposits under Rs 2 crores. The new rates are effective from September 19, 2022, according to the bank's official website.
Kotak Mahindra Bank FD tenure ranges between 7 days and 10 years and earn interest rates in the range of 2.5%-6.1% for regular investors, and for senior citizens it is in the range of 3%-6.6%.

Latest Kotak Mahindra Bank FD interest rates

Source: Kotak Mahindra Bank website

Recurring deposit
Recurring deposit rates are only applicable for resident individuals & HUF only.

Premature Withdrawal of RD
According to the website, “In case of premature closure of this deposit within a month, no interest shall be paid, and only principal amount will be returned.
On premature withdrawal of RD. The interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit remained with the bank or at the contracted rate, whichever is lower post deducting penal charge of 0.5% on premature withdrawal of deposit.”