Kotak Mahindra Bank hikes FD interest rates: Check latest FD, RD rates

Kotak Mahindra Bank hiked interest rates on its fixed deposits making them more lucrative for investors. The new FD interest rates for amounts below Rs 2 crore will come into effect on March 8, 2023, according to the bank website.

Kotak Mahindra Bank FD rates
The bank offers the highest interest rate of 7.20% to regular citizens and 7.70% to senior citizens on tenure between 390 days to less than 2 years.


Also read: Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023

The bank has hiked the interest rate by 50 basis points on tenure of 180 days to 6.50% from earlier 6%. Interest rate on other tenures remain unchanged

Latest Kotak Mahindra FD rates
	Regular	Senior Citizen
Maturity Periods	Less than Rs.2 Crore#	Less than Rs.2 Crore#
7 - 14 Days	2.75%	3.25%
15 - 30 Days	3.00%	3.50%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.50%	4.00%
91 - 120 Days	4.00%	4.50%
121 - 179 days	4.25%	4.75%
180 Days	6.50%	7.00%
181 Days to 269 Days	6.00%	6.50%
270 Days	6.00%	6.50%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.25%	6.75%
365 Days to 389 Days	7.00%	7.50%
390 Days (12 months 24 days)	7.20%	7.70%
391 Days - Less than 23 Months	7.20%	7.70%
23 Months	7.20%	7.70%
23 months 1 Day- less than 2 years	7.20%	7.70%
2 years- less than 3 years	7.00%	7.50%
3 years and above but less than 4 years	6.50%	7.00%
4 years and above but less than 5 years	6.25%	6.75%
5 years and above upto and inclusive of 10 years	6.20%	6.70%

Source: Bank website

The above rates are applicable for domestic, NRO, and NRE fixed deposits and these deposits have premature withdrawal facilities.

Senior Citizen FD rates
The bank has hiked the interest rate by 50 basis points on tenure of 180 days to 7% from earlier 6.50%. Interest rates on other tenures remain unchanged.

Latest Kotak Mahindra RD rates
The bank provides interest rates ranging from 6% to 7.20% for regular people and from 6.50% to 7.70% for senior citizens. Deposits of 15 months, 18 months, and 21 months are offered the highest rates of 7.20 percent and 7.70 percent.

Tenure	Interest Rate p.a. ( %)	Senior Citizen Rates p.a. ( %)
6 Months	6.00%	6.50%
9 Months	6.00%	6.50%
12 Months	7.00%	7.50%
15 Months	7.20%	7.70%
18 Months	7.20%	7.70%
21 Months	7.20%	7.70%
24 Months	7.00%	7.50%
27 Months	7.00%	7.50%
30 Months	7.00%	7.50%
33 Months	7.00%	7.50%
3 years - less than 4 years	6.50%	7.00%
4 years - less than 5 years	6.25%	6.75%
5 years - 10years	6.20%	6.70%

Penalty on delay in payment of RD installment
According to the Kotak Mahindra Bank website, “In case of delay in payment of any installment post grace period of 5 days, penal interest at the rate of RD interest rate (contracted rate of interest at the time of booking of the RD) + 2% p.a. or such other rate as may be specified by Bank from time to time, will be charged for the month of delay.”

Premature Withdrawal of RD
“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,” as per the bank website.