Kotak Mahindra Bank senior citizen customers will earn interest ranging from 3% to 6.7% for tenures between 7 days and 110 years.
The bank had previously revised FD interest rates on October 3, 2022 on select tenures.
Kotak Mahindra Bank has increased interest rates on fixed deposits under Rs 2 crore on select tenures. The new rates are effective from October 19, 2022, according to the bank's official website.
Fixed deposits maturing in 7 to 14 days will continue to receive interest at 2.50%. The bank has increased interest rate by 10 bps on tenures maturing in 15 to 30 days to 2.75% from earlier 2.65%.
Deposits maturing in 31 to 90 days will continue to earn 3.25% interest, while deposits maturing in 91 to 179 days will earn 3.75% interest. The bank has hiked interest rate by 25 bps on tenure of 121 - 179 days to 4% from 3.75%.
The bank will continue to offer an interest rate of 6.2% for the tenure 23 months to under three years. The bank will continue to offer a 6.10% interest rate on terms ranging from three to ten years. Interest rates for other tenures remain unchanged.
Senior citizens Kotak Mahindra Bank senior citizen customers will earn interest ranging from 3% to 6.7% for tenures between 7 days and 110 years.
Interest rate calculation According to the Kotak Mahindra Bank website, “Interest on Fixed Deposits with tenure below 181 days will be calculated at maturity as Simple Interest. The calculation of interest is basis 365 days in a non-leap year and 366 days in a leap (calendar) year.”
The bank had previously revised FD interest rates on October 3, 2022 on select tenures.
Penalty According to the bank website, “Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting applicable penal charge for premature withdrawal as per Terms & Conditions of the bank."
