Kotak Mahindra Bank has revised fixed deposit interest rates applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from September 13, 2023.
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.25% to general citizens and 3.25% to 7.75% for senior citizens. The bank has increased interest rate by 25 bps on tenure 23 months from 7.% to 7.20 to 7.25% for general citizens.
Latest Kotak Mahindra Bank FD interest rates
| Regular | Senior Citizen | |
| Maturity Periods – Premature Withdrawal Allowed | 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 | 7.00% | 7.50% |
| 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 | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.15% | 7.65% |
| 391 Days – Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.25% | 7.75% |
| 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% |
Latest recurring deposit interest rate
Recurring deposit interest rates vary between 6% to 7.20% for tenure between 6 months to 10 years for regular citizens and 6.50% to 7.70% for senior citizens.
| Tenure | Interest Rate p.a. ( %) | Senior Citizen Rates p.a. ( %) |
| 6 Months | 6.00% | 6.50% |
| 9 Months | 6.00% | 6.50% |
| 12 Months | 7.10% | 7.60% |
| 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 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”
