Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) for various tenors. Effective from March 9, these new rates apply to term deposits up to Rs 2 crore.
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With the new revision, fixed deposits maturing in the range of 365 to 389 days is increased to 5 percent. The bank now offers interest rates of 2.5 percent on FDs maturing in 7 to 30 days, 2.75 percent for 31 to 90 days, and 3 percent for and 91 to 120 days.
The bank offers interest rates from 3 percent to 5.8 percent for FDs maturing in 7 days to 10 years. FDs with maturities ranging from 181 to 363 days pay 4.40 percent. The rate stands at 5.10 percent for FDs maturing in 390 days to less than 23 months.
For FDs having a term of 3-5 years, the interest rate is 5.45 percent. For 5 years and above up to and inclusive of 10 year, it is 5.50 percent.
Here are the new rates effective from March 9:
| Regular | Senior Citizen* | |||
| Maturity Periods - Premature Withdrawal Allowed | Less than Rs.2 Crore | Annualised Yield | Less than Rs.2 Crore | Annualised Yield |
| 7 - 14 Days | 2.50% | 2.50% | 3.00% | 3.00% |
| 15 - 30 Days | 2.50% | 2.50% | 3.00% | 3.00% |
| 31 - 45 Days | 2.75% | 2.75% | 3.25% | 3.25% |
| 46 - 90 Days | 2.75% | 2.75% | 3.25% | 3.25% |
| 91 - 120 Days | 3.00% | 3.00% | 3.50% | 3.50% |
| 121 - 179 days | 3.25% | 3.25% | 3.75% | 3.75% |
| 180 Days | 4.40% | 4.40% | 4.90% | 4.90% |
| 181 Days to 269 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 270 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 271 Days to 363 Days | 4.40% | 4.45% | 4.90% | 4.96% |
| 364 Days | 4.50% | 4.55% | 5.00% | 5.06% |
| 365 Days to 389 Days | 5.00% | 5.09% | 5.50% | 5.61% |
| 390 Days (12 months 25 days) | 5.10% | 5.20% | 5.60% | 5.72% |
| 391 Days - Less than 23 Months | 5.10% | 5.20% | 5.60% | 5.72% |
| 23 Months | 5.10% | 5.20% | 5.60% | 5.72% |
| 23 months 1 Day- less than 2 years | 5.10% | 5.20% | 5.60% | 5.72% |
| 2 years- less than 3 years | 5.20% | 5.30% | 5.70% | 5.82% |
| 3 years and above but less than 4 years | 5.45% | 5.56% | 5.95% | 6.08% |
| 4 years and above but less than 5 years | 5.45% | 5.56% | 5.95% | 6.08% |
| 5 years and above upto and inclusive of 10 years | 5.50% | 5.61% | 6.00% | 6.14% |
Senior citizens will get interest rates that are 50 basis points higher on FDs.
Recently, Canara Bank and Axis Bank have revised the interest rates on FDs
First Published: Mar 11, 2022 4:38 PM IST
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