Kotak Mahindra Bank revises fixed deposit rates. Latest FD rates here
Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) days after RBI reduced repo rate earlier this month. Kotak Mahindra Bank's new FD rates came into effect from 9 August 2019. Other private sector lenders Axis Bank and ICICI Bank also revised interest rates effective 10th and 14th August respectively. Kotak Mahindra Bank offers an interest rate ranging from 3.50% to 6.90% for FDs maturing in 7 days to 10 years. The bank has reduced interest rates on FDs across all tenures in the range of 10 to 40 basis points.
For FDs maturing in 7 to 45 days, Kotak Mahindra Bank has kept the rate unchanged, offering interest rate between 3% and 5%. After the latest revision, Kotak Mahindra Bank is offering 5.25% interest on FDs between 46-90 days. For 91 to 120 days, the interest rate is 5.75%. Kotak Mahindra Bank pays interest rate of 6.00% on FDs between 121 and 179 days. For term deposits maturing in 180 to 270 days, Kotak Mahindra Bank pays 6.40% interest. For 271 days to 364 days, the bank offers an interest rate of 6.75%
On FDs maturing between one year to 389 days, Kotak Mahindra Bank offers 6.75% interest. For deposits maturing in 390 days, the bank offers an interest rate of 6.90%. For FDs maturing in 390 days to less than 23 months, Kotak Mahindra Bank gives 6.80% interest. For deposits maturing in 23 months to less than 2 years, the bank offers 6.8% interest.
Kotak Mahindra Bank has slashed the interest rate by 30 basis points on deposits maturing in 2 years to less than 3 years, while on FDs maturing in 3 years to 10 years, the bank has slashed the interest rate by 25 basis points. Deposits maturing in 2 to less than 3 years will fetch 6.80% interest. FDs maturing in 3 years and above but less than 4 years, will earn an interest rate of 6.75%. For FDs maturing in 4 years and above but less than 5 years, the bank offers an interest rate of 6.50%. Kotak Mahindra Bank pays 6.25% interest for FDs maturing in 5 years to 10 years.