Kotak Mahindra Bank Alters Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr

The private sector lender Kotak Mahindra Bank has revised its interest rates on Domestic / NRO / NRE fixed deposits of less than Rs. 2 Cr. These deposits are also prematurely withdrawable and the new rates are effective from today i.e. 6th January 2022. The bank has also revised its interest rates on fixed deposits of more than Rs. 2 Cr. Here, we'll go through the bank's updated fixed deposit interest rates for both regular and senior citizens.

Kotak Mahindra Bank Interest Rates On Fixed Deposits of Less Than Rs. 2 Cr

With effect from today, Kotak Mahindra Bank is providing the general public an interest rate of 2.50 percent and 2.75 percent on fixed deposits maturing in 7 to 30 days and 31 days to 90 days, respectively. The bank is currently giving a 3.00 percent interest rate on term deposits maturing in 91 to 120 days and a 3.25 percent interest rate on deposits maturing in 121 to 179 days to the general public.

Regular residents will earn 4.30 percent and 4.40 percent interest on term deposits maturing in 180 days and 181 days to 363 days commencing from today. On fixed deposits maturing in 364 days and 365 days to 389 days, Kotak Mahindra Bank is currently offering an interest rate of 4.50 percent and 4.90 percent to the general public.

Non-senior citizens will now get a 5.00 percent and 5.10 percent interest rate on term deposits maturing in 390 days to less than 23 months and 23 months to less than 2 years, respectively. Term deposits maturing in two years or less than three years, as well as those maturing in three years to ten years, will now return 5.15 percent and 5.30 percent interest, respectively, as of today.

Senior citizens, on the other hand, would continue to get a 0.50 percent additional rate on all deposits, irrespective of the tenor. These rates are effective as of 6th January 2022 and are applicable on Domestic / NRO / NRE fixed deposits of less than Rs. 2 Cr that are prematurely withdrawable.

Tenor	Regular	Annualised Yield	Senior Citizen	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	4.30%	4.30%	4.80%	4.80%
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	4.90%	4.99%	5.40%	5.51%
390 Days (12 months 25 days)	5.00%	5.09%	5.50%	5.61%
391 Days - Less than 23 Months	5.00%	5.09%	5.50%	5.61%
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	5.15%	5.25%	5.65%	5.77%
3 years and above but less than 4 years	5.30%	5.41%	5.80%	5.93%
4 years and above but less than 5 years	5.30%	5.41%	5.80%	5.93%
5 years and above upto and inclusive of 10 years	5.30%	5.41%	5.80%	5.93%
Source: Bank Website. Effective from 6th January 2022

Kotak Bank Interest Rates On Fixed Deposits of More Than Rs. 2 Cr

The bank has also revised its interest rates on Domestic / NRO / NRE fixed deposits of more than Rs. 2 Cr that can be prematurely withdrawable. The revised interest rates that are effective from 6th January 2022 are listed below.

Maturity Period - Premature Withdrawal Allowed	Rs 2 Cr to Rs 5 Cr	Rs 5 Cr to Rs 10 Cr	Rs 10 Cr to Rs 25 Cr	Rs 25 Cr & above
7 - 14 Days	2.50%	2.50%	2.50%	2.50%
15 - 30 Days	2.50%	2.75%	2.75%	2.75%
31 - 45 Days	2.75%	3.00%	3.00%	3.00%
46 - 60 Days	2.75%	3.00%	3.00%	3.00%
61 - 90 Days	3.00%	3.00%	3.00%	3.00%
91 - 120 Days	3.00%	3.25%	3.25%	3.25%
121 - 179 Days	3.00%	3.50%	3.50%	3.50%
180 Days	4.00%	3.50%	3.50%	3.50%
181 Days to 270 Days	4.00%	3.75%	3.75%	3.75%
271 Days to 279 Days	2.90%	2.90%	2.90%	2.90%
280 Days to Less than 12 Months	4.00%	4.05%	4.05%	4.05%
12 months - less than 15 months	4.15%	4.05%	4.05%	4.05%
15 months - less than 18 months	4.15%	4.15%	4.15%	4.15%
18 months - less than 2 Years	4.25%	4.25%	4.25%	4.25%
2 years and above but less than 3 years	4.50%	4.30%	4.30%	4.30%
3 years and above but less than 4 years	4.60%	4.50%	4.50%	4.50%
4 years and above but less than 5 years	4.60%	4.50%	4.50%	4.50%
5 years and above upto & inclusive of 7 years	4.60%	4.50%	4.50%	4.50%
Source: Bank Website. Effective from 6th January 2022

Kotak Bank Interest Rates On Fixed Deposits of More Than Rs. 2 Cr (Not Callable)

The bank has also changed the interest rates on domestic, NRO, and NRE fixed deposits worth more than Rs. 2 crores that cannot be withdrawn early. The updated interest rates are effective as of January 6, 2022, and are stated below.

Maturity Period - Premature Withdrawal Not Allowed	Rs 2 Cr to Rs 5 Cr	Rs 5 Cr to Rs 10 Cr	Rs 10 Cr to Rs 25 Cr	Rs 25 Cr & above
91 - 120 Days	NA	3.40%	3.40%	3.40%
121 - 179 Days	NA	3.65%	3.65%	3.65%
180 Days	NA	3.65%	3.65%	3.65%
181 Days to 270 Days	4.20%	3.95%	3.95%	3.95%
271 Days to 279 Days	3.10%	3.10%	3.10%	3.10%
280 Days to Less than 12 Months	4.20%	4.25%	4.25%	4.25%
12 months - less than 15 months	4.35%	4.25%	4.25%	4.25%
15 months - less than 18 months	4.35%	4.35%	4.35%	4.35%
18 months - less than 2 Years	4.45%	4.45%	4.45%	4.45%
2 years and above but less than 3 years	4.70%	4.50%	4.50%	4.50%
Source: Bank Website. Effective from 6th January 2022

Also read: This Small Finance Bank Alters Fixed Deposit Rates, Regular Citizens Can Now Get Up To 6.30%