Kotak Mahindra Bank changes FD interest rates, know new rates before investing

FD Interest Rate: Kotak Mahindra Bank is offering 2.5%, 2.75% and 3.25% interest on FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 179 days respectively. The new rates are applicable from 25 March 2021.

Kotak Mahindra Bank has changed the interest rate on fixed deposits (FD). Kotak Mahindra Bank is offering 2.5 per cent, 2.75 per cent and 3.25 per cent interest on FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 179 days respectively. Kotak Mahindra Bank has an interest rate of 4.40 per cent for FDs maturing in less than 180 days and one year. The bank is offering 4.50 percent interest for deposits maturing from one year to 389 days.

Senior citizens will continue to get 50 basis points or 0.50 percent more interest than the common citizen. The bank offers interest rates ranging from 3% to 5.8% on FDs ranging from 7 days to 10 years.

New interest rates

The bank will now pay 4.90 percent interest on FDs maturing in less than 23 months from 390 days. Kotak Mahindra Bank will give 5% interest rate on deposits maturing in less than 23 months to 3 years.

FDs above 4 years and below 5 years will get 5.25 percent. The bank is offering 5.30% interest on FDs maturing in more than 5 years and less than 10 years. The new rates are applicable from 25 March 2021.

Interest rates applicable from 25 March 2021

7 to 14 days – 2.50%

15 to 30 days – 2.50%

31 to 45 days – 2.75%

46 to 90 days – 2.75%

91 to 120 days – 3.25%

181 days to 269 days – 4.40%

270 days – 4.40%

271 days to 363 days – 4.40%

364 days – 4.40%

365 days to 389 days – 4.50%

390 days (12 months 25 days) – 4.90%

391 days – less than 23 days – 4.90%

23 months – 5%

23 days 1 days – less than 2 years – 5%

2 years – Below 3 years – 5%

More than 3 years but less than 4 years – 5.10%

More than 4 but less than 5 years – 5.25%

Above 5 years and 10 years – 5.30%

Explain that before this, the private sector big bank Axis Bank has changed the interest rates of Fixed Deposit. The new rates come into effect from 18 March 2021. Axis Bank offers FD for various tenures ranging from 7 days to 10 years.

After this change, Axis Bank is offering an interest rate of 2.50 per cent on FDs maturing between 7 days and 29 days. The interest rate of FD maturing in less than 30 days and 3 months is 3 percent and FD interest rate of 3 months and 6 months is 3.5 percent.