Mumbai-headquartered Kotak Mahindra Bank has made changes in the interest rates offered on fixed deposits for various tenors. The interest rate will apply to NRO, Domestic, NRE Fixed Deposits and is effective from March 9, 2022. These rates apply to term deposits up to Rs 2 crore.
As per the recent modification, fixed deposits maturing in the range of 365 to 389 days is increased to 5 percent. Earlier, the bank offered a 4.9 percent interest rate on these tenors. The bank now offers a 2.5 percent interest rate on fixed deposits maturing in 7 to 30 days, 2.75 percent on FDs maturing in 31 to 90 days, and 3 percent on FDs maturing in 91 to 120 days.
Kotak Mahindra Bank will offer 3 percent to 5.8 percent interest rates on fixed deposits maturing in 7 to 10 years. A 4.40 percent interest rate will be offered fixed deposits maturing in 181 to 363 days, while a 4.50 percent interest rate will be paid on Fds maturing in 364 days.
