Kotak Mahindra Bank provides an inclusive number of benefits to their investors such as high yield, adaptable tenure, lowest minimum deposit limit, and loan against FD facility.
They revised its interest rates on FD’s as of November 25, 2020, providing varied interest rates up to 2 Cr with an option of premature withdrawal.
The fixed deposit Interest Rates that are offered by Kotak Mahindra Bank are the following:
For seven to fourteen days, the interest rate is 2.50 %, and the same postulates for 15 to 30 days. 31 to 90 days has a little varied interest rate of 2.75%.
Henceforth, moving beyond 91 to 179 days has an interest rate of 3.25 %. From 180 to 364 days, the interest rate is 4.50 % consecutively whereas for 365 days to 389 days it remains at 4.60%.
The rate as of the time period of 390 days to 23 months is at 4.90% and for 23 months to four years and above but less than 5 years is 4.75%. Last but not least the rate as per the time period fluctuating across five years and more being inclusive of 10 years, the interest is 4.50 %.
As a solace to the senior citizens, Kotak Mahindra Bank provides a higher rate on the FD’s. The rate of regular FD ranges from 2.50% to 4.90% and the rate of interest for senior citizens varies from 3.00% to 5.40%.