Kotak Mahindra Bank, a private sector lender, has raised interest rates on fixed deposits under Rs 2 crore.
Kotak Mahindra Bank, a private sector lender, has raised interest rates on fixed deposits under Rs 2 crore. According to the bank’s official website, the new rates will be effective on July 26, 2022. As a result of the change, the bank increased the interest rate on fixed deposits maturing in 365 days to 389 days.
Kotak Mahindra Bank FD Rates 2022
The bank will continue to pay 2.50 percent interest on deposits maturing in 7 to 30 days and 3% interest on term deposits maturing in 31 to 90 days. Kotak Mahindra Bank will continue to offer a 3.50 percent interest rate on fixed deposits maturing between 91 and 179 days, and a 4.75 percent interest rate on term deposits maturing between 180 and 363 days. The interest rate on deposits maturing in 364 days will remain at 5.25 percent, while the interest rate on term deposits maturing in 365 days to 389 days has increased by 10 basis points, from 5.50 percent to 5.60 percent. The bank will continue to offer a 5.75 percent interest rate on term deposits maturing in 390 days (12 months and 25 days) to less than 3 years, and Kotak Mahindra Bank will continue to offer a 5.90 percent interest rate on fixed deposits maturing in 3 years and over, up to and including 10 years.
If the term of the fixed deposit is less than 180 days, Kotak Mahindra Bank charges a 0% penalty for early withdrawal. If the deposit tenure is greater than 180 days but less than 364 days, the bank will impose a 0.50 percent penalty; if the deposit tenure is greater than or equal to 365 days, the bank will impose a 1.00 percent penalty. According to Kotak Mahindra Bank’s website, “Interest will be paid at the rate prevailing on the date of deposit for the tenure the deposit or the withdrawn amount remained with the bank or at the contracted rate, whichever is lower after deducting an applicable penal charge for premature withdrawal as per the bank’s Terms & Conditions.” According to the bank’s Fixed Deposit Account Terms and Conditions, the penal charge for premature closure of Fixed Deposits, including partial closure, has been set as follows for Fixed Deposits booked/renewed on or after May 20, 2022.”