Kotak Mahindra Bank Fixed Deposit Rates

News About Kotak Mahindra Bank Fixed Deposit

• Interest Rate Changes for Term Deposits in Kotak Mahindra Bank

  The rates for deposits across banks in India have seen deductions post the repo rate cut by the Reserve Bank of India. While loans have also seen a sizable reduction, reductions in fixed deposit rates are not that much of a good news. Kotak Mahindra Bank has kept its rates on fixed deposit at more agreeable values for amounts below INR 50 lakhs. The financial institution is popular in the segment of housing finance and has lowered rates for loans, but interestingly has maintained its lucrative interest rates on fixed deposits.

  As of April 12, 2016, deposits of 12 months earn interest at a rate of 9% per annum and that is the current lowest rate on offer from Kotak Mahindra. Tenures of deposits ranging from 14 months to 36 months get a nominal increase of 0.25% and thus offer an interest rate of 9.25% per annum. The same rate is also applicable for tenures of 48 months to 120 months. The highest rate of interest offered by DHFL is currently 9.35% per annum and is applicable for deposit tenures of 40 months. For senior citizens, all applicable rates are upped by an additional 0.25% as per the same tenures.

  

  26th April 2016

• Kotak Bank Fixed Deposit Rate Changes

  The fixed deposit rates from Kotak Bank are a mixed bag of goodies in the year of 2016. The rates have increased by fractional amounts for certain terms and some tenures have been interchanged to accommodate certain changes. Repo rate changes had lessened the base rate of the bank but it seems the strong drive of Kotak Bank to allow better returns for its customers has sustained and is going to benefit people looking to save through the bank’s fixed deposit accounts for the applicable tenures.

  As of January 2016, the lowest interest rate is at 4% for deposits ranging from 7 days to 14 days. The rate for the tenure of 15 to 30 days has also jumped up by another 0.50% to 4.5%. For tenures of 31 days to 45 days and 46 days to 90 days, the same increase of 0.50% has brought the effective rate of interest to 6% per annum and 6.5% per annum. For the deposits that have a tenure of 91 days to 179 days, the rate of interest is now fixed at 7% per annum. For 180 days’ tenure, the rate of interest now reads 7.30% and there is a fractional increase of 0.20% for the next tenure of 181 days to 363 days. 7.75% per annum is the current rate of interest for deposits that have a tenure of 364 days. There is a 0.15% increase in the rates for terms within 365 days to 390 days. There is a decline of interest rates for deposit tenures from 391 days till 10 years. The regressing rate of interest during that section of deposit tenure gives customers rates like 7.75%, 7.65%, 7.50% and 7.25% per annum.

  Rates are given a 0.50% additional boost for senior citizens.

  

  3rd February 2016

• Interest Rates of Kotak Mahindra Bank

  Owing to competitive rate of interests in the market, fixed deposits products from Kotak Mahindra Bank are highly sought-after. The interest rates for term deposits have been revised according to the directive from Reserve Bank of India.

  The interest rate for the deposit of less than Rs. 10 crore having a tenure of 270 days has been increased by 0.10% and is now at 7.50%, as against the previous rate of 7.40%. The annualized yield also saw a 0.10% hike from 7.54% to 7.64%. Interest rates have also been revised for senior citizens fixed deposits of less than Rs. 10 crore and annualized yield, with a hike of 0.10%. The current rates of the deposit and annualized yield are 8% and 8.16%, unlike the previous rates of 7.90% and 8.06% respectively.

  The rate of interest applicable on 271 to 363 days on fixed deposits and annualized yield, for regular as well as senior citizens will be the same, as the previous rates of 7.50% & 7.64% for regular deposits and 8% & 8.16% for senior citizens.

  

  25th November 2015

• Interest Rates drop for Kotak Bank Fixed Deposits

  Post the directive by the Reserve Bank of India, many banks have slowly begun to pass the benefits of the repo rate cuts to their customers, and as a result, that has also brought down the base rate of banks as well as the interest rates offered on fixed deposits. Kotak Bank, the fourth largest private bank in India in terms of market capitalization, has also reduced interest rates across a few tenures in its fixed deposit accounts.

  Interest rates for short term deposits hasn’t varied for periods of up to 45 days, while the period of 46-90 days has seen a drop of 0.5% and currently has an interest rate of 7.5%. The period of 91 days-179 days now offers a reduced rate of 7.5% as opposed to the earlier 8.25%. From 180 days to 270 days, the rates have dropped to 7.75%. Rates have dropped to 8% for periods of 271-364 days. The highest rate of interest currently being offered on fixed deposits by the bank is 8.20% on periods of 365-390 days and 700 days only.

  

  26th August 2015