Kotak Mahindra Bank offers you the option of opening an fixed deposit account with them. The bank offer a variety of tenures to choose from and the rate of return on the deposits are quite attractive as well.
Listed in the table below are the interest rates offered by Kotak Mahindra Bank on term deposits below Rs.2 crore.
| Tenure | Interest rate p.a. (General citizens) | Interest rate p.a. (Senior citizens) |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 30 days | 4.00% | 4.50% |
| 31 days to 45 days | 5.00% | 5.50% |
| 46 days to 90 days | 5.25% | 5.75% |
| 91 days to 120 days | 5.75% | 6.25% |
| 121 days to 179 days | 6.00% | 6.50% |
| 180 days | 6.25% | 6.75% |
| 181 days to 270 days | 6.40% | 6.90% |
| 271 days to 363 days | 6.50% | 7.00% |
| 364 days | 6.75% | 7.25% |
| 12 months to 12 months 24 days | 6.75% | 7.25% |
| 12 months 25 days | 6.90% | 7.40% |
| 12 months 26 days to 36 months | 6.80% | 7.30% |
| 36 months to less than 48 months | 6.75% | 7.25% |
| 48 months to less than 60 months | 6.50% | 7.00% |
| 60 months to 120 months | 6.25% | 6.75% |
Note: The interest rates mentioned in the table are as of 23 August 2019.
For deposits above Rs.2 crore, the rate of return provided by the bank on fixed deposits are listed in the table below:
| Tenure | Interest rate p.a. (Rs.2 crore to Rs.5 crore) | Interest rate p.a. (Above Rs.10 crore) |
|---|---|---|
| 7 days to 14 days | 4.25% - 4.50% | 4.50% |
| 15 days to 30 days | 4.50% | 4.50% |
| 31 days to 45 days | 5.00% - 5.50% | 5.50% |
| 46 days to 60 days | 5.25% - 5.70% | 5.70% |
| 61 days to 90 days | 5.50% - 5.75% | 5.75% |
| 91 days to 120 days | 5.75% - 5.80% | 5.80% |
| 121 days to 179 days | 5.80% - 6.00% | 5.80% |
| 180 days | 6.05% - 6.25% | 6.05% |
| 181 days to 270 days | 6.20% - 6.25% | 6.20% |
| 271 days to 279 days | 4.80% - 4.85% | 4.80% |
| 280 days to less than 1 year | 6.40% - 6.50% | 6.40% |
| 1 year to less than 1 year 3 months | 6.40% - 6.75% | 6.40% |
| 1 year 3 months to less than 3 years | 6.30% - 6.75% | 6.30% |
| 3 years to less than 5 years | 6.25% - 6.50% | 6.25% |
| 5 years to 7 years | 6.00% - 6.25% | 6% |
Note: The interest rates mentioned in the table are as of 23 August 2019.
When it comes to NRE and NRO Fixed deposits, the interest offered by Kotak Mahindra Bank is the same as the domestic fixed deposit rates.
Kotak Mahindra Bank Short-term Term Deposits
You can opt to open a short-term fixed deposit with Kotak Mahindra Bank. The tenure of a short-term FD ranges between 7 days to less than 12 months. The interest paid on such deposits is between 3.50% p.a. to 6.75% p.a. when the deposit amount is below Rs.2 crore.
Kotak Mahindra Bank Medium-term Deposits
The bank also offers the option of opening a medium-term fixed deposit. The tenure for such deposits range between 12 months to less 60 months. The rate of return on medium-term FDs is between 6.50% p.a. to 6.90% p.a.
Kotak Mahindra Bank Long-term Deposits
The interest paid on long-term fixed deposits by Kotak Mahindra Bank is 6.25% p.a. The tenure for long-term FDs is between 5 years and 10 years.
Kotak Mahindra Bank Fixed Deposit Interest Rates for Senior Citizens
Citizens who fall in the bracket of senior citizens are offered additional interest of 0.50% by the bank for opening an FD account with them. The payable interest is in the range of 4.00% p.a. to 7.40% p.a.
How to link Aadhar Card with Kotak Mahindra Bank Account How to Link PAN Card to Kotak Mahindra Bank Account
Kotak Mahindra Bank has revised their interest rates for fixed deposits which has been effective from 6 September 2019. The current rate of interest for fixed deposits ranges from 3.50% per annum to 6.80% per annum.
For the fixed deposits which are maturing in 7 to 14 days, 15 to 30 days and 31 to 45 days, Kotak Mahindra Bank offers interest rate 3.5%, 4.00% and 5% respectively.
After their latest revision, the Bank is offering 5.25% interest on the fixed deposits maturing between 46-90 days. For a tenure of 91 to 120 days, the interest rate which is offered is 5.50%.
Kotak Mahindra Bank is offering an interest rate of 5.60% for the fixed deposits maturing between 121 and 179 days. For term deposits maturing in 3 months to 9 months, Kotak Mahindra Bank is offering a 6.25% interest.
For FDs maturing in 271 days to less than 1 year, Kotak Mahindra Bank offers an interest rate of 6.35%. The highest rate of interest for deposits maturing in less than a year is for a duration of 364 days with an interest rate of 6.75% per annum.
For the fixed deposits maturing between one year to 389 days, an interest rate of 6.75% is given. For deposits maturing in 390 days, the interest rate offered is 6.80%.
Fixed deposits which are maturing in 391 days to less than 23 months, Kotak Mahindra Bank gives 6.70% interest. For deposits maturing in 23 months to less than 2 years, the bank is offering a 6.70% interest. After the latest revision, fixed deposits maturing within a period 390 days will be given the highest interest rate of 6.80%.
13 September 2019
Kotak Mahinda Bank has revised their fixed deposit rates, joining other private sector banks in revising their rates.
Fixed deposits maturing in 7 to 45 days will attract interest between 3% and 5%. Tenors of 46-90 days will attract interest at 5.25% while deposits between 91 to 120 days will attract 5.75%.
Interest on FD’s with a tenor of 121 and 179 days will be 6% while deposits maturing between 180 to 270 days will attract 6.40% interest. Deposits maturing from 271 to 364 days will see a 6.75% interest rate payout.
For deposits maturing between 365 to 389 days, deposit holders will receive 6.75% interest. Deposits maturing in 390 days but in less than 23 months will receive 6.80% interest.
20 August 2019
Kotak Mahindra Bank has revised the fixed deposit (FD) rates with effect from July 11. The bank is the latest lender to have tweaked the FD rates after Bandhan Bank, Yes Bank, HDFC Bank, Punjab National Bank, ICICI Bank, Canara Bank, and Axis Bank. As per the bank’s website, the interest rates offered on various tenures range between 3.5% and 7.2% per annum.
The bank offers interest in the range of 3.50% to 5.50% p.a. on deposits having a tenure between 7 days to 90 days. FDs opened for a tenure of 91 days to 270 days attract interest in the range of 6% to 6.50% p.a. For opening a FD having a maturity period of 271 days to 10 years, the interest offered to customers is in the range of 6.50% to 7.20% p.a.
The highest interest rate offered by the lender can be availed for opening a FD having a tenure of 390 days to less than 23 months. It needs to be mentioned here that banks have been revising the FD rates after Reserve Bank of India (RBI) on June 6 cut the key policy rate by another 25 basis points and asked banks to do more.
16 July 2019
Kotak Mahindra has changes the interest rates offered on fixed deposits for certain select tenures.
The rates offered go up to Rs.7.20% per annum for 365 days to 390 days. on the other hand, the rate paid for a tenure of 391 days to less than 2 years is 7.10%.
The bank revised the rates offered on domestic term deposits, NRO and NRE fixed deposits with effect from June 7, 2018.
Kotak Mahindra also offers the 5-year tax saving term deposit scheme. A fixed deposit is a good investment option for all age groups because it is a risk-free investment that gives guaranteed returns.
7 June 2018
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.
26 April 2016
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.
3 February 2016
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.
25 November 2015
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.
26 August 2015
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