Kotak Mahindra Bank hikes FD interest rate on this tenor

Kotak Mahindra Bank hikes FD interest rate on this tenor


Kotak Mahindra Bank has hiked the interest rates offered on its fixed deposits (FDs) for amounts below Rs 2 crore. The revised interest rates on FDs are effective from January 16, 2023. The revised interest rates are applicable for domestic, NRO, and NRE deposits. This is the second time the bank has revised the FD interest rates on select tenor in January.
Also read: Latest Bank Fixed Deposit Interest Rates in India for 2023

Latest Kotak Mahindra FD interest rates
The bank has hiked the interest rate on tenure of 2 years- less than 3 years from 6.50 percent to 6.75 percent. Interest rates on other tenures remain unchanged.

Regular Senior Citizen*
Maturity Period Less than Rs.2 Crore# Less than Rs.2 Crore#
7 – 14 Days 2.75% 3.25%
15 – 30 Days 3.00% 3.50%
31 – 45 Days 3.25% 3.75%
46 – 90 Days 3.50% 4.00%
91 – 120 Days 4.00% 4.50%
121 – 179 days 4.25% 4.75%
180 Days 5.75% 6.25%
181 Days to 269 Days 5.75% 6.25%
270 Days 5.75% 6.25%
271 Days to 363 Days 5.75% 6.25%
364 Days 6.00% 6.50%
365 Days to 389 Days 6.75% 7.25%
390 Days (12 months 25 days) 7.00% 7.50%
391 Days – Less than 23 Months 7.00% 7.50%
23 Months 7.00% 7.50%
23 months 1 Day- less than 2 years 7.00% 7.50%
2 years- less than 3 years 6.75% 7.25%
3 years and above but less than 4 years 6.50% 7.00%
4 years and above but less than 5 years 6.25% 6.75%
5 years and above upto and inclusive of 10 years 6.20% 6.70%

Kotak Mahindra loan rates
Kotak Mahindra Bank revised the marginal cost of funds-based lending rate (MCLR) across tenures. The revised MCLR rates will take effect on January 16, 2023.

Tenor Benchmark Rate
Overnight K-MCLR O/N 8.15%
One Month K-MCLR 1M 8.40%
Three Month K-MCLR 3M 8.55%
Six Month K-MCLR 6M 8.75%
One Year K-MCLR 1Y 8.95%
Two year K-MCLR 2Y 9.00%
Three year K-MCLR 3Y 9.15%

Source: Bank website



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Author: Shirley