Kotak Mahindra Bank revises FD interest rates: Here is what you get now

Kotak Mahindra Bank has revised interest rate on fixed deposits (FD) on select maturities effective October 22. After the latest rate change, the Kotak Mahindra Bank FD interest rates range from 2.50% to 5% on maturities with different tenures. For FDs maturing in 7 to 30 days, 31 to 90 days and 91 to 179 days, Kotak Mahindra Bank offers interest rate 2.5%, 3% and 3.5% respectively. 

For term deposits maturing in 180 days to less than a year, Kotak Mahindra Bank pays 4.50% interest. For deposits maturing in one year to 389 days, the bank gives 4.60%. For FDs maturing in 391 days to less than 23 months, the bank gives 4.90%. For FDs maturing in 5 years and above upto and inclusive of 10 years, the bank gives 4.50%. 

Here are the latest Kotak Mahindra Bank FD rates: 

7 - 14 days 2.50% 

15 - 30 days 2.50% 

31 - 45 days 3.00% 

46 - 90 days 3.00% 

91 - 120 days 3.50% 

121 - 179 days 3.50% 

180 days 4.50% 

181 days to 269 days 4.50% 

270 days 4.50% 

271 days to 363 days 4.50% 

364 days 4.50% 

365 days to 389 days 4.60% 

390 days (12 months 25 days) 4.90% 

391 days - Less than 23 months 4.90% 

23 months 5% 

23 months 1 day- less than 2 years 5% 

2 years- less than 3 years 4.9% 

The senior citizens will continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 3% to 5.5% on FDs maturing in 7 days to 10 years. 

Last week, country’s largest private sector bank, HDFC Bank slashed interest rates on fixed deposits (FDs) on selected tenures effective October 15. The bank has cut the interest rate on deposits maturing in one year and two years. The rates remain unchanged for rest of the term deposits. 

After the latest revision, HDFC Bank is offering 2.50% interest rate on deposits between 7 days and 29 days, and 3 % on deposits maturing in 30-90 days. On 91 days to 6 months, 3.5% and on 6 months 1 day to less than one year, 4.4%. HDFC Bank has cut the interest rates by 20 basis points (bps) and 10 bps on deposits with maturity one year and two years respectively.