Kotak Mahindra Bank revises FD interest rates from Dec 9: Check details here

Kotak Mahindra Bank has revised the interest rates offered on its fixed deposits (FDs). The revised interest rate is applicable on a deposit of less than Rs 2 crore. The revised interest rates on FDs are effective from today i.e., December 9, 2022. The revised interest rate is applicable for domestic, NRO, and NRE deposits.

The bank is offering 6.25 per cent on FD for one year for the general public and 6.75% on senior citizens' fixed deposits. Similarly, an FD for 180 days (almost equivalent to 6 months) is offering an interest rate of 5.50 per cent and 6 per cent for senior citizen FDs.

Kotak Mahindra Bank FD interest rate from December 9, 2022
Source: Kotak Mahindra Bank's Website

Also Read: Should you wait for FD interest rate to cross 9% for making investment?

The bank has also revised the FD interest rate for bulk deposits (deposits of Rs 2 crore and above) as well effective from December 9, 2022.

As per the bank's website, the senior citizens' fixed deposit interest rate is not applicable for NRO and NRE deposits. No interest rate will be paid if the NREs FD is staying less than one year.

The private sector bank does not charge any penalty on premature withdrawal if the tenure of the fixed deposit is of less than 180 days. However, a penalty at a rate of 0.50% will be levied if the tenure of FD is greater than 180 days to less than or equal to 364 days. For a fixed deposit having a tenure of more than 365 days, the penalty will be levied at 1 per cent.

The bank has hiked the fixed deposit interest after the Reserve Bank of India (RBI) hiked the repo rate and other key policy rates on December 7, 2022, by 0.35 per cent. The central bank has hiked the repo rate by 2.25 per cent since May 2022.