scorecardresearchKotak Mahindra Bank hikes interest rates on fixed deposits maturing within a year

Kotak Mahindra Bank hikes interest rates on fixed deposits maturing within a year

Updated: 09 Mar 2022, 03:43 PM IST
TL;DR.

Investors to gain as banks hike their fixed deposits interest rates

Fixed deposits 

Fixed deposits 

Good news is in store for investors relying on fixed deposits to earn returns on the money invested. Kotak Mahindra Bank, a private sector bank and lender, has prepped up the interest rates on its fixed deposits, of less than 2 crores, maturing within a year. The bank had previously offered a 4.9 percent interest rate to its customers on its deposits maturing in 365-389 days. 

However, with the announcement regarding the change in interest rates today, the bank will now give five percent interest on investments in fixed deposits for this tenure. Barring this tenure, the bank has not changed the interest rates on all fixed deposits of less than 2 crores for all tenures. 

The bank is now offering the following interest rates on fixed deposits worth less than 2 crores with tenures ranging from a week to 10 years.

TenuresRegular Interest Rate Every YearAnnualized Yield Senior Citizen Interest Rate per AnnumAnnualized Yield 
364 days4.50%4.55%5.00%5.06%
 365-389 days  5.00% 5.09% 5.50% 5.61%
 390 days  5.10% 5.20% 5.60% 5.72%
 391 days to less than 23 months 5.10% 5.20% 5.60% 5.72%
 23 months 5.10% 5.20% 5.60% 5.72%
 23 months 1 day to less than 2 years 5.10% 5.20% 5.60% 5.72%
 2 years to less than 3 years  5.20% 5.30% 5.70% 5.82%
 3 years and above but less than 4 years 5.45% 5.56% 5.95% 6.08%
 4 years and above but less than 5 years 5.45% 5.56% 5.95% 6.08%
First Published: 09 Mar 2022, 03:21 PM IST