Fixed Deposit Interest Rate: Leading private sector bank Kotak Mahindra Bank has increased the interest rates on fixed deposits (FD). The bank has increased interest rates on FDs of less than Rs 2 crore to 7 per cent for general investors and 7.50 per cent for senior citizens.
According to the official website of the bank, the new rates have come into effect from today, December 28, 2022. Let us know what is the interest rate on FDs of different tenures.
What are the interest rates for different tenures
The interest rate on FDs of 7 to 24 days is 2.75%. At the same time, FDs of 15 to 30 days will get a return at the rate of 3%. 3.24% return will be available on FD of 31 days to 45 days. Apart from this, the interest rate on FDs of 46 days to 90 days is 3.50 per cent.
INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS – PREMATURE WITHDRAWAL ALLOWED
| INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 28th Dec 2022. (Rates are subject to change from time to time) | ||||||||||
| Regular | Senior Citizen* | |||||||||
| Maturity Periods – Premature Withdrawal Allowed | Less than Rs.2 Crore# | Annualised Yield | Less than Rs.2 Crore# | Annualised Yield | ||||||
| 7 – 14 Days | 2.75% | 2.75% | 3.25% | 3.25% | ||||||
| 15 – 30 Days | 3.00% | 3.00% | 3.50% | 3.50% | ||||||
| 31 – 45 Days | 3.25% | 3.25% | 3.75% | 3.75% | ||||||
| 46 – 90 Days | 3.50% | 3.50% | 4.00% | 4.00% | ||||||
| 91 – 120 Days | 4.00% | 4.00% | 4.50% | 4.50% | ||||||
| 121 – 179 days | 4.25% | 4.25% | 4.75% | 4.75% | ||||||
| 180 Days | 5.75% | 5.75% | 6.25% | 6.25% | ||||||
| 181 Days to 269 Days | 5.75% | 5.83% | 6.25% | 6.35% | ||||||
| 270 Days | 5.75% | 5.83% | 6.25% | 6.35% | ||||||
| 271 Days to 363 Days | 5.75% | 5.83% | 6.25% | 6.35% | ||||||
| 364 Days | 6.00% | 6.09% | 6.50% | 6.61% | ||||||
| 365 Days to 389 Days | 6.75% | 6.92% | 7.25% | 7.45% | ||||||
| 390 Days (12 months 25 days) | 7.00% | 7.19% | 7.50% | 7.71% | ||||||
| 391 Days – Less than 23 Months | 7.00% | 7.19% | 7.50% | 7.71% | ||||||
| 23 Months | 7.00% | 7.19% | 7.50% | 7.71% | ||||||
| 23 months 1 Day- less than 2 years | 6.50% | 6.66% | 7.00% | 7.19% | ||||||
| 2 years- less than 3 years | 6.40% | 6.56% | 6.90% | 7.08% | ||||||
| 3 years and above but less than 4 years | 6.30% | 6.45% | 6.80% | 6.98% | ||||||
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.75% | 6.92% | ||||||
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.35% | 6.70% | 6.87% | ||||||
| Fixed Deposits Interest Rates for Domestic/ NRO / NRE effective from 29th Dec 2022. (Rates are subject to change from time to time) | ||||||||||
| Maturity Period – Premature Withdrawal Allowed | Rs. 2 Crore & above but below Rs. 5 Crores # | Rs. 5 Crores & above but below Rs. 10 Crores # | Rs. 10 Crores & above but below 25 Crores # | Rs. 25 Crores & above # | ||||||
| 7 – 14 Days | 3.75% | 4.25% | 4.25% | 4.25% | ||||||
| 15 – 30 Days | 3.75% | 4.75% | 4.75% | 4.75% | ||||||
| 31 – 45 Days | 4.50% | 5.25% | 5.25% | 5.25% | ||||||
| 46 – 60 Days | 4.75% | 5.50% | 5.50% | 5.50% | ||||||
| 61 – 90 Days | 5.25% | 5.75% | 5.75% | 5.75% | ||||||
| 91 – 120 Days | 5.50% | 6.40% | 6.40% | 6.40% | ||||||
| 121 – 179 Days | 5.75% | 6.40% | 6.40% | 6.40% | ||||||
| 180 Days | 6.25% | 6.50% | 6.50% | 6.50% | ||||||
| 181 Days to 270 Days | 6.35% | 6.60% | 6.60% | 6.60% | ||||||
| 271 Days to 279 Days | 4.50% | 5.00% | 5.00% | 5.00% | ||||||
| 280Days ‐ 364 days | 6.50% | 6.85% | 6.85% | 7.00% | ||||||
| 365 days ‐ Less Than 15Months | 7.00% | 7.15% | 7.35% | 7.40% | ||||||
| 15 months – less than 18 months | 7.00% | 7.15% | 7.30% | 7.30% | ||||||
| 18 months – less than 2 Years | 7.00% | 7.00% | 7.00% | 7.20% | ||||||
| 2 years and above but less than 3 years | 6.60% | 6.80% | 6.80% | 7.00% | ||||||
| 3 years and above but less than 4 years | 6.30% | 6.50% | 6.50% | 6.50% | ||||||
| 4 years and above but less than 5 years | 6.25% | 6.40% | 6.40% | 6.40% | ||||||
| 5 years and above upto & inclusive of 7 years | 6.25% | 6.25% | 6.25% | 6.25% | ||||||
Returns up to 7.50% for senior citizens
Under the increase in interest rates, common investors will get 7 percent interest on FDs of 390 days, 391 days to less than 23 months and 23 months. At the same time, senior citizens will get up to 7.50% return on FDs of these periods.
