Kotak Mahindra Bank FD tenors range between 7 days to 10 years and earn interest rates in the range of 2.5%-6.2% for regular investors, and in the range of 3%-6.7% for senior citizens.
After the hike, the bank will offer interest rates of 6% for 365 to 389 days instead of 5.75% earlier. The bank will now give 6.10% for less than 23 months from 390 days (12 months 25 days). After the hike, the bank will now offer a maximum interest rate of 6.2%, ranging from 23 months to three years. The bank will continue to offer 6.10% interest rate on terms ranging from three to ten years.
Latest Kotak Mahindra Bank FD Rates
Source: Bank’s website
According to the Kotak Mahindra Bank website, “Interest on fixed deposits of less than 181 days duration will be calculated as simple interest on maturity. Interest is calculated on the basis of 365 days in a non-leap year and 366 days in a leap (calendar) year.
a punishment
According to the bank’s website, “Interest for the period of interest at the rate prevailing on the date of deposit or amount withdrawn with the bank or at the contracted rate, whichever is lower, after deducting the applicable penalty charges for premature withdrawal.” will be paid as per the terms and conditions of the Bank.”
recurring deposit
Recurring deposit rates are applicable only for resident individuals and HUFs. The interest rate varies between 5% to 6.2% for tenures ranging from 6 months to 10 years.
Penalty for delay in payment of RD installment
Penal interest at the rate of RD interest rate (contracted rate of interest at the time the RD is booked) + 2% p.a. will be charged for the month of delay, if any installment is late after the grace period of 5 days.