Kotak Mahindra Bank offers up to 7.2 per cent interest rates for fixed deposits maturing between 390 days and less than two years. For senior citizens, the interest rate can go up to 7.5 per cent for the same tenures.
Check Kotak Mahindra Bank’s latest FD interest rates
| Tenure | Interest Rate | Interest rate for senior citizens |
| 7 – 14 Days | 2.75% | 3.25% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.25% | 3.75% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 – 120 Days | 4.00% | 4.50% |
| 121 – 179 days | 4.25% | 4.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.25% | 6.75% |
| 365 Days to 389 Days | 7.00% | 7.50% |
| 390 Days (12 months 25 days) | 7.20% | 7.70% |
| 391 Days – Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above up to and inclusive of 10 years | 6.20% | 6.70% |
(Applicable for deposits below Rs 2 crore)
Date: April 6, 2023
Source: Kotak Mahindra Bank website
RBI holds repo rate: Will it impact interest rates of fixed deposits?
The Reserve Bank of India (RBI) increased repo rates by 250 basis points since May 2022. Since then, banks have also hiked the interest rates of fixed deposits significantly. However, RBI surprised the investors by holding the repo rate in its bi-monthly monetary policy meeting held on April 6. Will it impact the interest rates of fixed deposits? Answering this, Naveen Kukreja, CEO and Co-founder, Paisabazaar, said, Repo rate is not the sole factor influencing the increase or decrease in FD rates. FD rates are also influenced by the gap between the credit growth rates and deposit growth rates and overall liquidity in the system. As long as the credit growth rates outperform the growth rates of bank deposits, banks would continue to increase their FD rates to attract more fixed deposits for meeting the increasing credit demand.”
“Moreover, there is also often a lag between the rising policy rates and the increase in FD rates as the transmission of rising policy rates to FDs usually takes some time. Thus, while the pause in policy rate hikes may pause the rate hikes in loans, the same cannot be said about the FD rates,” he added.
