Holi gift to investors Kotak Mahindra Bank to earn more than FD and RD Kotak Mahindra Bank Raises FD & RD Interest Rates, Check Latest Rates

Kotak Mahindra Bank Raised interest rates on its fixed deposits. The bank has hiked interest rates on its FDs below Rs 2 crore. The bank’s new rates are effective from March 8, 2023. On the other hand, banks have increased interest rates on recurring deposits. Kotak Mahindra Bank Recurring Deposit Interest Rate Effective March 8 Let us tell you how much money the bank will earn investors through FD and RD.

Kotak Mahindra Bank FD Rate

The bank is offering a maximum interest rate of 7.20 percent on FDs to regular citizens. At the same time, senior citizens are being offered a maximum interest rate of 7.70 percent on FDs of 390 days to less than 2 years. The bank has hiked interest rates on 180-day FDs by 50 basis points to 6.50 per cent from 6 per cent. There is no change in FD for all other tenures. On the other hand, the bank increased the interest rate on 180-day FDs for senior citizens by 0.50 per cent, after which the interest rate increased from 6.50 per cent to 7 per cent. There is no change in FD for the rest of the term. All these rates are applicable for Domestic, NRO and NRE FDs and these deposits have premature withdrawal facility.

Kotak Mahindra RD Rate

The bank is offering interest rates ranging from 6 percent to 7.20 percent for regular customers and 6.50 percent to 7.70 percent for senior citizens. The maximum rates for 15 months, 18 months and 21 months deposits are 7.20 percent and 7.70 percent. In case of delay in payment of any installment after the grace period of 5 days, as per Kotak Mahindra Bank website, penalty interest at the rate of RD (contractual rate of interest at the time of booking RD) + 2% per annum or such other rate as may be specified by the Bank from time to time for the month of delay. will be charged.