Senior Citizens Can Now Avail Up To 7.80% Interest Rate on Kotak Mahindra Bank Fixed Deposits
Mumbai, 11thDecember, 2023: Kotak Mahindra Bank Limited (“KMBL”/“Kotak”) announced an increase in interest rates on Fixed Deposits (FDs) of less than Rs 2 crore up to 7.80% for senior citizens. Senior citizens can now enjoy enhanced returns, with rates increased by up to 85bps across various tenures.
For tenures ranging from 23 months to 2 years, senior citizens can earn up to 7.80%, showcasing Kotak’s commitment to rewarding its senior customers. The upward revision extends to tenures of 2 to 3 years, offering 7.65%.
Regular customers investing less than Rs 2 crorealso benefit due to the 50basis points (bps) increase for FDs with tenures of 3 to 4 years, now providing an impressive 7.00%. Additionally, tenures of 4 to 5 years see a remarkable hike to 7.00%, up from the earlier 6.25%.
Virat Diwanji, Group President and Head – Consumer Bank at Kotak Mahindra Bank, stated, “Fixed deposits are considered safe and low-risk investments, particularly by senior citizens.Our increased FD rates enhances their regular source of income.”
KMBL’s Revised Fixed Deposit Interest Rates in specific buckets:
| < Rs. 2 crs | Current Rates | New Rates | ||
| Tenure/Rates | Regular | Sr. Citizen | Regular | Sr. Citizen |
| 23 months | 7.25% | 7.75% | 7.25% | 7.80% |
| 23 months 1 day – less than 2 years | 7.25% | 7.75% | 7.25% | 7.80% |
| 2 years and above – less than 3 years | 7.10% | 7.60% | 7.10% | 7.65% |
| 3 years and above – less than 4years | 6.50% | 7.00% | 7.00% | 7.60% |
| 4 years and above – less than 5 years | 6.25% | 6.75% | 7.00% | 7.60% |
For more details, please visit our website https://www.kotak.com/en/rates/interest-rates.html
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