Kotak Mahindra Bank has revised interest rates on fixed deposits (FDs) days after RBI reduced repo rate earlier this month. Kotak Mahindra Bank’s new FD rates with effect from 9 August 2019. Other private-sector lenders such as Axis Bank and ICICI Bank also revised interest rates effective from 10th and 14th August respectively. Kotak Mahindra Bank offers an interest rate ranging from 3.50% to 6.90% for FDs maturing in 7 days to 10 years. The bank has reduced interest rates on FDs across all tenures in the range of 10 to 40 basis points.
For FDs maturing in 7 to 45 days, Kotak Mahindra Bank has kept the rate unchanged, offering interest rate between 3% and 5%. After the latest revision, Kotak Mahindra Bank is offering 5.25% interest on FDs between 46-90 days. For 91 to 120 days, the interest rate is 5.75%. Kotak Mahindra Bank pays an interest rate of 6.00% on FDs between 121 and 179 days. For term deposits maturing in 180 to 270 days, Kotak Mahindra Bank pays 6.40% interest. For 271 days to 364 days, the bank offers an interest rate of 6.75%.
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