Kotak Bank Pays 6.8% Interest To Senior Citizens On 1-Year FD. Compare Other Rates Here

Kotak Mahindra Bank FD Rates: Kotak Bank offers 20 maturity options for retail FDs. Kotak Bank pays an 6.8% interest to senior citizens on one-year FDs.

Kotak Bank Pays 6.8% Interest To Senior Citizens On 1-Year FD. Compare Other Rates Here

Kotak Bank FD Rate: Kotak Bank pays a 6.8% interest to senior citizens on a fixed deposit of one year

Highlights

  • Kotak Bank pays interest in range of 3.5-6.8% on FD up to Rs 2 crore
  • Kotak Bank offers retail fixed deposits in 20 maturity options
  • Senior citizen customers get 6.8% return on one-year deposit

Kotak Mahindra Bank pays interest rates to the tune of 3.50-6.80 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in 20 maturity options ranging from seven days to 10 years at the private sector lender. Kotak Bank pays higher returns to senior citizen retail depositors compared to other customers. For example, on a fixed deposit up to Rs 2 crore of one year, ICICI Bank pays interest at the rate of 6.80 per cent to senior citizen customers and 6.30 per cent to other customers, according to its website - kotak.com. (Also Read: Compare Bank FD Rates Paid By Peers Here)

Kotak Mahindra Bank pays the following interest rates on retail fixed deposits:

Kotak Mahindra Bank Fixed Deposit Rates

Maturity PeriodInterest Rate (With Effect From November 27)
PublicSenior Citizen
Seven to 14 days3.50%4.00%
15 to 30 days4.00%4.50%
31 to 45 days4.75%5.25%
46 to 90 days5.25%5.75%
91 to 120 days5.40%5.90%
121 to 179 days5.40%5.90%
180 days5.75%6.25%
181 to 269 days5.80%6.30%
270 days5.80%6.30%
271 to 363 days6.05%6.55%
364 days6.05%6.55%
365 to 389 days6.30%6.80%
390 days (12 months and 25 days)6.30%6.80%
391 days to less than 23 months6.30%6.80%
23 months6.30%6.80%
23 months and one day to less than two years6.30%6.80%
Two years to less than three years6.25%6.75%
Three years and above but less than four years6.20%6.70%
Four years and above but less than five years6.20%6.70%
Five years and above up to and inclusive of 10 years6.10%6.60%
(Source: kotak.com)
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(Kotak Mahindra Bank Interest Rates: On fixed deposits of two years, Kotak Mahindra Bank gives a 6.75 per cent return to senior citizens and 6.25 per cent to other customers, according to its website)

Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax. 

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