Kotak Bank latest savings bank, Fixed Deposit, Recurring deposit and housing loan interest rate

Deposit Accounts

Savings Bank A/c
Nature Rate of Interest
Normal Senior Citizen
A. Domestic (W.e.f. May 25, 2020) 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. May 25, 2020) 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh 4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh
C. Non Resident (NRE/NRO) 3.50% p.a. 3.50% p.a.
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
Note : p.a. is “per annum”

Note

W.e.f. May 25, 2020, interest rate on daily balances in Savings Account stands revised as follows: Daily balances in excess of Rs. 1 lakh will earn 4% interest p.a. and daily balances up to Rs. 1 lakh will earn 3.50% interest p.a. These interest rates are applicable for Resident Accounts only.

Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.

Fixed Deposit

INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS – PREMATURE WITHDRAWAL ALLOWED
INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 26th August 2020. (Rates are subject to change from time to time)
Regular Senior Citizen*
Maturity Periods – Premature Withdrawal Allowed Less than Rs.2 Crore# Annualised Yield Less than Rs.2 Crore# Annualised Yield
7 – 14 Days 2.50% 2.50% 3.00% 3.00%
15 – 30 Days 2.50% 2.50% 3.00% 3.00%
31 – 45 Days 3.00% 3.00% 3.50% 3.50%
46 – 90 Days 3.00% 3.00% 3.50% 3.50%
91 – 120 Days 4.00% 4.00% 4.50% 4.50%
121 – 179 days 4.00% 4.00% 4.50% 4.50%
180 Days 4.60% 4.60% 5.10% 5.10%
181 Days to 269 Days 4.70% 4.76% 5.20% 5.27%
270 Days 4.70% 4.76% 5.20% 5.27%
271 Days to 363 Days 4.70% 4.76% 5.20% 5.27%
364 Days 4.75% 4.81% 5.25% 5.32%
365 Days to 389 Days 4.75% 4.84% 5.25% 5.35%
390 Days (12 months 25 days) 5.10% 5.20% 5.60% 5.72%
391 Days – Less than 23 Months 5.10% 5.20% 5.60% 5.72%
23 Months 5.10% 5.20% 5.60% 5.72%
23 months 1 Day- less than 2 years 5.10% 5.20% 5.60% 5.72%
2 years- less than 3 years 4.90% 4.99% 5.40% 5.51%
3 years and above but less than 4 years 4.90% 4.99% 5.40% 5.51%
4 years and above but less than 5 years 4.75% 4.84% 5.25% 5.35%
5 years and above upto and inclusive of 10 years 4.50% 4.58% 5.00% 5.09%
Fixed Deposits Interest Rates for Domestic / NRO / NRE effective from 9th September 2020 . (Rates are subject to change from time to time)
Maturity Period – Premature Withdrawal Allowed Rs. 2 Crore & above but below Rs. 5 Crores # Rs. 5 Crores & above but below Rs. 10 Crores # Rs. 10 Crores & above but below 25 Crores # Rs. 25 Crores & above #
7 – 14 Days 2.50% 2.50% 2.50% 2.50%
15 – 30 Days 2.50% 2.50% 2.50% 2.50%
31 – 45 Days 2.75% 2.75% 2.75% 2.75%
46 – 60 Days 2.75% 3.00% 3.00% 3.00%
61 – 90 Days 3.00% 3.00% 3.00% 3.00%
91 – 120 Days 3.25% 3.25% 3.25% 3.25%
121 – 179 Days 3.25% 3.25% 3.25% 3.25%
180 Days 3.75% 3.65% 3.65% 3.65%
181 Days to 270 Days 4.20% 4.20% 4.20% 4.20%
271 Days to 279 Days 2.90% 2.90% 2.90% 2.90%
280 Days to Less than 12 Months 4.20% 4.20% 4.20% 4.20%
12 months – less than 15 months 4.25% 4.20% 4.20% 4.20%
15 months – less than 18 months 4.25% 4.20% 4.20% 4.20%
18 months – less than 2 Years 4.25% 4.25% 4.25% 4.25%
2 years and above but less than 3 years 4.50% 4.30% 4.30% 4.30%
3 years and above but less than 4 years 4.50% 4.40% 4.40% 4.40%
4 years and above but less than 5 years 4.50% 4.40% 4.40% 4.40%
5 years and above upto & inclusive of 7 years 4.50% 4.40% 4.40% 4.40%
INTEREST RATES FOR DOMESTIC / NRO / NRE FIXED DEPOSITS – PREMATURE WITHDRAWAL NOT ALLOWED
Interest Rates for Domestic / NRO / NRE Fixed Deposits effective from 9th September 2020 (Rates are subject to change from time to time)
Maturity Period – Premature Withdrawal Not Allowed Rs. 2 Crore & above but below Rs. 5 Crores # Rs. 5 Crores & above but below Rs. 10 Crores # Rs. 10 Crores & above But below 25 Crores # Rs. 25 Crores & Above #
91 – 120 Days NA 3.35% 3.35% 3.35%
121 – 179 Days NA 3.35% 3.35% 3.35%
180 Days NA 3.75% 3.75% 3.75%
181 Days to 270 Days 4.30% 4.30% 4.30% 4.30%
271 Days to 279 Days 3.00% 3.00% 3.00% 3.00%
280 Days to Less than 12 Months 4.30% 4.30% 4.30% 4.30%
12 months – less than 15 months 4.35% 4.30% 4.30% 4.30%
15 months – less than 18 months 4.35% 4.30% 4.30% 4.30%
18 months – less than 2 Years 4.35% 4.35% 4.35% 4.35%
2 years and above but less than 3 years 4.60% 4.40% 4.40% 4.40%

Recurring Deposits

INTEREST RATES FOR RECURRING DEPOSITS (For Resident Individuals & HUF only)
Recurring Deposit rates effective from 26th August 2020 (subject to change from time to time)
Tenure Interest Rate p.a. ( %) Senior Citizen Rates p.a. ( %)
6 Months 4.70% 5.20%
9 Months 4.70% 5.20%
12 Months 4.75% 5.25%
15 Months 5.10% 5.60%
18 Months 5.10% 5.60%
21 Months 5.10% 5.60%
24 Months 4.90% 5.40%
27 Months 4.90% 5.40%
30 Months 4.90% 5.40%
33 Months 4.90% 5.40%
3 years – less than 4 years 4.90% 5.40%
4 years – less than 5 years 4.75% 5.25%
5 years – 10years 4.50% 5.00%

FCNR Deposit

FCNR (B) Interest rates are effective from the date of 01 Sep, 2020
Maturity USD (< 0.5 mio) USD (≥ 0.5 mio) GBP EURO YEN AUD SGD
One year and above but less than two years 0.40% 0.20% 0.02% 0.00% 0.00% 0.16% 0.13%
Two years and above but less than three years 0.25% 0.10% 0.01% 0.00% 0.00% 0.11% 0.01%
Three years and above but less than four years 0.01% 0.01% 0.01% No Quote No Quote No Quote No Quote
Four years and above but less than five years 0.01% 0.01% No Quote No Quote No Quote No Quote No Quote
Five years only 0.01% 0.01% No Quote No Quote No Quote No Quote No Quote

 

Premat Penalty USD (< 0.5 mio) USD (≥ 0.5 mio) GBP EURO YEN AUD SGD
0.01% 0.01% 0.01%  0.00%  0.00%  0.09%  0.01%

Loans

Rate of Interest Processing Fees
Customer Type Effective Rate Of Interest RR + Spread (excluding GST)
Housing Loan* Floating Category (Repo Rate: 4.00%)
For Salaried individuals 7.40% – 9.55% Upto Rs 10000/-
For Self Employed 7.55% – 9.70% Upto 0.50%
Business Loan 16.00 % to 19.99% Upto 2.00%
Personal Loan For Salaried Individuals 10.75% to 24% Fixed Rate Upto 2.00%

Loan Against Property

SLAB Women Borrower as Main Applicant MCLR + Mark Up Others MCLR + Mark Up
Less than 2 cr 9.5 – 11.55 6mclr + (1.15 + 3.20) 9.6 – 11.65 6mclr + (1.25 + 3.30)
More than 2cr 9.55 – 11.60 6mclr + (1.20 + 3.25) 9.65 – 11.70 6mclr + (1.30 + 3.35)
SLAB Women Borrower as Main Applicant EBLR + Mark Up Others EBLR + Mark Up
Less than 2 cr 9.5 – 11.55 RR + (4.35 + 6.40) 9.6 – 11.65 RR + (4.45 + 6.50)
More than 2cr 9.55 – 11.60 RR + (4.40 + 6.45) 9.65 – 11.70 RR + (4.50 + 6.55)

Marginal Cost of Funds based Lending Rate

The Marginal Cost of Funds based Lending Rate (K-MCLR) with effect from Aug 16, 2020 for various tenors are as given below:
Tenor Benchmark Rate
Overnight K-MCLR O/N 7.10%
One Month K-MCLR 1M 7.20%
Three Month K-MCLR 3M 7.20%
Six Month K-MCLR 6M 7.50%
One Year K-MCLR 1Y 7.50%
Two year K-MCLR 2Y 7.70%
Three year K-MCLR 3Y 7.85%

Base Rate

  • Base Rate of Kotak Mahindra Bank Ltd with effect from June 16, 2020 : 8.70%
  • The ‘Benchmark PLR’ of Kotak Mahindra Bank Ltd with effect from June 16, 2020 : 17.45%

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