The interest rate on the 365-day to 389-day deposit contracts was raised by 10 basis points to 5.60 percent from the previous 5.50 percent. Interest rates for the periods of the other FDF contracts were kept unchanged.
Kotak Mahindra Bank FD Interest Rates
How FD interest rate calculated
For fixed deposits with a term of less than 181 days, interest will be calculated as simple interest at maturity. Standalone fixed deposits of 181 days or more linked to a savings or checking account will be treated as regular blanket deposits and subject to early withdrawal penalty.
According to the website, “Interest on a Fixed Deposit of less than a quarter (monthly interest payment) can be paid at reduced interest rates as per the guidance of the Reserve Bank of India.”
Kotak Mahindra Bank raised the interest rate on 12-month recurring deposits by 10 basis points. The interest rate on 12-month RDs has been increased to 5.60 percent from the previous 5.50 percent.
Kotak Mahindra Bank RD . interest rates
Penalty for late payment of graduation tuition
According to the bank, “In the event of delay in the payment of any installment after a grace period of 5 days, penalty interest will be charged at an interest rate of RD (Contracted Interest Rate at the time of RD reservation) + 2% per annum or such other rate as the Bank may specify from time to time, the His collection for the month of delay.
Bank rose Interest rates on fixed deposits on 1 July 2022 for fixed periods.