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

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

(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.