Kotak Mahindra Bank raises 3-5 yr FCNR(B) deposit rates by up to 315 bps
This story was originally published at 14:27 IST on 11 June 2026
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--Kotak Mahindra Bank ups 3-5 year FCNR(B) deposit rates by up to 315 bps
--Kotak Mahindra Bank raises 3-5 year FCNR(B) deposit rates to 6.00-6.15%
MUMBAI – Kotak Mahindra Bank raised its interest rates on foreign currency non-resident dollar-denominated bank deposits for tenures ranging from three to five years by up to 315 basis points to 6.00-6.15% effective Thrusday, according to an update on the bank's website. The bank kept the rates unchanged for up to three-year deposits.
The private sector lender also said that for all Resident Foreign Currency deposits—whether maturing in less than or more than one year, interest will be paid at the rate lower among the rate applicable on the deposit date for the actual time the funds were held, or the contracted rate. This is after deducting any applicable penalty for early withdrawal.
The Reserve Bank of India's dollar-rupee swap facility for fresh deposits is applicable on a minimum tenure of three years and maximum tenure of five years. The central bank has allowed banks to price these deposits as per their internal policy, but within the overall regulatory ceiling.
The private sector bank's net profit for Jan-Mar was INR 40.27 billion, up over 13% on year. At 1352 IST, shares of the bank traded 2.14% higher at INR 396.35 apiece on the National Stock Exchange.
Kotak Mahindra Bank's FCNR(B) deposit rates for various tenures are as follows:
| Tenure | Below $0.5 mln | Above $0.5 mln | Below $1 mln | Above $1 mln |
| Previous Rate (%) | Previous Rate (%) | Revised Rate (%) | Revised Rate (%) | |
| One- up to two year | 4.40 | 4.40 | 4.40 | 4.40 |
| Two- up to three year | 3.70 | 3.70 | 3.70 | 3.70 |
| Three- up to four year | 3.40 | 3.40 | 6.00 | 6.15 |
| Four- up to five year | 3.20 | 3.20 | 6.00 | 6.15 |
| Five year | 3.00 | 3.00 | 6.00 | 6.15 |
End
Reported by Janwee Prajapati
Edited by Akul Nishant Akhoury
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