Private sector lender Kotak Mahindra Bank revised its FD rates with effect from January 4, 2024. The interest rate for term deposits for a maturity period of 2 years- less than 3 years was hiked to 7.15% from 7.1%. Kotak Mahindra Bank now offers up to 7.25% interest rate for the general public and 7.80% for senior citizens.