Axis Bank Vs Kotak Mahindra Bank FD Rates: Latest Rates Compared Post 5th Repo Rate Hike

The 5th consecutive hike in repo rate by the Reserve Bank Of India (RBI) led to the interest rate hike by banks across the tenors. FD depositors will once again profit from the RBI's 35bps increase. It is predicted that fixed deposit and lending rates will climb along with an increase in the central bank's policy repo rate. However, the RBI previously increased the repo rate four times since May 2022. In reaction to the results of the RBI's policy actions, banks have dramatically increased their FD rates since May, which has increased the allure of FD investments. In a recent increase, two leading private sector lenders, Kotak Mahindra Bank & Axis Bank increased the interest rates across the tenor. Below we have compared the latest interest rates of both the bank:

Kotak Mahindra Bank

The interest rates on fixed deposits have increased across all tenors, according to Kotak Mahindra Bank. The Bank hikes interest rates for fixed deposits below Rs 2 crore. On December 15, 2022, the rate hike for fixed deposits came into effect. 

The bank's interest rates range from 2.75% to 7% for regular deposits and 3.25% to 7.50% for senior citizens' deposits. The maturity period on which the interest rates are applicable ranges from 7 days to 10 Years. The bank offers 2.75% on a maturity period of 7 days to 14 days for regular deposits and 3.25% for senior citizens. For the tenors of 390 Days (12 months 25 days), 391 Days (less than 23 months), and 23 Months, the bank offers the highest interest rate of 7% on regular deposits and 7.50% on Senior Citizens' deposits, respectively. 

A minimum deposit of Rs. 5,000 is required for opening a fixed deposit account with the bank. The bank offers cumulative, monthly, or quarterly pay-out options for the FD interest amount. Customers may also prematurely or partially remove fixed deposits from the bank. 

Kotak Mahindra Bank FD Rates - For Domestic/NRO/NRE Below 2 cr w.e.f. 15 December 2022

Sr. No.	Maturity Periods	Regular	Senior Citizen
1	7 - 14 Days	2.75%	3.25%
2	15 - 30 Days	3.00%	3.50%
3	31 - 45 Days	3.25%	3.75%
4	46 - 90 Days	3.50%	4.00%
5	91 - 120 Days	4.00%	4.50%
6	121 - 179 days	4.25%	4.75%
7	180 Days	5.75%	6.25%
8	181 Days to 269 Days	5.75%	6.25%
9	270 Days	5.75%	6.25%
10	271 Days to 363 Days	5.75%	6.25%
11	364 Days	6.00%	6.50%
12	365 Days to 389 Days	6.75%	7.25%
13	390 Days (12 months 25 days)	7.00%	7.50%
14	391 Days - Less than 23 Months	7.00%	7.50%
15	23 Months	7.00%	7.50%
16	23 months 1 Day- less than 2 years	6.50%	7.00%
17	2 years- less than 3 years	6.40%	6.90%
18	3 years and above but less than 4 years	6.30%	6.80%
19	4 years and above but less than 5 years	6.25%	6.75%
20	5 years and above upto and inclusive of 10 years	6.20%	6.70%

Source - Kotak.com

Axis Bank

Axis Bank, a leading private sector bank has revised the interest rates on fixed deposits (FD) for deposits below Rs 2 crore post the Repo Rate Hike. According to the bank's official website, the revised interest rates will take effect on December 15, 2022. 

The bank offers interest rates ranging from 3.50% to 7% for regular deposits and 3.50% and 7.75% for a maturity period of 7 days to 10 years. For the maturity period of 7 days to 14 Days, 15 days to 29 days, and 30 days to 45 days, the bank offers 3.50% interest rates on both regular and senior citizens' deposits. Whereas, for the maturity period of 2 years less than 30 months, 20 months less than 3 years, 3 years less tha 5 years and 5 years to 10 years, the bank offers the highest 7% interest rates on regular deposits and 7.75% on senior citizens deposits. 

Axis Bank - Interest Rates for Domestic Deposits below 2 Cr w.e.f. 15 December 2022

Sr. No.	Maturity Periods	Regular	Senior Citizen
1	7 days to 14 days	3.5	3.5
2	15 days to 29 days	3.5	3.5
3	30 days to 45 days	3.5	3.5
4	46 days to 60 days	4	4
5	61 days < 3 months	4.5	4.5
6	3 months < 4 months	4.5	4.5
7	4 months < 5 months	4.5	4.5
8	5 months < 6 months	4.5	4.5
9	6 months < 7 months	5.75	6
10	7 months < 8 months	5.75	6
11	8 months < 9 months	5.75	6
12	9 months < 10 months	6	6.25
13	10 months < 11 months	6	6.25
14	11 months to 11 months 24 days	6	6.25
15	11 months 25 days < 1 year	6	6.25
16	1 year to 1 year 4 days	6.75	7.5
17	1 year 5 days to 1 year 10 days	6.75	7.5
18	1 year 11 days to 1 year 24 days	6.75	7.5
19	1 year 25 days < 13 months	6.75	7.5
20	13 months < 14 months	6.75	7.5
21	14 months < 15 months	6.75	7.5
22	15 months < 16 months	6.75	7.5
23	16 months < 17 months	6.75	7.5
24	17 months < 18 months	6.75	7.5
25	18 Months < 2 years	6.75	7.5
26	2 years < 30 months	7	7.75
27	30 months < 3 years	7	7.75
28	3 years < 5 years	7	7.75
29	5 years to 10 years	7	7.75

Source- axisbank.com