FD Interest Rate Comparison After Revision On July 1, 2022: Kotak Vs IDFC Vs Punjab & Sind Bank

Three leading banks have revised interest rates on their fixed deposits on July 1, 2022 seeking to offer higher and better interest rates to its customers. Recently, Reserve Bank of India has increased repo rate on June 8, 2022 by 50 bps to 4.90%. After RBI's move of hiking the repo rate, many leading private and public lenders decided to raise FD rates on the line of RBI.

The banks that have revised interest rates on July 1, 2022 include Kotak Mahindra Bank, IDFC First Bank, and Punjab & Sind Bank.

Check key details below pertaining to latest fixed deposit rates:

Kotak Mahindra Bank

The bank has increased its FD interest rate beginning July 1, 2022 and the new rates have become effective yesterday. The bank has increased interest rate for FDs maturing in 390 days from the 5.65% to 5.75%. For FDs maturing in 391 days to less than 23 months, the new FD rates are 5.75% from the previous 5.65%. The highest interest rates that the bank offers is 5.90% for FDs from the tenor of 3 years to up to and inclusive of 10 years.

Check the table below: 

	Regular		Senior Citizen*
Maturity Periods - Premature Withdrawal Allowed	Less than Rs.2 Crore#	Annualised Yield	Less than Rs.2 Crore#	Annualised Yield
7 - 14 Days	2.50%	2.50%	3.00%	3.00%
15 - 30 Days	2.50%	2.50%	3.00%	3.00%
31 - 45 Days	3.00%	3.00%	3.50%	3.50%
46 - 90 Days	3.00%	3.00%	3.50%	3.50%
91 - 120 Days	3.50%	3.50%	4.00%	4.00%
121 - 179 days	3.50%	3.50%	4.00%	4.00%
180 Days	4.75%	4.75%	5.25%	5.25%
181 Days to 269 Days	4.75%	4.81%	5.25%	5.32%
270 Days	4.75%	4.81%	5.25%	5.32%
271 Days to 363 Days	4.75%	4.81%	5.25%	5.32%
364 Days	5.25%	5.32%	5.75%	5.83%
365 Days to 389 Days	5.50%	5.61%	6.00%	6.14%
390 Days (12 months 25 days)	5.75%	5.88%	6.25%	6.40%
391 Days - Less than 23 Months	5.75%	5.88%	6.25%	6.40%
23 Months	5.75%	5.88%	6.25%	6.40%
23 months 1 Day- less than 2 years	5.75%	5.88%	6.25%	6.40%
2 years- less than 3 years	5.75%	5.88%	6.25%	6.40%
3 years and above but less than 4 years	5.90%	6.03%	6.40%	6.56%
4 years and above but less than 5 years	5.90%	6.03%	6.40%	6.56%
5 years and above upto and inclusive of 10 years	5.90%	6.03%	6.40%	6.56%

IDFC First Bank

The bank has also revised its interest rates on fixed deposits and the new rates have already become effective beginning yesterday July 1, 2022. Citizens can now fetch an interest rate of 3.50% for FDs for the tenor of 7-29 days. The highest interest rate is 6.50% for FDs for the tenor of 3 years 1 day-less than 5 years. Interest rates will be 6.25% for FDs for the tenor of 1 year -3 years. The bank offers 6.50% interest rates for tax saver deposits maturing in 5 years tenor.

Check the table below 

Tenure	FD rates for Non-Senior Citizens	FD rates for Senior Citizens
7 - 14 days	3.50%	4.00%
15 - 29 days	3.50%	4.00%
30 - 45 days	4.00%	4.50%
46-90 days	4.00%	4.50%
91-180 days	4.50%	5.00%
181 days - 1 year	5.75%	6.25%
1 year 1 day - 2 years	6.25%	6.75%
2 years 1 day - 3 years	6.25%	6.75%
3 years 1 day - less than 5 years	6.50%	7.00%
5 years - 10 years	6.00%	6.50%

Punjab & Sind Bank

The leading public sector lender has revised its interest rates on fixed deposits. Now citizens can fetch a maximum interest rate of 5.55% for the tenor of 3 years to 10 years fixed deposits after the revision. The minimum interest rate is 2.80% for FDs for the tenor of 7 days to 45 days. Check the table below:

Revised w.e.f. 01/07/2022 (% p.a.)
Maturity	Fixed DepositLess than Rs.2 Cr
7 - 14 Days	2.80(#)
15 - 30 Days	2.80
31 - 45 Days	2.80
46 - 90 Days	3.70
91 - 120 Days	3.90
121-150 Days	3.90
151 - 179 Days	3.90
180 - 269 Days	4.45
270 - 364 Days	4.50
1 Year - 2 Years	5.25
Above 2 Year < 3 Years	5.35
3 Years - 5 Years	5.55
> 5 Year - 10 Years	5.55