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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.

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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

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 AllowedLess than Rs.2 Crore#Annualised YieldLess than Rs.2 Crore#Annualised Yield
7 - 14 Days2.50%2.50%3.00%3.00%
15 - 30 Days2.50%2.50%3.00%3.00%
31 - 45 Days3.00%3.00%3.50%3.50%
46 - 90 Days3.00%3.00%3.50%3.50%
91 - 120 Days3.50%3.50%4.00%4.00%
121 - 179 days3.50%3.50%4.00%4.00%
180 Days4.75%4.75%5.25%5.25%
181 Days to 269 Days4.75%4.81%5.25%5.32%
270 Days4.75%4.81%5.25%5.32%
271 Days to 363 Days4.75%4.81%5.25%5.32%
364 Days5.25%5.32%5.75%5.83%
365 Days to 389 Days5.50%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 Months5.75%5.88%6.25%6.40%
23 Months5.75%5.88%6.25%6.40%
23 months 1 Day- less than 2 years5.75%5.88%6.25%6.40%
2 years- less than 3 years5.75%5.88%6.25%6.40%
3 years and above but less than 4 years5.90%6.03%6.40%6.56%
4 years and above but less than 5 years5.90%6.03%6.40%6.56%
5 years and above upto and inclusive of 10 years5.90%6.03%6.40%6.56%
IDFC First Bank
 

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 

TenureFD rates for Non-Senior CitizensFD rates for Senior Citizens
7 - 14 days3.50%4.00%
15 - 29 days3.50%4.00%
30 - 45 days4.00%4.50%
46-90 days4.00%4.50%
91-180 days4.50%5.00%
181 days - 1 year5.75%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

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.)
MaturityFixed DepositLess than Rs.2 Cr
7 - 14 Days2.80(#)
15 - 30 Days2.80
31 - 45 Days2.80
46 - 90 Days3.70
91 - 120 Days3.90
121-150 Days3.90
151 - 179 Days3.90
180 - 269 Days4.45
270 - 364 Days4.50
1 Year - 2 Years5.25
Above 2 Year < 3 Years5.35
3 Years - 5 Years5.55
> 5 Year - 10 Years5.55

Story first published: Saturday, July 2, 2022, 15:54 [IST]
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