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FD Rates Comparison: Kotak Mahindra Bank Vs Federal Bank Interest On FDs Post Recent Hikes
Since May 2022, when the Reserve Bank of India (RBI) began raising the repo rates in an effort to combat rising inflation many banks followed the rate hike trend. RBI has hiked repo rates 4 times since May, a combined 1.90%. September 2022 was the 4th hike by the RBI in the Repo rate. In the past couple of months, banks have been following the trend by passing the benefits to customers by raising the interest rates on fixed deposits.
FD Rates
Since the last Repo rate hike by 50 bps in September many large as well as small banks have hiked interest rates on their FDs. Banks such as SBI, Indian Bank, HDFC Bank, ICICI Bank, and Punjab National Bank are leading banks that have hiked interest rates on FDs for their customers and passed the high-interest rate benefits. Among various banks, two leading private sector banks Federal Bank and Kotak Mahindra Bank have also raised their fixed deposit rates.
Here is a quick comparison of the FD rates offered by Federal Bank, and Kotak Mahindra Bank (KMB) on deposits less than 2 Crore:
Federal Bank FD Rates
Federal Bank increased the interest rate on fixed deposits under Rs 2 crore. The new rates are effective today, October 23, 2022, according to the bank's official website. The bank offers FD with tenure ranging between 7 days to 2223 days and above. On single deposits of less than 2 Cr, the bank offers 3 percent to 7.50 percent to the general public. Whereas, for senior citizens, the interest rate ranges between 3.50 percent to 8 percent. The bank now offers 700-day fixed deposits with an inflation-beating return of 7.50% to the general public and 8.00% to senior citizens.
Interest rates for Resident Term Deposits effective from 23 Oct 2022
| Period | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 3.75% | 4.25% |
| 61 days to 90 days | 4.00% | 4.50% |
| 91 days to 119 days | 4.10% | 4.60% |
| 120 days to 180 days | 4.25% | 4.75% |
| 181 days to 332 days | 4.80% | 5.30% |
| 333 days | 5.60% | 6.10% |
| 334 days to less than 1 year | 4.80% | 5.30% |
| 1 year to less than 20 months | 5.60% | 6.10% |
| 20 months | 6.10% | 6.60% |
| Above 20 months to 699 days | 5.60% | 6.10% |
| 700 Days | 7.50% | 8.00% |
| 701 days to 749 days | 5.75% | 6.25% |
| 750 days | 6.50% | 7.00% |
| 751 days to less than 3 years | 5.75% | 6.25% |
| 3 years to less than 5 years | 6.00% | 6.50% |
| 5 years to 2221 days | 6.00% | 6.65% |
| 2222 Days | 6.20% | 6.85% |
| 2223 days and above | 6.00% | 6.65% |
Source - Federalbank.co.in
Kotak Mahindra Bank FD Rates
Kotak Mahindra Bank has raised its interest rates on fixed deposits of less than Rs 2 crore following the repo rate hike. The new rates are effective on October 19, 2022, according to the bank's official website. The Bank after the hike now offers interest rates ranging from 2.50 percent to 6.20 percent for the general public and 3.00 percent to 6.70 percent for senior citizens for deposits maturing in 7 days to 10 years. The bank offers the highest interest rates of 6.20 percent to the general public and 6.70 percent to senior citizens for maturity periods ranging between 23 Months to 3 years.
Interest rates for Domestic /NRO Fixed Deposits (Premature Withdrawal Allowed) effective from 19th Oct 2022
| Period | General Public (% p.a.) | Senior Citizen (% p.a.) |
|---|---|---|
| 7 - 14 Days | 2.50% | 3.00% |
| 15 - 30 Days | 2.75% | 3.25% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.25% | 3.75% |
| 91 - 120 Days | 3.75% | 4.25% |
| 121 - 179 days | 4.00% | 4.50% |
| 180 Days | 5.00% | 5.50% |
| 181 Days to 269 Days | 5.00% | 5.50% |
| 270 Days | 5.00% | 5.50% |
| 271 Days to 363 Days | 5.25% | 5.75% |
| 364 Days | 5.50% | 6.00% |
| 365 Days to 389 Days | 6.00% | 6.50% |
| 390 Days (12 months 25 days) | 6.10% | 6.60% |
| 391 Days - Less than 23 Months | 6.10% | 6.60% |
| 23 Months | 6.20% | 6.70% |
| 23 months 1 Day- less than 2 years | 6.20% | 6.70% |
| 2 years- less than 3 years | 6.20% | 6.70% |
| 3 years and above but less than 4 years | 6.10% | 6.60% |
| 4 years and above but less than 5 years | 6.10% | 6.60% |
| 5 years and above upto and inclusive of 10 years | 6.10% | 6.60% |
Source - Kotak.com
