ICICI Bank Vs PNB Vs Kotak Mahindra Bank: Which Bank Pays Better Interest Rates On FDs?

The Reserve Bank of India (RBI) raised the repo rate in the first week of February by 25 basis points to 6.5%. Since then many leading banks opted to revise their interest rates on fixed deposits (FDs) in order to make them an attractive investment option for customers. Some banks recently revised their fixed deposits interest rates that may include PNB, ICICI Bank, and Kotak Mahindra Bank.

We will compare the interest rate of the 3 banks to discover which bank is offering better FD interest rate. Kotak Mahindra Bank and ICICI Bank implemented new FD interest rates in last 2 days. Check details below:

ICICI Bank FD Interest Rates: ICICI bank revised interest rates of its FD for deposits less than Rs 5 crore with effect from March 28, 2023. After the revision, the bank is offering maximum 7.25% interest rate to both senior citizens and regular citizens for deposits maturing in 1 year to 389 days. Similar interest rate of 7.25% is available to senior and regular citizens for FDs for the tenure of 390 days to less than 15 months.

The bank revised interest rate on March 24, 2023 for FDs below the amount of Rs 2 crore. After the revision, the bank is offering maximum interest rate of 7.60% to senior citizens and 7.10% to regular citizens for FDs maturing in 15 months to less than 18 months.

PNB FD Interest Rates: Punjab National Bank revised its term deposits interest rates for amount below Rs 2 crore on February 20, 2023. The bank revised interest rates for public, senior citizens, and super senior citizens.

After revision, the maximum interest rates that general public can fetch stands at 7.00% (6.75% earlier) for FDs for the tenure of above 2 year and up to 3 years. For FDs for the tenure of 2 year and up to 3 years, senior citizens get 7.50% now (7.25% earlier) and super senior citizens get 7.80% (earlier it was 7.55%. The bank offers highest interest rate of 8.05% for 666 days FD to super senior citizens.

Kotak Mahindra Bank FD Interest Rates: The latest fixed deposit interest rate of the bank has come into effect beginning from March 27, 2023. After the revision in interest rates, the bank is now offering a maximum interest rate of 7.70% to senior citizens on FDs maturing in 390 days or 12 months 25 days.

Meanwhile, regular citizens can get maximum 7.20% interest rate on FDs for the tenure of 390 days or 12 months 25 days.