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IDFC First Bank Vs DCB Bank Vs Kotak Mahindra Bank FD Rates Compared After Recent Hikes
Fixed Deposits (FDs) are now appealing to debt investors because of their competitive interest rates. As interest rates are increasing with time due to Repo rate hike, some banks are now offering inflation-beating FD rates above 7.50% to customers. Banks such as RBL Bank, Canara bank, Yes Bank, and IndusInd Bank are offering high-interest rates on FDs. In recent weeks, the interest rates on fixed deposits have increased the lenders.
Major private banks like ICICI Bank and Axis Bank including NBFCs such as PNB Housing Finance, and LIC Housing Finance among others have increased their fixed deposit rates post the 50 bps repo rate hike by the Reserve Bank Of India (RBI). The recent report rate hike was the fourth consecutive increase since May, which was aimed to combat inflation. The banks have increased interest rates on both deposits and loans as a result of the consecutive repo rate increases.
Various other banks are following the Interest rate hike trend such as Kotak Mahindra Bank, DCB Bank and the latest IDFC First bank, which hiked their FD rates today. Banks are anticipated to raise their fixed deposit rates more in order to attract furthermore deposits as repo rates are rising.
Here's the comparison of Fixed Deposits offered by the three banks, Kotak Mahindra Bank, IDFC Bank, and DCB Bank after the recent hike in interest rates on deposits below 2 Crore:
IDFC First Bank
FD rates on domestic & NRO deposits below 2 cr w.e.f. October 10, 2022
| Period | Regular | Senior Citizen* |
|---|---|---|
| 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 - 364 days | 5.75% | 6.25% |
| 365 days - 500 days | 6.25% | 6.75% |
| 501 days - 749 days | 6.75% | 7.25% |
| 750 days | 7.25% | 7.75% |
| 751 days - 3 years | 6.50% | 7.00% |
| 3 years 1 day - 5 years | 6.50% | 7.00% |
| 5 years - 1 day - 10 years | 6.00% | 6.50% |
Source - IDFCfirstbank.com
According to the Bank's official website, "Minimum tenure for NRO/ Domestic Deposits is 7 days. No interest is payable where deposit has not been in place for applicable minimum tenure. The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRO Fixed Deposits." Also, the bank will charge 1% penalty for the premature closure of the Fixed Deposit.
Kotak Mahindra Bank
Interest Rates for Domestic/NRO/NRE FD - (Premature Withdrawal Allowed) w.e.f. October 3, 2022
| Period | Regular | Senior Citizen* |
|---|---|---|
| 7 - 14 Days | 2.50% | 3.00% |
| 15 - 30 Days | 2.65% | 3.15% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.25% | 3.75% |
| 91 - 120 Days | 3.75% | 4.25% |
| 121 - 179 days | 3.75% | 4.25% |
| 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
According to the bank's official website, the Senior Citizens' rate is not applicable to NRO/NRE deposits
DCB Bank
Domestic Fixed Deposit Interest Rates w.e.f. October 01, 2022)
| Period | Regular | Senior Citizen |
|---|---|---|
| 7 days to 14 days | 4.80% | 5.30% |
| 15 days to 45 days | 4.80% | 5.30% |
| 46 days to 90 days | 4.80% | 5.30% |
| 91 days to less than 6 months | 5.50% | 6.00% |
| 6 months to less than 12 months | 5.70% | 6.20% |
| 12 months | 6.10% | 6.60% |
| More than 12 months to less than 15 months | 5.75% | 6.25% |
| 15 months to less than 18 months | 6.75% | 7.25% |
| 18 months to less than 700 days | 6.75% | 7.25% |
| 700 days | 7.10% | 7.60% |
| More than 700 days to less than 36 months | 7.10% | 7.60% |
| 36 months | 7.10% | 7.60% |
| More than 36 months to 60 months | 7.00% | 7.50% |
| More than 60 months to 120 months | 7.00% | 7.50% |
Source - DCBbank.com
