Click it and Unblock the Notifications
In recent times, the interest rates of Fixed deposits (FDs) have witnessed a rapid hike. Today, a leading private sector bank Kotak Mahindra Bank has also hiked the Interest rates of Retail Fixed Deposits under Rs 2 crore. The bank's website states that the new FD rates will be in effect from today i.e. 21 March 2023.
Considering the recent interest rate hike on FD by Kotak Mahindra Bank, here we have compared the interest rates on FD offered by Kotak Mahindra Bank with 2 private sector banks, Federal Bank and RBL Bank.
Kotak Mahindra Bank
According to the recent hike, the bank currently provides fixed deposits with interest rates ranging from 3.5 percent to 7.20 percent for maturities between 7 days and 10 years to the general public. While for senior citizens, it is 3.25 percent to 7.70 percent.
Interest Rates for Domestic/NRO/NRE FDs (Premature Withdrawal Allowed) w.e.f. 21 March 2023
| Maturity Periods | Regular FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.25% | 6.75% |
| 365 Days to 389 Days | 7.00% | 7.50% |
| 390 Days (12 months 25 days) | 7.20% | 7.70% |
| 391 Days - Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Source - Kotak.com
Federal Bank
Federal Bank offers interest rates on FD to the general public ranging from 3 percent to 7.25 percent for the deposit period of 7 days to 2223 days and above. While, for the same deposit periods, the bank offers interest rates between 3.50 percent to 7.75 percent to senior citizens. According to the Bank's official website, the interest rates are effective from 17 February 2023.
Interest rates for Resident Term Deposits effective from 17 February 2023
| Period | General Public FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 60 days | 4.00% | 4.50% |
| 61 days to 90 days | 4.25% | 4.75% |
| 91 days to 119 days | 4.50% | 5.00% |
| 120 days to 180 days | 4.75% | 5.25% |
| 181 days to 270 days | 5.75% | 6.25% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 15 months | 6.80% | 7.30% |
| 15 months to 2 years | 7.25% | 7.75% |
| Above 2 years to less than 3 years | 6.75% | 7.25% |
| 3 years to less than 5 years | 6.60% | 7.10% |
| 5 years to 2221 days | 6.60% | 7.25% |
| 2222 Days | 6.60% | 7.25% |
| 2223 days and above | 6.60% | 7.25% |
Source - Federalbank.co.in
RBL Bank
RBL Bank is one of the leading private sector banks in India that offers the highest interest rates on FDs. The bank offers interest rates ranging from 3.50 percent to 7.80 percent to the general public and 4 percent to 8.30 percent to senior citizens. The deposit period for interest rates applicable is 7 days to 240 months for both General Public and Senior Citizens.
Interest Rate on Domestic, NRO, NRE & Flexi Fixed Deposits w.e.f. February 01, 2023
| Period of Deposit | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. | NRE Interest Rates p.a. | NRO Interest Rates p.a. |
|---|---|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% | NA | 3.50% |
| 15 days to 45 days | 4.00% | 4.50% | NA | 4.00% |
| 46 days to 90 days | 4.50% | 5.00% | NA | 4.50% |
| 91 days to 180 days | 4.75% | 5.25% | NA | 4.75% |
| 181 days to 240 days | 5.50% | 6.00% | NA | 5.50% |
| 241 days to 364 days | 6.05% | 6.55% | NA | 6.05% |
| 365 to 452 days (12 months to less than 15 months) | 7.00% | 7.50% | 7.00% | 7.00% |
| 453 to 459 days (15 months) | 7.80% | 8.30% | 7.80% | 7.80% |
| 460 to 724 days (15 months 1 day to less than 725 days) | 7.80% | 8.30% | 7.80% | 7.80% |
| 725 days | 7.80% | 8.30% | 7.80% | 7.80% |
| 726 days to less than 24 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 24 months to less than 36 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 36 months to 60 months 1 day | 7.00% | 7.50% | 7.00% | 7.00% |
| 60 months 2 days to 240 months | 6.25% | 6.75% | 6.25% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 7.00% | 7.50% | NA | 7.00% |
Source - RBLbank.com
More From GoodReturns
ATM Rules Changing From April 1, 2026: HDFC Bank, PNB, Bandhan Bank & Others Revise Cash Withdrawal Rules
Indane, HP & Bharat Gas Cylinder Booking Rules: OTP Mandatory After LPG Refilling Gap Increased to 25-45 Days
Crash in Gold Rate in India by Rs 71,400 in Single Day; Will Gold Price Today Fall Below Rs 1.50 Lakh? Outlook
Gold & Silver Rates Today Live: MCX Gold Crashes By Rs 5,645, Silver Falls By Rs 16,540; 24K, 22K, 18K Gold
1:5 Split Soon? Vedanta Ltd To Consider 3rd Interim Dividend On March 23, Share Jumps; Record Date & Buy Call
Sleeper Vande Bharat Express New Routes Identified for Long Distance Travel
Gold & Silver Rates Today Live Updates: Will 24 Carat, 22 Carat, 18 Carat See Bullish Week Ahead?
Mega Gold Price Crash Alert! 24K Sinks Rs 1.36 Lakh/100 Gm In Week; Silver Sees Losses | March 23-27 Outlook
Gold & Silver Rates Today Live: MCX Gold Ends Above Rs 1.40 Lakh, Silver Up 1%; 24K, 22K, 18K Gold On March 24
Gold Rate Crashes Over Rs 1 Lakh in Single Day, Slips to Lowest Since January; Will Gold Price Today Decline?
Gold Price Crash May Fuel Jewellery Demand: Why Kalyan Jewellers Share Price Could Shine Despite 5% Dip
Sign in with Google