As soon as the Reserve Bank of India hiked its key interest rates two days back, a host of banks rushed in to hike their fixed deposit interest rates. At least five banks, including ICICI Bank, Kotak Mahindra Bank, Bandhan Bank, bank of Baroda and Jana Small Finance Bank have hiked their fixed deposit interest rates following a 40 basis points increase in interest rates by the RBI in a bid to tackle inflation.
The Kotak Mahindra Bank FD interest rates have come into effect from May 6, for deposits below Rs 2 crore. The FD rate hike in Kotak Mahindra Bank ranges from 30 to 50 bps, the lender said in a press release on Thursday. On the other hand, Bandhan Bank raised its fixed deposit interest rates by up to 50 bps. The Bandhan Bank FD interest rates will be applicable for deposits below Rs 2 crore. The new Bandhan Bank fixed deposit interest rates have come into effect on May 4, Wednesday.
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Kotak Mahindra Bank (per annum):
7 days to 14 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
15 days to 30 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
31 days to 45 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
46 days to 90 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
91 days to 120 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent
121 days to 179 days – For General Public: 3.50 per cent; For Senior Citizens: 4.00 per cent
180 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
181 days to 269 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
270 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
271 days to 363 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
364 days – For General Public: 5.25 per cent; For Senior Citizens: 5.75 per cent
365 days to 389 days – For General Public: 5.40 per cent; For Senior Citizens: 5.90 per cent
390 days (12 months 25 days)- For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
391 days to less than 23 months – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
23 months – For General Public: 5.60 per cent; For Senior Citizens: 6.10 per cent
23 months 1 days to less than 2 years – For General Public: 5.60 per cent; For Senior Citizens: 6.10 per cent
2 years to less than 3 years – For General Public: 5.60 per cent; For Senior Citizens: 6.10 per cent
3 years and above but less than 4 years – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
4 years and above but less than 5 years – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
5 years and above up to and inclusive of 10 years – For Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
Here are the revised interest rates on fixed deposits below Rs 2 crore at the Bandhan Bank (per annum):
7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.75 per cent
15 days to 30 days – For General Public: 3.00 per cent; For Senior Citizens: 3.75 per cent
31 days to less than 2 months – For General Public: 3.50 per cent; For Senior Citizens: 4.25 per cent
2 months to less than 3 months – For General Public: 3.50 per cent; For Senior Citizens: 4.25 per cent
3 months to less than 6 months – For General Public: 3.50 per cent; For Senior Citizens: 4.25 per cent
6 months to less than 1 year – For General Public: 4.50 per cent; For Senior Citizens: 5.25 per cent
1 year to 18 months – For General Public: 5.75 per cent; For Senior Citizens: 6.50 per cent
Above 18 months to less than 2 years – For General Public: 5.75 per cent; For Senior Citizens: 6.50 per cent
2 years to less than 3 years – For General Public: 6.25 per cent; For Senior Citizens: 7.00 per cent
3 years to less than 5 years – For General Public: 6.25 per cent; For Senior Citizens: 7.00 per cent
5 years and up to 10 years – For General Public: 5.60 per cent; For Senior Citizens: 6.35 per cent
More bank FD interest rates are expected to be raised after the recent repo rate hike by the Reserve Bank of India.
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