PremiumListen to this article |
The interest rate on fixed deposits below ₹2 Cr has increased thanks to the private sector bank Kotak Mahindra Bank. The bank revised interest rates today, July 1, 2022, and as a result, certain tenors now have interest rates that are 10 basis points higher. Fixed deposits maturing in 3 years and above but up to 10 years will now be offered by the bank at a maximum interest rate of 5.90 per cent to regular customers and 6.40 per cent to senior citizens. Interest rates on deposits of 7 days to 10 years will now range from 2.50 per cent to 5.90 per cent for the general public and 3.00 per cent to 6.40 per cent for senior citizens.
The bank will continue to give an interest rate of 2.50 per cent on deposits made between 7 days to 30 days, and 3.00 per cent on fixed deposits made around 31 to 90 days. On deposits maturing in 91 to 179 days, Kotak Mahindra Bank will continue to give a 3.50 per cent interest rate, while on term deposits maturing in 180 to 363 days, the bank will continue to offer a 4.75 per cent interest rate. The bank has kept its interest rate on fixed deposits that mature in 364 days unchanged at 5.25 per cent, and it will continue to give a 5.50 per cent interest rate on term deposits that mature in 365 days to 389 days. While the interest rate on fixed deposits maturing in 390 days (12 months and 25 days) to less than 23 months has increased from 5.65 per cent to 5.75 per cent, the bank will continue to provide the same rate on deposits maturing in 23 months to less than 3 years. The bank will continue to offer a 5.90 per cent interest rate on term deposits with maturities of three years or longer, but no longer than ten years.
On July 1, 2022, IDFC First Bank also increased the interest rate on fixed deposits. The bank will now provide an interest rate of 6.25 per cent on fixed deposits maturing in 1 year, 1 day to 3 years, up from 6.00 per cent before, or a 25 basis point increase. Interest rates on fixed deposits with maturities of 3 years, 1 day to less than 5 years are now 6.50 per cent instead of 6.25 per cent, an increase of 25 basis points. The bank has maintained its interest rates constant on the remaining tenors.