As RBI’s Monetary Policy Committee (MPC) has raised the key repo rate twice in its last two review meetings and is expected to hike the rate further in the ongoing meeting this week, banks will increase their rates on both loans and deposits. are doing. Recently, Kotak Mahindra Bank, DBS Bank and Bank of Baroda also raised their interest rates on fixed deposits.
Here is a comparison of the current fixed deposit (FD) interest rates offered by these three lenders – Kotak Mahindra Bank, DBS Bank and Bank of Baroda on deposits below Rs 2 crore:
Kotak Mahindra Bank FD interest rate (on deposits less than Rs 2 crore):
7 days to 14 days – For general public: 2.50 percent; For Senior Citizens: 3.00 percent
15 days to 30 days – For general public: 2.50 percent; For Senior Citizens: 3.00 percent
31 days to 45 days – For general public: 3.00 percent; For senior citizens: 3.50 percent
46 days to 90 days – for general public: 3.00 percent; For senior citizens: 3.50 percent
91 days to 120 days – for general public: 3.50 percent; For Senior Citizens: 4.00 percent
121 days to 179 days – For general public: 3.50 percent; For Senior Citizens: 4.00 percent
180 days – for the general public: 4.75 percent; For senior citizens: 5.25 percent
181 days to 269 days – For general public: 4.75 percent; For senior citizens: 5.25 percent
270 days – for the general public: 4.75 percent; For senior citizens: 5.25 percent
271 days to 363 days – For general public: 4.75 percent; For senior citizens: 5.25 percent
364 days – for the general public: 5.25 percent; For senior citizens: 5.75 percent
365 days to 389 days – for the general public: 5.60 percent; For senior citizens: 6.10 percent
390 days (12 months 25 days) – for the general public: 5.75 percent; For senior citizens: 6.25 percent
391 days to less than 23 months – For general public: 5.75 percent; For senior citizens: 6.25 percent
23 months – for the general public: 5.75 percent; For senior citizens: 6.25 percent
23 months 1 day to less than 2 years – For general public: 6.25 percent; For senior citizens: 5.75 percent
2 years to less than 3 years – For general public: 5.75 percent; For senior citizens: 6.25 percent
3 years and above but less than 4 years – For general public: 5.90 percent; For senior citizens: 6.40 percent
4 years and above but less than 5 years – For general public: 5.90 percent; For senior citizens: 6.40 percent
5 years and above and including 10 years – for general public: 5.90 percent; For senior citizens: 6.40 percent.
DBS Bank FD interest rate (on deposits less than Rs 2 crore):
7 days – for the general public: 2.50 percent; For Senior Citizens: 3.00 percent
8 days to 14 days – For general public: 2.75 percent; For senior citizens: 3.25 percent
15 days to 29 days – For general public: 2.75 percent; For senior citizens: 3.25 percent
30 days to 45 days – for general public: 2.75 percent; For senior citizens: 3.25 percent
46 days to 60 days – for general public: 2.75 percent; For senior citizens: 3.25 percent
61 days to 90 days – For general public: 3.00 percent; For senior citizens: 3.50 percent
91 days to 180 days – for general public: 3.00 percent; For senior citizens: 3.50 percent
181 days to 269 days – For general public: 4.75 percent; For senior citizens: 5.25 percent
270 days to less than 1 year – For general public: 4.75 percent; For senior citizens: 5.25 percent
375 days from the 1st day of the year – for the general public: 5.75 percent; For senior citizens: 6.25 percent
376 days and below 2 years – For general public: 6.00 percent; For senior citizens: 6.50 percent
2 years and 6 months – For general public: 6.50 percent; For Senior Citizens: 7.00 percent
2 years 6 months 1 day and below 3 years – For general public: 6.50 percent; For Senior Citizens: 7.00 percent
3 years and below 4 years – For general public: 6.25 percent; For senior citizens: 6.75 percent
4 years to less than 5 years – For general public: 6.25 percent; For senior citizens: 6.75 percent
5 years and above – For general public: 6.25 percent; For senior citizens: 6.75 percent.
Bank of Baroda FD interest rate (on deposits less than Rs 2 crore):
7 days to 14 days – For general public: 3.00 percent; For senior citizens: 3.50 percent
15 days to 45 days – For general public: 3.00 percent; For senior citizens: 3.50 percent
46 days to 90 days – for general public: 4.00 percent; For senior citizens: 4.50 percent
91 days to 180 days – for general public: 4.00 percent; For senior citizens: 4.50 percent
181 days to 270 days – For general public: 4.65 percent; For senior citizens: 5.15 percent
271 days and above and less than 1 year – For general public: 4.65 percent; For senior citizens: 5.15 percent
1 year – for general public: 5.30 percent; For senior citizens: 5.80 percent
1 year to more than 400 days – For general public: 5.45 percent; For senior citizens: 5.95 percent
Above 400 days and up to 2 years – For general public: 5.45 percent; For senior citizens: 5.95 percent
Above 2 years and up to 3 years – For general public: 5.50 percent; For Senior Citizens: 6.00 percent
Above 3 years and up to 5 years – For general public: 5.50 percent; For Senior Citizens: 6.00 percent
Above 5 years to 10 years – For general public: 5.50 percent; For Senior Citizens: 6.00 percent
Above 10 years (MACT / MACD Court Order Schemes only) – For general public: 5.10 percent; For senior citizens: 5.60 percent.
The MPC had increased the key repo rate by 50 basis points (bps) in its last policy review in June, the second hike in almost a month after an off-cycle policy review in May by 40 basis points. Retail inflation stood at 7.01 per cent in June, slightly lower than 7.04 per cent recorded in May, but higher than the RBI’s target range of 2-6 per cent.
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