FD Interest Rate: A range of private banks have changed FD (fixed deposit) rates recently, including HDFC Bank, Kotak Mahindra Bank and Axis Bank. Hence, it becomes important for various bank depositors to know which private lender is offering what kind of returns on fixed deposits now. As Bank deposits 100% risk free, it is important to know which one is giving higher return on their money. Full details below:
HDFC Bank FD Interest Rate: The private lender has increased the interest rates on fixed deposits on certain tenures, according to HDFC Bank Fixed Deposit Ratings with effect from February 14, 2022. According to the HDFC Bank website, this private bank has offered . has increased interest rates on deposits less than 2 crore by 5-10 basis points. HDFC Bank has increased the FD interest rate for one year tenor by 10 basis points to 5 per cent from the earlier 4.9 per cent. The FD interest rate on deposits with tenures between 1-2 years is also 5 percent. Fixed deposit rates on deposits with a tenor of 3-5 years have been increased by 5 basis points to 5.45 per cent, while the FD rate on deposits with tenors of 5-10 years currently stands at 5.60 per cent. For senior citizens, the tax saving FD will attract 6.35 per cent, while in other FD tenors, an additional 50 bps interest will be given to such depositors above sixty.
Kotak Mahindra Bank Fixed Deposit Rates: According to Kotak Mahindra Bank website, the private lender has revised its fixed deposit interest rates, with effect from March 9, 2022. As per the new FD rates in Kotak Bank, the interest rates for general depositors range from 2.50 per cent to 5.50 per cent. percentages over different periods. For tenures of 7-14 days and 15 to 30 days, Kotak Mahindra Bank is offering 2.5 per cent FD interest rate to the depositors. On FD deposits for a tenure of 365 days to 389 days, the interest rate is 5 per cent. For tenures of 390 days (12 months 25 days), 391 days – less than 23 months, 23 months and 23 months 1 day – less than 2 years, the FD interest rate offered by Kotak Mahindra Bank is 5.10 percent. For 2 years- For tenures less than 3 years, the FD interest rate in Kotak Bank is 5.20 percent. For tenures of 3 years and above but less than 4 years and 4 years and above but less than 5 years, the Kotak Mahindra Bank FD interest rate is 5.45 per cent.
For tax saving FDs with tenure of 5 years and above and 10 years, the FD interest rate offered by Kotak Mahindra Bank is 5.50 per cent. For senior citizens, Kotak Mahindra Bank is offering an additional 50 bps interest on all tenors.
Axis Bank FD Rates: This private lender has also revised its FD interest rates and the revised rates have come into effect from March 17, 2022. In the revised FD interest rates available on Axis Bank website, private bank is offering FD interest rates ranging from 2.50 per cent to 5.75 per cent. across the period. It is offering minimum 2.50 per cent return on bank deposits in FD accounts for tenures of 7 days to 14 days and 15 days to 29 days. For tenures ranging from 6 months to less than a year, Axis Bank FD interest rate is 4.40 percent. For 5 days from 1 year to less than a year, the FD rate is 5.10 percent. On tenures ranging from 2 years to less than 5 years, the FD interest rate in Axis Bank is 5.40 per cent. The interest rate offered by Axis Bank on Tax Saving FD accounts is 5.75 per cent.
FD interest rate in SBI
Recently State Bank of India (SBI) has also increased its fixed deposit interest rates by 20-40 basis points on bulk fixed deposits (FDs). 2 Corps with effect from March 10, 2022. SBI website says bank has increased interest rate on FD 2 crore with terms ranging from 211 days to less than 356 days by 20 basis points.
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