As the RBI’s Monetary Policy Committee (MPC) has raised the key repo rate twice in its previous two review meetings and is expected to further hike the rate further in its ongoing meet this week, banks have been increasing their rates on both loans and deposits. Recently, Kotak Mahindra Bank, DBS Bank and Bank of Baroda also raised their interest rates on fixed deposits.
Here’s the 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’s FD Interest Rate (On Deposits Below Rs 2 Crore):
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: 5.60 per cent; For Senior Citizens: 6.10 per cent
390 days (12 months 25 days)- For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
391 days to less than 23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
23 months – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
23 months 1 days to less than 2 years – For General Public: 6.25 per cent; For Senior Citizens: 5.75 per cent
2 years to less than 3 years – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
3 years and above but less than 4 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent
4 years and above but less than 5 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent
5 years and above up to and inclusive of 10 years – For General Public: 5.90 per cent; For Senior Citizens: 6.40 per cent.
DBS Bank’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days – For General Public: 2.50 per cent; For Senior Citizens: 3.00 per cent
8 days to 14 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
15 days to 29 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
30 days to 45 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
46 days to 60 days – For General Public: 2.75 per cent; For Senior Citizens: 3.25 per cent
61 days to 90 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
91 days to 180 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
181 days to 269 days – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
270 days to less than 1 year – For General Public: 4.75 per cent; For Senior Citizens: 5.25 per cent
1 year days to 375 days – For General Public: 5.75 per cent; For Senior Citizens: 6.25 per cent
376 days and less than 2 years – For General Public: 6.00 per cent; For Senior Citizens: 6.50 per cent
2 years and 6 months – For General Public: 6.50 per cent; For Senior Citizens: 7.00 per cent
2 years 6 months 1 day and less than 3 years – For General Public: 6.50 per cent; For Senior Citizens: 7.00 per cent
3 years and less than 4 years – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent
4 years to less than 5 years – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent
5 years and above – For General Public: 6.25 per cent; For Senior Citizens: 6.75 per cent.
Bank of Baroda’s FD Interest Rate (On Deposits Below Rs 2 Crore):
7 days to 14 days – For General Public: 3.00 per cent; For Senior Citizens: 3.50 per cent
15 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: 4.00 per cent; For Senior Citizens: 4.50 per cent
91 days to 180 days – For General Public: 4.00 per cent; For Senior Citizens: 4.50 per cent
181 days to 270 days – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
271 days & above and less than 1 year – For General Public: 4.65 per cent; For Senior Citizens: 5.15 per cent
1 year – For General Public: 5.30 per cent; For Senior Citizens: 5.80 per cent
Above 1 year to 400 days – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent
Above 400 days and up to 2 years – For General Public: 5.45 per cent; For Senior Citizens: 5.95 per cent
Above 2 years and up to 3 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 3 years and up to 5 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 5 years to up to 10 years – For General Public: 5.50 per cent; For Senior Citizens: 6.00 per cent
Above 10 years (MACT/ MACAD Court Order schemes only) – For General Public: 5.10 per cent; For Senior Citizens: 5.60 per cent.
The MPC in its previous policy review in June raised the key repo rate by 50 basis points (bps), which was the second hike within almost a month after it increased 40 basis points in an off-cycle policy review in May. The retail inflation in June stood at 7.01 per cent, which is slightly lower than the 7.04 per cent recorded in May but is higher than the RBI’s target limit of 2-6 per cent.
Read all the Latest News and Breaking News here
