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Kotak Mahindra Bank, Axis Bank, ICICI Bank hike fixed deposit interest rates | Check details

Kotak Mahindra Bank, Axis Bank, ICICI Bank hike fixed deposit interest rates | Check details

Kotak Mahindra Bank, Axis Bank, ICICI Bank hike fixed deposit interest rates | Check details
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By Anshul  Oct 3, 2022 1:59:02 PM IST (Published)

After the revision, the Kotak Mahindra Bank's FD tenure ranges between 7 days to 10 years and earn interest rates in the range of 2.5 percent-6.2 percent for regular investors. Here's what other lenders are offering

Several lenders have increased interest rates on their fixed deposits (FDs) after Reserve Bank of India (RBI) raised repo rates by 50 basis points on Friday. Kotak Mahindra Bank's new FD rates are effective from today i.e. October 3, 2022, according to the bank's official website. On the other hand, Axis Bank's new FD rates are effective from October 1, while ICICI Bank raised their rates on September 30.

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After the revision, the Kotak Mahindra Bank's FD tenure ranges between 7 days to 10 years and earn interest rates in the range of 2.5 percent-6.2 percent for regular investors, and for senior citizens it is in the range of 3 percent-6.7 percent.
ICICI Bank is now offering interest rates in the range of 3 percent to 6.10 percent for general public. Axis Bank is now offering interest rates in the range of 2.75 percent to 6.15 percent for general public.
Here are the latest FD rates offered by Kotak Mahindra Bank:
Maturity Periods Rates for general publicRates for senior citizens
7 - 14 Days2.50%3.00%
15 - 30 Days2.65%3.15%
31 - 45 Days3.25%3.75%
46 - 90 Days3.25%3.75%
91 - 120 Days3.75%4.25%
121 - 179 days3.75%4.25%
180 Days5.00%5.50%
181 Days to 269 Days5.00%5.50%
270 Days5.00%5.50%
271 Days to 363 Days5.25%5.75%
364 Days5.50%6.00%
365 Days to 389 Days6.00%6.50%
390 Days (12 months 25 days)6.10%6.60%
391 Days - Less than 23 Months6.10%6.60%
23 Months6.20%6.70%
23 months 1 Day- less than 2 years6.20%6.70%
2 years- less than 3 years6.20%6.70%
3 years and above but less than 4 years6.10%6.60%
4 years and above but less than 5 years6.10%6.60%
5 years and above upto and inclusive of 10 years6.10%6.60%
(Source: Kotak Mahindra Bank)
Here are the latest FD rates offered by ICICI Bank:
Maturity daysInterest rates for general publicInterest rates for senior citizens
7 days to 14 days3.00%3.50%
15 days to 29 days3.00%3.50%
30 days to 45 days3.50%4.00%
46 days to 60 days3.50%4.00%
61 days to 90 days3.50%4.00%
91 days to 120 days4.25%4.75%
121 days to 150 days4.25%4.75%
151 days to 184 days4.25%4.75%
185 days to 210 days4.90%5.40%
211 days to 270 days4.90%5.40%
271 days to 289 days4.90%5.40%
290 days to less than 1 year4.90%5.40%
1 year to 389 days5.70%6.20%
390 days to < 15 months5.70%6.20%
15 months to < 18 months5.70%6.20%
18 months to 2 years5.70%6.20%
2 years 1 day to 3 years5.80%6.30%
3 years 1 day to 5 years6.10%6.60%
5 years 1 day to 10 years6.00%6.60%
5 Years (80C FD) – Max to `1.50 lac6.10%6.60%
(Source: ICICI Bank)
What happens to FDs when RBI hikes repo rate?
A relatively risk-free instrument, fixed deposit (FD) generally become attractive in higher interest rate regimes. Deposit rates are linked to the rate of inflation. Banks generally give positive returns to depositors.
The Reserve Bank of India has recently increased the repo rate by 50 basis points, taking it to 5.9 percent.
Earlier, the central bank hiked the repo rate by 140 bps in the past three policies. The first hike was to the tune of 40 bps in May and then of 50 basis points in June. It again raised repo rate by 50 bps in August. Considering the recent hike of 50 bps, the total rise comes to 190 bps.
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