The Reserve Bank of India (RBI) in its bi-monthly monetary policy meeting on April 8, 2022, again decided to keep the repo and reverse repo rates unchanged. As a result, banks have increased interest rates on fixed deposits (FDs). Banks like State Bank of India (SBI), HDFC Bank and Bank of Baroda have hiked FD rates recently.
Kotak Mahindra Bank hikes FD rates
Kotak Mahindra Bank has increased the FD rates of various tenors for amounts less than 2 crores. According to the Kotak Mahindra Bank website, the new rates are effective from April 12, 2022. After the latest hike, the bank is offering interest rates ranging from 2.50% to 5.60% on deposits maturing in 7 days to 10 years.
7 – 14 days 2.50%
15 – 30 days 2.50%
31 – 45 days 2.75%
46 – 90 days 2.75%
91 – 120 days 3%
121 – 179 days 3.50%
180 days 4.50%
181 days to 269 days 4.50%
270 days 4.50%
271 days to 363 days 4.50%
364 days 4.75%
365 days to 389 days 5.10%
390 days (12 months 25 days) 5.2%
391 days – less than 23 months 5.2%
23 months 5.25%
23 months 1 day – less than 2 years 5.25%
2 years – less than 3 years 5.3%
3 years and above but less than 4 years 5.45 percent
4 years and above but less than 5 years 5.50%
5 years and above and 10 years including 5.60%
HDFC Bank hikes FD rates
private lender HDFC bank has increased the interest rates on fixed deposits of less than 2 crore on certain tenures, as per the lender’s website. The new Fixed Deposit (FD) rates are effective from 6 April 2022. HDFC Bank offers an interest rate of 2.50 percent to 5.60 percent for the general public on deposits maturing in 7 days to ten years.
7 – 14 days 2.50%
15 – 29 days 2.50%
30 – 45 days 3%
61 – 90 days 3%
91 days – 6 months 3.5%
6 months 1 day – 9 months 4.4%
9 months 1 day < 1 year 4.4%
1 year – 5.10%
1 year 1 day – 2 years 5.10%
2 years 1 day – 3 years 5.20%
3 years 1 day – 5 years 5.45%
5 years 1 day – 10 years 5.60%
Bank of Baroda hikes FD rates
Bank Of Baroda (BOB) has increased the interest rates on fixed deposits (FDs) from March 22 for deposits of less than Rs. 2 crores. After this revision, Bank of Baroda’s latest FD interest rates range from 2.80 per cent to 5.55 per cent for maturities between 7 days to 10 years.
7 days to 14 days 2.80%
15 days to 45 days 2.80%
46 days to 90 days 3.70%
91 days to 180 days 3.70%
181 days to 270 days 4.30%
271 days and above and less than 1 year 4.40%
1 year 5.00%
400 days above 1 year 5.20%
Above 400 days and up to 2 years 5.20%
Above 2 years and up to 3 years 5.20%
Above 3 years and up to 5 years 5.35%
Above 5 years and up to 10 years 5.35%
Above 10 years (for MACT/MACAD%)
Court Order Schemes Only) 5.10%