Kotak Mahindra Bank and DCB Bank have hiked interest rates on fixed deposits (FDs), under ₹2 crore. The increase comes at a time when most of the banks are cutting interest rates.
Kotak Bank hikes FD rates
The bank has increased interest rates on tenors ranging from three to five years. The last time Kotak Mahindra Bank changed interest rates was October 25, 2023. After the latest revision, Kotak Bank is offering an interest rate of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years, and 3.35% to 7.80% for senior citizens on these deposits. The bank is offering the highest FD interest rate on deposits maturing in 23 months 1 Day- less than 2 years.
Kotak Mahindra latest FD rates
7 – 14 Days 2.75%
15 – 30 Days 3.00%
31 – 45 Days 3.25%
46 – 90 Days 3.50%
91 – 120 Days 4.00%
121 – 179 days 4.25%
180 Days 7.00%
181 Days to 269 Days 6.00%
270 Days 6.00%
271 Days to 363 Days 6.00%
364 Days 6.50%
365 Days to 389 Days 7.10%
390 Days (12 months 24 days) 7.15%
391 Days – Less than 23 Months 7.20%
23 Months 7.25%
23 months 1 Day- less than 2 years 7.25%
2 years- less than 3 years 7.10%
3 years and above but less than 4 years 7.00%
4 years and above but less than 5 years 7.00%
5 years and above up to and inclusive of 10 years 6.20%
DCB Bank hikes FD rates
DCB Bank has hiked fixed deposit interest rates on select tenors for deposits below ₹2 crore. The new rates are effective from 13 December as per the DCB Bank website.
The bank is offering the highest FD interest rate of 8% to general customers and 8.60% for senior citizens, after the revision.
After the latest hike, DCB Bank is offering an interest rate ranging from 3.75% to 8% on FDs maturing in seven days to ten years to general customers, and 4.25% to 8.60% to elderly people.
DCB Bank latest FD rates
7 days to 45 days 3.75%
46 days to 90 days 4.00%
91 days to less than 6 months 4.75%
6 months to less than 10 months 6.25%
10 months to less than 12 months 7.25%
12 months 7.15%
12 months 1 day to 12 months 10 days 7.85%
12 months 11 days to 18 months 5 days 7.15%
18 months 6 days to less than 700 days 7.50%
700 days to less than 25 months 7.55%
25 months to 26 months 8.00%
More than 26 months to less than 37 months 7.60%
37 months to 38 months 7.90%
More than 38 months to less than 61 months 7.40%
61 months 7.65%
More than 61 months to 120 months 7.25%
Meanwhile, the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent as expected in its MPC on 8 December. On Wednesday, for a third straight time, the Federal Reserve kept its key interest rate unchanged. The Fed’s policymakers also communicated that they expect to make three quarter-point cuts to their benchmark interest rate next year,
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Published: 14 Dec 2023, 09:16 AM IST