Bank of Baroda and Kotak Mahindra Bank have raised their fixed deposit (FD) interest rates. While the new FD rates of Bank of Baroda are applicable from July 28, the new FD rates of Kotak Mahindra Bank came into force on July 26.
Bank of Baroda
According to new rates, Bank Of Baroda (BOB) would provide 3 to 5.50 per cent interest rate on fixed deposits on several tenures. For senior citizens, BOB new FD interest rate would vary from 3.50 to 6.50 per cent.
At the same time, for deposits maturing in 7 days, the interest rate has been increased from 2.80 per cent to 3 per cent. For deposits maturing in 46 days, the rate has been hiked to 4 per cent from 3.70 per cent.
For deposits ranging from 181 to 270 days, the BOB will now provide 4.65 per cent interest instead of 4.30 per cent. The Bank of Baroda has increased interest rate by 25 basis points for FDs with a tenure of 271 days to 1 year.
The interest rate on fixed deposits maturing for more than three years and up to ten years has been increased from 5.35 to 5.50 per cent.
Kotak Mahindra Bank
Private sector lender Kotak Mahindra Bank has increased interest rates on fixed deposits of less than Rs 2 crore.
According to the bank’s official website, the new rates are applicable from July 26, 2022. The bank has increased the interest rates on fixed deposits maturing in 365 days to 389 days after the revision.
The bank will continue to offer an interest rate of 2.50 per cent on deposits maturing in 7 to 30 days and an interest rate of 3 per cent on fixed deposits maturing in 31 to 90 days.
On fixed deposits maturing from 91 days to 179 days, the Bank will continue to offer an interest rate of 3.50 per cent, while on fixed deposits maturing from 180 days to 363 days, it has retained its previous interest rate of 4.75 per cent.
The interest rate on deposits maturing in 364 days will remain at 5.25 percent.
The bank will continue to offer an interest rate of 5.75 per cent on fixed deposits maturing in less than 3 years from 390 days (12 months and 25 days).
Lastly, for FD’s maturing in 3 years and above and 10 years, the lender will continue to offer an interest rate of 5.90 per cent.