Latest Fixed Deposit Interest Rates Offered By SBI, Kotak Mahindra Bank, Bank of Baroda

State Bank of India, Kotak Mahindra Bank and Bank of Baroda offer interest rates to the tune of 3.50-6.50 per cent on fixed deposits - also known as term deposits - up to Rs 2 crore. These banks provide a myriad of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years. All three banks provide slightly better returns to senior citizen customers. For example, the country's largest lender, SBI, pays interest at the rate of 4.50-6.25 to the general public and 5.00-6.75 to senior citizens on these fixed deposits.

Here's a comparison of interest rates offered by SBI, Kotak Mahindra Bank and Bank of Baroda on fixed deposits (FDs) up to Rs 2 crore:

SBI Fixed Deposit Rates

State Bank of India offers the following FD interest rates on deposits below Rs. 2 crore with effect from November 10, according to the lender's website - sbi.co.in:

Kotak Mahindra Bank Fixed Deposit Rates

Kotak Bank offers the following FD interest rates on deposits below Rs 2 crore from November 6, 2019, according to its website - kotak.com:

(Source: kotak.com)

Bank of Baroda Fixed Deposit Rates

Bank of Baroda offers the following FD interest rates on deposits below Rs 2 crore from November 1, 2019, according to the lender's website - bankofbaroda.in:

(Source: bankofbaroda.in)

Fixed deposit accounts with a lock-in period of five or 10 years offer income tax benefits under Section 80C of the Income Tax Act.