Kotak Mahindra Bank Revises Fixed Deposit (FD) Rates; Here's How They Compare With SBI, PNB & BoB

Private sector lender Kotak Mahindra Bank revised its fixed deposit (FD) rates with effect from January 4, 2024. The latest rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs), the lender noted on its official website. Kotak Mahindra Bank offers up to 7.25% interest rate for the general public and 7.80% for senior citizens.

The interest rate for term deposits for maturity period of 2 years- less than 3 years was hiked to 7.15% from 7.1%.

The following FD interest rates are applicable on deposits below Rs 2 crore, according to the bank's official website.

Kotak Mahindra Bank now offers FD rate of 2.75% on term deposits maturing in 7-14 days and 7.25% on term deposits maturing in 23 months to less than 2 years. Senior citizens will earn up to 7.8% interest rate on term deposits maturing in 23 months to less than 2 years.

From December 2023 onwards, many private and public sector banks have revised the interest rates on various fixed deposits. Here are the latest FD rates of SBI, PNB and Bank of Baroda.

The country's largest lender has raised interest rates by 50 basis points for deposits maturing in seven days to 45 days. This adjustment means that these deposits will now yield an interest rate of 3.5%. The general public can earn up to 3.5% on a tenor of 7 days to 45 days and a maximum of up to 7% on a tenor of 2 years to less than 3 years.

For deposits with a maturity period of 46 days to 179 days, the bank has increased rates by 25 basis points, resulting in an interest rate of 4.75%. It has raised interest rates by 50 basis points for deposits with a maturity period of 180 days to 210 days, resulting in a new interest rate of 5.75%.

The new rates are effective from December 27, 2023.

Punjab National Bank has also hiked its fixed deposit (FD) interest rates on amounts below ₹2 crore. The bank has hiked up to 50 basis points on certain tenors with the new rates effective from January 1, 2024.

Effective December 29, 2023, Bank of Baroda hiked interest rates on domestic term deposits starting from 10 basis points across various tenors. After the latest hike, the bank now offers an interest range ranging from 4.25% to 7.25% to general public and up to 7.75% for senior citizens.

Disclaimer: All of the above information has been recorded from the official website of the respective banks. The interest rates are subject to change in the future so please visit the official bank websites for more information on fixed deposits and interest rates. The above information does not constitute financial advice and NDTV Profit does not endorse investment in any of the FD mentioned above.