Kotak Mahindra Bank hikes fixed deposit interest rates
Account holders can now earn as high as 7.25 per cent interest rate on fixed deposits with Kotak Mahindra Bank.
Kotak Mahindra Bank has revised fixed deposit interest rates. Account holders can now earn as high as 7.25 per cent interest rate on fixed deposits with the Mumbai-based lender. But to get this interest rate, account holders will have to open the FD of 23 months. Senior citizens will get 7.75 per cent interest rate on this FD.
But is 7.25 per cent currently the highest interest rate that one can get by opening an FD with any of the private banks in the country?
No!
RBL Bank is currently giving the highest interest rate on fixed deposits as compared to other banks. The Mumbai-based private lender is giving as high as 7.80 per cent RoI on FDs of 15 months to less than 2 years. Elderly will get 8.30 per cent interest rate on this FD.
Next in line is DCB Bank. If account holders open FD with DCB Bank, then, they can get as high as 7.75 per cent RoI. But for this they will have to open the FD for 700 days to two years. DCB Bank is giving 0.75 per cent additional rate to senior citizens. Elderly will get 8.50 per cent interest.
On the other hand, IndusInd Bank is giving 7.50 per cent interest on FDs of one year to less than 18 months. The Mumbai based lender is giving 0.75 per cent additional rate to senior citizens. Elderly will get 8.25 per cent interest on this FD.
IDFC First Bank is also giving RoI of 7.50 per cent on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD.
Federal Bank on the other hand is giving interest rate of as high as 7.30 per cent on FDs of 13 months to 21 months. Federal Bank is giving 0.77 per cent additional rate to senior citizens. Elderly will get 8.07 per cent interest on this FD.
While, HDFC Bank is giving interest rate of as high as 7.25 per cent on FDs of four years and seven months to 55 months. With Dhanlaxmi Bank also, depositors can get as high as 7.25 per cent rate. But for this, they will have to open the FD for 18 months and seven days.
If account holders open FD with South Indian Bank, then, they can get as high as 7.20 per cent RoI. But for this they will have to open the FD for 500 days. But senior citizens will get similar rate on this FD. Elderly will not get any additional rate on this FD.
Even with Karur Vyasa Bank, depositors can get as high as 7.20 per cent RoI. But for this, they will have to open FD of 444 days.
ICICI Bank is also giving as high as 7.10 per cent but on FDs of 15 months to 18 months.
With FDs of 400 days with City Union Bank, account holders can get highest of 7 per cent interest rate.
On the other hand, account holders will get highest of 6.80 per cent on fixed deposits opened with IDBI Bank. They will get this much rate of interest on FDs of 1 year to 2 years. Senior citizens will get 0.50 per cent additional rate.
Highest RoI on FDs of private banks:
| Bank | RoI (in %) General Citizens | RoI (in %) Senior Citizens | Tenure |
| RBL Bank | 7.80 | 8.30 | 15 months to less than 2 years |
| Yes Bank | 7.75 | 8.25 | 18 months to 24 months |
| DCB Bank | 7.75 | 8.50 | 700 days to 2 years |
| IndusInd Bank | 7.50 | 8.25 | 1 year to less than 1 year 6 months |
| IDFC First Bank | 7.50 | 8.00 | 1 year 1 day to 550 days |
| Federal Bank | 7.30 | 8.07 | 13 months to 21 months |
| HDFC Bank | 7.25 | 7.75 | 4 year 7 months to 55 months |
| Dhanlaxmi Bank | 7.25 | 7.75 | 18 months and 7 days |
| Kotak Mahindra Bank | 7.25 | 7.75 | 23 months |
| South Indian Bank | 7.20 | 7.20 | 500 days |
| Karur Vysya Bank | 7.20 | 7.70 | 444 days |
| ICICI Bank | 7.10 | 7.60 | 15 months to 18 months |
| Axis Bank | 7.10 | 7.60 | 13-14 months |
| City Union Bank | 7.00 | 7.50 | 400 days |
| IDBI Bank | 6.80 | 7.30 | 1 year to 2 years |
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