Several banks have increased interest rates on fixed deposits amid the Reserve Bank of India’s decision not to make any changes in repo and reverse repo rates. These include banks like SBI, HDFC Bank and Bank of Baroda.
New Delhi. The Reserve Bank of India (RBI) in its monetary policy meeting on April 8, 2022 had decided not to make any changes in the repo and reverse repo rates. During this time many banks have increased the interest rates on Fixed Deposits (FD). Banks like State Bank of India (SBI), HDFC Bank and Bank of Baroda have increased FD rates recently.
In this series, Kotak Mahindra Bank has increased the fixed deposit rates for deposits of less than Rs 2 crore with various tenors. According to the website of this bank, the new rates are effective from April 12, 2022. After this increase, the bank is giving an interest rate of 2.5 percent to 5.6 percent on fixed deposits maturing in 7 days to 10 years. These are the new fixed deposit interest rates of Kotak Mahindra Bank-
Kotak Mahindra Bank Rates
| Time period | Rate of interest |
| 7 -14 days | 2.5% |
| 15 – 30 days | 2.5% |
| 31 – 45 days | 2.75% |
| 46 – 90 days | 2.75% |
| 91 – 120 days | 3% |
| 121 – 179 days | 3.5% |
| 180 days | 4.5% |
| 181 – 269 days | 4.5% |
| 270 days | 4.5% |
| 271 – 363 days | 4.5% |
| 364 days | 4.75% |
| 365- 389 days | 5.1% |
| 390 days | 5.2% |
| 391 days to less than 23 months | 5.2% |
| 23 months | 5.25% |
| 23 months 1 day to less than 2 years | 5.25% |
| 2 years – less than 3 years | 5.3% |
| 3 or more to less than 4 years | 5.45% |
| More than 4 years but less than 5 years | 5.5% |
| 5 years or more to 10 years | 5.6% |
HDFC Bank also increased rates
HDFC Bank, the largest private sector bank, has also increased interest rates on fixed deposits. The website of this bank has increased the interest rates on FDs of less than Rs 2 crore with different tenures. The new FD rates are effective from 6th April, 2022. HDFC Bank is giving an interest rate of 2.5 percent to 5.6 percent to the customers on FDs maturing in 7 days to 10 years. Let us know what are the interest rates in different periods-
| Time period | Rate of interest |
| 7 – 14 days | 2.5% |
| 15 – 29 days | 2.5% |
| 30- 45 days | 3% |
| 61 – 90 days | 3% |
| 91 days – 6 months | 3.5% |
| 6 months 1 day – 9 months | 4.4% |
| 9 months 1 day, but less than 1 year | 4.4% |
| 1 year | 5.1% |
| 1 year 1 day – 2 years | 5.1% |
| 2 years 1 day – 3 years | 5.2% |
| 3 years 1 day – 5 years | 5.45% |
| 5 years 1 day – 10 years | 5.6% |
Bank of Baroda FD Rate
Public sector bank Bank of Baroda has also increased the interest rates on FDs of various tenors, which are effective from March 22, 2022. This bank has also increased the interest rates on FDs of less than Rs 2 crores. This bank is giving 2.8 percent to 5.55 percent interest rate on FDs maturing in 7 days to 10 years. Let us know what are the interest rates in different periods-
| Time period | Rate of interest |
| 7 – 14 days | 2.8% |
| 15 – 45 days | 2.8% |
| 46 – 90 days | 3.7% |
| 91 – 180 days | 3.7% |
| 181 – 270 days | 4.3% |
| 271 days or more, but less than 1 year | 4.4% |
| 1 year | 5% |
| More than 1 year- 400 days | 5.2% |
| More than 400 days to 2 years | 5.2% |
| Above 2 years to 3 years | 5.2% |
| Above 3 years to 5 years | 5.35% |
| Above 5 years to 10 years | 5.35% |
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