Kotak Mahindra Bank has decided to increase the interest rates by 5 basis points on FDs with tenures of 3 to 5 years. The new rates will be deemed to be applicable from 23 February 2022.
Kotak Mahindra Bank Hikes FD Rates: There is good news for those who deposit hard earned money in fixed deposits. Kotak Mahindra Bank, one of the leading private sector banks, has also announced to increase interest rates on fixed deposits. Kotak Mahindra Bank has decided to increase the interest rates by 5 basis points on FDs with tenures of 3 to 5 years. The new rates will be deemed to be applicable from 23 February 2022.
Kotak Mahindra Bank has decided to increase the interest by 5 basis points on fixed deposits with tenures of 3 to 5 years. Now the FD of this period will get 5.45 percent interest, which used to get 5.40 percent earlier. Any changes have been made on the second tenor FDs there. Kotak Mahindra Bank is giving 2.5 percent interest on FDs of 7 to 30 days, 2.75 percent on FDs of 31 to 90 days and 3 percent interest on FDs of 91 to 120 days.
The country’s leading private bank HDFC Bank has also announced to increase interest rates on fixed deposits. HDFC Bank HDFC Bank has decided to increase interest rates by 5 to 10 basis points on FDs of less than Rs 2 crore. The new rates of HDFC Bank have come into effect from 14 February 2022. HDFC Bank has increased the rates on one-year FDs by 10 basis points and the new rates from 4.9 per cent to 5 per cent. The interest rates on FDs with tenures of 3 years to 5 years have increased from 5.40 per cent to 5.45 per cent.
The country’s largest bank SBI has announced to increase the interest rates on fixed deposits of more than 2 years duration. SBI has increased the interest rates on FDs of more than 2 years by 10 to 15 basis points with effect from February 15, 2022. According to SBI’s website, interest rates on FDs with tenures between 2 years and 3 years have been increased by 10 basis points. Now interest will be available at the rate of 5.20 percent. FDs with a tenure of 3 years to 5 years will get 15 basis points more interest of 5.45 percent. FDs with a tenure of 5 years to 10 years will get 10 basis points more ie 5.20 percent interest. The new interest rates will be applicable on fixed deposits of less than Rs 2 crore.
