Fixed Deposit Rates: Inflation has increased very fast in the whole world including India. In such a situation, the central banks of all the big countries of the world including India are increasing their interest rates to control the inflation rate. Reserve Bank of India has increased its repo rate for the fourth time in a row this year. Now the repo rate has reached 5.90%. This has a direct impact on the interest rates of bank loans and deposits. While on one hand the burden of EMI is increasing on the people, on the other hand more returns are also being available on Fixed Deposit Rates and Savings Account.
These two banks increased the interest rate on FD-
After the decision of RBI to increase the repo rate for the fourth time, many banks have decided to increase their FD rates in a row. Now the names of Kotak Mahindra Bank and IDFC First Bank have been included in this list. Both the banks have decided to increase the interest rate on their deposit rates of less than Rs 2 crore. While the new rates of Kotak Mahindra Bank have been implemented from October 3, 2022, the new rates of IDFC First Bank will be applicable from October 10, 2022. Kotak Mahindra Bank offers interest rates ranging from 2.50% to 6.10% to its customers on tenors ranging from 7 days to 10 years. On the other hand, IDFC First Bank is offering its customers interest rates ranging from 3.50% to 6.00% on FDs of 4 days to 10 years. Let us know about the interest rate offered by both the banks for different periods-
Interest rate available on FD of less than Rs 2 crore of Kotak Mahindra Bank-
Kotak Mahindra Bank FD Rates is offering 2.50% interest rate to its general customers on FDs of 7 to 14 days. On the other hand, the bank 2.65% on FD of 15 to 30 days, 3.25% on FD of 31 to 45 days, 3.25% on FD of 46 to 90 days, 3.75% on FD of 91 to 120 days, 3.75 on FD of 121 to 179 days. %, Kotak Mahindra Bank is offering 5.00% interest rate on 180 days FD.
Bank 5.00% on 181 days to 269 days FDs, 5.00% on 270 days FDs, 5.25% on 271 to 363 days FDs, 5.50% on 364 days FDs, 6.00% on 365 days to 389 days FDs, 6.10% on FDs of 390 days, 6.10% on FDs of 391 days to 23 months, 6.20% on FDs of 23 months, 6.20% on FDs of 23 months to 3 years, 6.20% on FDs of 2 to 3 years, 3 to 4 Kotak Mahindra Bank is offering 6.10% interest rates on FDs of one year, 6.10% on FDs of 4 to 5 years and 6.10% on FDs from 5 to 10 years.
Interest rate available on IDFC First Bank FD of less than Rs 2 crore-
IDFC First Bank FD Rates is offering its general customers returns of up to 7.25% on FDs of 7 days to 10 years on deposits of less than 2 crores. Bank 3.50% on 7 to 15 day FD, 3.50% on 15 to 29 day FD, 4.00% on 30 to 45 day FD, 4.00% on 46 to 90 day FD, 4.50% on 91 to 180 day FD , 181 days to 364 days FD is getting an interest rate of 5.75%.
At the same time, banks are getting 6.25% interest rate on FDs of 365 days to 500 days, 6.75% on FDs of 501 days to 749 days. Whereas IDFC First Bank is offering 7.25% interest rate on 750 days FD. Whereas the bank is offering 6.50% interest rate on FDs of 751 days to 3 years, 6.50% on FDs of 3 years to 5 years and 6.00% on FDs of 5 to 10 years.
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