FD Interest Rates: HDFC Vs Kotak Mahindra Bank Vs Axis

FD Interest Rates: HDFC Vs Kotak Mahindra Bank

FD Interest Rates

Almost all the public sector banks have now modified their FD interest rates. The list of such banks also includes HDFC & Kotak Mahindra. So it is very essential for all the investors to know about all of them. FDs are very interesting investment instruments used by banks to attract investors. For the investors, these are the risk-free investment options that provide higher returns. An investor is most likely to attract to the FD plan which offers maximum profit. So in the fight to gather more and more FD investors banks usually modify the interest rates often. Before investing you should compare the FD plans of different banks.

Let’s take a look at the revised FD interest rates that these public sector banks are providing now:

HDFC Bank:

New HDFC interest rates are effective from February 14, 2022. Interest rates for some FD plans are hiked by the bank. As per the information available on HDFC Bank’s website, the lender has increased 5-10 basis points on the FD plans worth less than Rs.2 Crore.

Bank has increased the interest rates by 10 basis points to 5 percent from 4.9 percent for the FDs which have one year tenure.

• FD interest rates are at 5 percent which has a tenure of 1-2 years.
• For the tenure of 3-6 years, the interest rates are increased by 5 basis points to 5.45 percent.
• Investors will get a 5.60 percent interest rate on the FDs which have a tenure of 5-10 years.
• For senior citizens, the FDs are offering 6.35 percent based on the tenures.

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Kotak Mahindra Bank:

In the case of Kotak Mahindra Bank, the lender has increased the interest rates on FDs. The new rates are applicable from March 9, 2022.

• The interest rates of this bank are ranging from 2.50 percent to 5.50 percent for normal depositors.
• For the tenure of 7-14 days and 15-30 days, the bank is offering 2.5 percent interest rates.
• For the tenure of 365 days to 389 days the interest rates are 5 percent.
• Between 1-2 years of tenure the bank is offering an interest rate of 5.10 percent.
• The tenure ranging between 2 years and less than 3 years, the interest rates are 5.20 percent.
• For the tenure of 3 years but less than 5 years, the bank offers 5.45 percent.
• For senior citizens, the bank offers 50 bps additionally for all the tenures.