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Federal Bank Vs IDFC First Bank Vs Kotak Mahindra Bank Vs HDFC Bank FD Rates Compared

Federal Bank Vs IDFC First Bank Vs Kotak Mahindra Bank Vs HDFC Bank FD Rates Compared
Written by Zimmy

Federal Bank Vs IDFC First Bank Vs Kotak Mahindra Bank Vs HDFC Bank FD Rates Compared

Federal Bank

Federal Bank increased the interest rates for fixed deposits less than 2 crores, effective the 17th of August, 2022. Fixed deposits that have maturities of 7 days to more than 75 months the bank is offering rates ranging between 3.00 percent to 5.75 percent for the general population and up to 3.50 percent to 6.40 percent for seniors.

Rates of interest for Resident Term Deposits effective beginning on 17 August 2022 for Deposits with less than 2 crores

Maturity Period General Public Senior Citizen
7 days to 29 days 3.00% 3.50%
30 days to 45 days 3.25% 3.75%
46 days to 60 days 3.75% 4.25%
61 days to 90 days 4.00% 4.50%
91 days to 119 days 4.10% 4.60%
120 days to 180 days 4.25% 4.75%
181 days to 332 days 4.80% 5.30%
333 days 5.45% 5.95%
334 days to less than 1 year 4.80% 5.30%
1 year 5.45% 5.95%
Above 1 year to less than 20 months 5.60% 6.10%
20 months 5.90% 6.40%
From 20 months to less than 2 years 5.60% 6.10%
2 years to 749 days 5.75% 6.25%
750 days 6.10% 6.60%
751 days to less than 5 years 5.75% 6.25%
5 years to 2221 days 5.75% 6.40%
2222 Days 6.00% 6.65%
2223 days to less than 75 months 5.75% 6.40%
75 months 6.10% 6.75%
Above 75 months 5.75% 6.40%

Source- federalbank.co.in

IDFC First bank

IDFC First Bank is a private sector lender that has increased interest rates on fixed deposits of less than 2 crores. 2 crores. According to the official site, updated rates of interest will take effect on August 16, 2022. Following the increase, IDFC First Bank is currently offering 6.50 percent interest on fixed deposits that mature within 2 years, 1 day to 749 calendar days, and 6.90 percent interest on fixed deposits maturing within 749 days. The bank now offers the 6.50 percent interest rate for Tax Saving deposits (only for deposits in the US). The new interest rate will be effective on August 16th, 2022.

Interest rates for FD on General & Senior Citizens accounts starting on 16 August 2022 for deposits of less than 2 cr

Maturity Tenure General Citizens Senior Citizens
7 – 14 days 3.50% 4.00%
15 – 29 days 3.50% 4.00%
30 – 45 days 4.00% 4.50%
46-90 days 4.00% 4.50%
91-180 days 4.50% 5.00%
181 days – 1 year 5.75% 6.25%
1 year 1 day – 499 days 6.25% 6.75%
500 days – 2 years 6.50% 7.00%
2 years 1 day – 749 days 6.50% 7.00%
750 days 6.90% 7.40%
751 days – 3 years 6.50% 7.00%
3 years 1 day – 5 years 6.50% 7.00%
5 years – 1 day – 10 years 6.00% 6.50%

Source- IDFCFirstbank.com

Kotak Mahindra Bank

Kotak Mahindra Bank, a private sector lender, has increased its interest rates for fixed deposits that are less than two Cr. The new rates will be in effect from August 17th, 2022, as per the official website of the bank. At present, the bank has interest rates on fixed deposits with maturities of 7 days up to 10 years. These rates differ between 2.50 percent to 5.90 percent for the general public, and between 3.00 percent to 6.40% for seniors.

Rates of interest for Fixed Deposits in the Domestic/NRO/NRE on deposits of less than 2 Crore Premature withdrawals are allowed

Maturity Periods Regular Deposit Senior Citizen Deposits
7 – 14 Days 2.50% 3.00%
15 – 30 Days 2.65% 3.15%
31 – 45 Days 3.25% 3.75%
46 – 90 Days 3.25% 3.75%
91 – 120 Days 3.75% 4.25%
121 – 179 days 3.75% 4.25%
180 Days 5.00% 5.50%
181 Days to 269 Days 5.00% 5.50%
270 Days 5.00% 5.50%
271 Days to 363 Days 5.00% 5.50%
364 Days 5.25% 5.75%
365 Days to 389 Days 5.75% 6.25%
390 Days (12 months 25 days) 5.90% 6.40%
391 Days – Less than 23 Months 5.90% 6.40%
23 Months 5.90% 6.40%
23 months 1 Day- less than 2 years 5.90% 6.40%
2 years- less than 3 years 5.90% 6.40%
3 years and above but less than 4 years 5.90% 6.40%
4 years and above but less than 5 years 5.90% 6.40%
5 years and above up to and inclusive of 10 years 5.90% 6.40%

Source- Kotak.com

HDFC Bank

HDFC Bank, one of the largest private sector lenders is raising interest rates for fixed deposits with deposits under 2 crores. The new rates take effect beginning on august 18, 2022 according to the official website of the bank. Fixed deposit with maturities that range from 7 days to 10 years. The bank provides interest rates that range between 2.75 percent to 5.75 percent for the general public, and between 3.25 percent to 6.50% for seniors.

Domestic / NRO/ Fixed Rates for NRE Fixed Deposits on deposits that are less than 2 crore – beginning on August 18th, 2022.

Tenor Bucket Interest Rate (per annum) Senior Citizen Rates (per annum)
7 – 14 days 2.75% 3.25%
15 – 29 days 2.75% 3.25%
30 – 45 days 3.25% 3.75%
46 – 60 days 3.25% 3.75%
61 – 89 days 3.25% 3.75%
90 days – 6 months 3.75% 4.25%
6 months 1 day – 9 months 4.65% 5.15%
9 months 1 day 4.65% 5.15%
1 Year 5.50% 6.00%
1 year 1 day – 2 years 5.50% 6.00%
2 years 1 day – 3 years 5.50% 6.00%
3 years 1 day- 5 years 6.10% 6.60%
5 years 1 day – 10 years 5.75% 6.50%*

Source- HDFCbank.com

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