Which Bank Is Offering Maximum Interest Rate? Check Latest Rates
State Bank of India
The most reputable public lender has increased the fixed deposit rate for a handful of Tenors by as much as 15bps. According to SBI’s official site SBI, The rates were changed beginning on the 13th of August, 2022. The bank has increased rates for the FD interest rate from 180 to 210 days and the new rate is 4.55 percent. In addition, there’s an increase in the rate of interest for the period from one year to two years, from 5.30 percent to 5.45 percent. The highest rate of interest is available for the 5-year tenor until 10 years. In this tenor, common citizens can earn a 5.65 percent interest rate, and senior citizens can get 6.45%. 6.45 percent interest rate.
On the anniversary of Independence Day, the bank introduced its SBI Utsav Deposit which offers an interest rate of 6.10 percent, plus an additional .50 percent for seniors for the duration of 1,000 days. The scheme is in effect until the 30th of October, 2022.
The bank recently announced an exciting term deposit plan specifically KBL Amrit Samriddhi, which is a combination of ACC as well as Fixed Deposit for a tenure of 75 weeks or 525 days. The interest rate provided in this plan is 6.10 percent per year. As per the official site of the bank, this scheme is called the “New Deposit Scheme has been launched for a predetermined duration of 75 weeks (525 days) with the rate of 6.10 percent per year w.e.f. 15.08.2022 The scheme is valid for a specific time period.”
Bank of Baroda
The bank has recently launched the Baroda Tiranga Deposit Scheme, to commemorate Indians’ 75th Independence Day. The bank provides the average interest rate that is 5.75 on 444-days, and 6 percent for 555 days under the Deposits of Baroda Tiranga. Senior citizens are eligible for an additional 0.50 percent interest rate, and 0.15 percent more on callable deposits. The scheme will continue to be in force until the end of December 2022.
At present, the bank is offering the highest rate of interest in the country for both domestic and NRO deposits less than Rs 2 crore, for a time period of 2 years up or 10 years, at 5.50 percent. Senior citizens can avail of an additional .50 percent interest rate.
The bank also increased its FD rates to 40 basis points, effective starting on August 18th, 2022. The rates will be applicable to deposits of less than 2 crores. As per the official site of the bank, the bank will be offering an increase in interest rates of 5.50 percent, up from 5.35 percent. Customers can avail of an average interest rate of 5.50 percent on tenors with a range between 2-3 years.
The highest rate of interest hike can be seen in term deposits for tenors for 3 years 1 Day to 5 years. The rate is 6.10 percent, up from 5.70 percent.
Kotak Mahindra Bank
The bank also increased the interest rate on FDs to 15 basis points on deposits that are less than Rs 2 crore in the term of one year to three years. Citizens can now get the interest of 5.75 percent instead of 5.60 percent for FDs with a duration of 365 days up to 389 consecutive days.
In the meantime, for FDs with a tenor between 390 and 3 years the rate of interest has increased from 5.75 percent to 5.90 percent. The bank kept the interest rates unchanged for the term of 3 to 10 years at 5.90 percent.
The bank has also added two new terms with more rates of interest. Citizens are now able to choose 405 days tenor, which has an interest of 6.10 percent effective as of August 19, 2022. The alternative tenor is 406 days and the interest rate will be 5.50 5 %.
The bank has increased interest rates up to 20 bps on deposits that are less than two crores. The bank is now offering the interest rate of 5.50 percent for deposits up to 1 year with a tenor of. The bank will provide the rates of 5.50 percent for deposits due within two years instead of the previous 5.45 rate of 5.45 %. The bank is now offering an interest rate that is higher at 5.60 percent for deposits that mature within two years and for three years or more.