This Private Banks Raise the FD Rates, Senior citizens will get upto 7%

Updated on: December 1, 2023

Banks Raise the FD Rates: Kotak Mahindra Bank has once again increased the interest rates on select fixed deposits (FDs) of less than Rs 2 crore. The revised interest rates on FD are effective from 14 November 2022. Earlier, the bank had hiked the interest rates on select FDs on November 1 and November 9, 2022.

Let us tell you that this year RBI has increased repo rates four times. Because of which interest rates have reached 5.90 percent. Prior to the current financial year, RBI’s policy interest rates were at 4 percent, in which an increase of up to 1.90 percent has been seen.

The Banks Raise the FD Rates

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After the increase made by Kotak Mahindra Bank, on FDs ranging from 390 days to less than 23 months, the general public was earlier getting 6.30 percent interest, which has now increased to 6.40 percent. While senior citizens will get an additional 0.50% ie 6.90% return on this FD.

There has been no change in the rates of the remaining tenures. The bank has increased the interest rate on tenure of 23 months to less than 2 years and will now offer 6.50 per cent to 6.30 per cent.

The bank has increased the interest rates on FDs of more than 2 years and less than 3 years from 6.30% to 6.40%. The bank will now offer an interest rate of 6.30 per cent for tenure of 3 years and above but less than 4 years and 6.25 per cent interest rate for tenure of 4 years and more but less than 5 years.

Kotak Mahindra Bank RD Rates

The Recurring Deposit offers an interest rate between 5 per cent to 6.40 per cent for a tenure ranging from 6 months to 10 years. As per the website of Kotak Mahindra Bank, “For FDs of tenure less than 181 days, interest will be calculated as simple interest on maturity.

Banks Raise the FD Rates

Interest on Fixed Deposits can be paid at concessional interest rates for a period not exceeding one-fourth (monthly interest payment) as per RBI instructions.

Recurring Deposit rates effective from 14th Nov 2022 (subject to change from time to time)
Tenure	Interest Rate p.a. ( %)	Senior Citizen Rates p.a. ( %)
6 Months	5.00%	6.00%
9 Months	5.75%	6.25%
12 Months	6.25%	6.75%
15 Months	6.40%	6.90%
18 Months	6.40%	6.90%
21 Months	6.40%	6.90%
24 Months	6.40%	6.90%
27 Months	6.40%	6.90%
30 Months	6.40%	6.90%
33 Months	6.40%	6.90%
3 years – less than 4 years	6.30%	6.80%
4 years – less than 5 years	6.25%	6.75%
5 years – 10years	6.20%	6.70%

Following Chart will show – Current Banks Raise the FD Rates

INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 14th Nov 2022

INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 14th Nov 2022. (Rates are subject to change from time to time)

INTEREST RATES FOR Domestic / NRO / NRE FIXED DEPOSITS effective from 14th Nov 2022. (Rates are subject to change from time to time)
	Regular		Senior Citizen*
Maturity Periods – Premature Withdrawal Allowed	Less than Rs.2 Crore#	Annualised Yield	Less than Rs.2 Crore#	Annualised Yield
7 – 14 Days	2.75%	2.75%	3.25%	3.25%
15 – 30 Days	3.00%	3.00%	3.50%	3.50%
31 – 45 Days	3.25%	3.25%	3.75%	3.75%
46 – 90 Days	3.50%	3.50%	4.00%	4.00%
91 – 120 Days	4.00%	4.00%	4.50%	4.50%
121 – 179 days	4.25%	4.25%	4.75%	4.75%
180 Days	5.50%	5.50%	6.00%	6.00%
181 Days to 269 Days	5.50%	5.58%	6.00%	6.09%
270 Days	5.50%	5.58%	6.00%	6.09%
271 Days to 363 Days	5.75%	5.83%	6.25%	6.35%
364 Days	6.00%	6.09%	6.50%	6.61%
365 Days to 389 Days	6.25%	6.40%	6.75%	6.92%
390 Days (12 months 25 days)	6.40%	6.56%	6.90%	7.08%
391 Days – Less than 23 Months	6.40%	6.56%	6.90%	7.08%
23 Months	6.50%	6.66%	7.00%	7.19%
23 months 1 Day- less than 2 years	6.50%	6.66%	7.00%	7.19%
2 years- less than 3 years	6.40%	6.56%	6.90%	7.08%
3 years and above but less than 4 years	6.30%	6.45%	6.80%	6.98%
4 years and above but less than 5 years	6.25%	6.40%	6.75%	6.92%
5 years and above upto and inclusive of 10 years	6.20%	6.35%	6.70%	6.87%