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Bank FDs: Kotak Mahindra Bank Vs RBL Bank Vs Bandhan Bank Revised FD Rates Comparison
One of the biggest lenders in the private sector, Kotak Mahindra Bank, has recently, on 8 March 2023, raised its interest rates on fixed deposits (FDs) under Rs. 2 crore by 50 basis points. The bank followed the FD rate hike by various pbanks and NBFC post the Repo Rate hike by the Reserve bank of India (RBI).
Here we have compared the FD rates of 3 leading private sector banks post the rate hike. These 3 banks are Kotak Mahindra Bank, RBL Bank and Bandhan Bank. The interest rates compared below are applicable on FD amounts below Rs 2 Crore.
Kotak Mahindra Bank
As mentioned, the new rates are applicable from 8 March 2023. After the rate hike, the bank offers maximum 7.20% and minimum 2.75% on Regular FDs. Whereas, senior citizens can get maximum 7.70% and minimum 3.25% for the FD tenure ranging from 7 days to 10 Years.
Interest Rates for Domestic/NRO/NRE FDs effective from 08th March 2023. (Premature Withdrawal Allowed)
| Maturity Periods | Regular Interest Rates p.a | Senior Citizens Interest Rates p.a |
|---|---|---|
| 7 - 14 Days | 2.75% | 3.25% |
| 15 - 30 Days | 3.00% | 3.50% |
| 31 - 45 Days | 3.25% | 3.75% |
| 46 - 90 Days | 3.50% | 4.00% |
| 91 - 120 Days | 4.00% | 4.50% |
| 121 - 179 days | 4.25% | 4.75% |
| 180 Days | 6.50% | 7.00% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.25% | 6.75% |
| 365 Days to 389 Days | 7.00% | 7.50% |
| 390 Days (12 months 24 days) | 7.20% | 7.70% |
| 391 Days - Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.20% | 7.70% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Source - kotak.com
RBL Bank
RBL Bank is another leading private sector bank that has recently hiked interest rates. The bank hiked the interest rates on FD below Rs 2 cr on February 01, 2023. The bank offers minimum 3.50% and maximum 7.80% to regular deposits (Domestic & Flexi FD) meanwhile, senior citizens can get minimum 4% and maximum 8.30% on FD tenure ranging from 7 days to 240 months.
Interest Rate on Domestic, NRO, NRE & Flexi Fixed Deposits effective from February 01, 2023
| Period of Deposit | Domestic & Flexi FD Interest Rates p.a. | Senior Citizen Interest Rates p.a. | NRE Interest Rates p.a. | NRO Interest Rates p.a. |
|---|---|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% | NA | 3.50% |
| 15 days to 45 days | 4.00% | 4.50% | NA | 4.00% |
| 46 days to 90 days | 4.50% | 5.00% | NA | 4.50% |
| 91 days to 180 days | 4.75% | 5.25% | NA | 4.75% |
| 181 days to 240 days | 5.50% | 6.00% | NA | 5.50% |
| 241 days to 364 days | 6.05% | 6.55% | NA | 6.05% |
| 365 to 452 days (12 months to less than 15 months) | 7.00% | 7.50% | 7.00% | 7.00% |
| 453 to 459 days (15 months) | 7.80% | 8.30% | 7.80% | 7.80% |
| 460 to 724 days (15 months 1 day to less than 725 days) | 7.80% | 8.30% | 7.80% | 7.80% |
| 725 days | 7.80% | 8.30% | 7.80% | 7.80% |
| 726 days to less than 24 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 24 months to less than 36 months | 7.00% | 7.50% | 7.00% | 7.00% |
| 36 months to 60 months 1 day | 7.00% | 7.50% | 7.00% | 7.00% |
| 60 months 2 days to 240 months | 6.25% | 6.75% | 6.25% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 7.00% | 7.50% | NA | 7.00% |
Source - www.rblbank.com
Bandhan Bank
Bandhan Bank is one of the leading private sector banks focused mostly in the Northeastern region of India. The bank has also hiked interest rates which are effective from February 6, 2023. The bank offers minimum 3% and maximum 8% to regular FDs. On the other hand, the bank offers minimum 3.75% and maximum 8.50% to senior citizens. These rates are applicable on the deposit period ranging from 7 Days to 10 Years.
Retail Domestic / Non-Resident Rupee Term Deposit Interest Rate Chart w.e.f. February 06, 2023
| Maturity Bucket | Interest Rates for Non-Senior Citizens | Interest Rates for Senior Citizens |
|---|---|---|
| 7 days to 14 days | 3.00% | 3.75% |
| 15 days to 30 days | 3.00% | 3.75% |
| 31 days to less than 2 months | 3.50% | 4.25% |
| 2 months to less than 3 months | 4.50% | 5.25% |
| 3 months to less than 6 months | 4.50% | 5.25% |
| 6 months to less than 1 year | 4.50% | 5.25% |
| 1 year to 599 days | 7.25% | 7.75% |
| 600 days (1 year, 7 months, 20 days) | 8.00% | 8.50% |
| 601 days to less than 2 years | 7.25% | 7.75% |
| 2 years to less than 3 years | 7.25% | 7.75% |
| 3 years to less than 5 years | 7.25% | 7.75% |
| 5 years to up to 10 years | 5.85% | 6.60% |
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