BoB vs Axis vs Kotak vs PNB vs RBL vs IDFC First Bank: Check the latest FD rates

Fixed deposit investments are the only debt instrument available to the general public and senior citizens to participate in when it comes to receiving safe returns that are not depending on the market and a guarantee of deposit safety that is guaranteed up to ₹5 lakhs by DICGC. Another significant benefit for taxpayers is the ability to claim Section 80C tax benefits on fixed deposits. To make a better financial decision when investing in fixed deposits, it is vital to compare bank interest rates. Currently, as repo rates have increased, interest rates have skyrocketed, making this task more important. Here is a list of the major banks whose fixed deposit interest rates have recently been hiked in the month of July.

BoB FD Rates

Bank of Baroda raised interest rates on fixed deposits under ₹2 Cr on Thursday, July 28, 2022. The bank has increased interest rates on a number of tenors as a result. The bank currently offers interest rates of 3 per cent to 5.50 per cent to the general public and 3.50 per cent to 6.50 per cent to senior citizens on deposits maturing in 7 days to 10 years. Bank of Baroda is now giving a maximum interest rate of 5.50 per cent to the general public on deposits maturing in the 2 to 10 years, and 6 to 6.50 per cent to senior citizens. On deposits maturing in 7 days and up to 3 years, senior citizens will get an additional rate of 0.50 per cent; on deposits maturing in 3 to 5 years, they will get an additional ROI of 0.50 per cent +0.15%; and on deposits maturing in 5 to 10 years, they will get an additional ROI of 0.50 per cent +0.50 per cent.

Axis Bank

Axis Bank revised its interest rates for fixed deposits below ₹2 crore on July 28, 2022. Following the revision, the bank is now offering an interest rate ranging from 2.50% to 5.75% and 2.50% to 6.50% to senior citizens on deposits maturing in 7 days to 10 years. At Axis Bank, deposits maturing in 5 years to 10 years will now fetch a maximum interest rate of 5.75% to regular customers and 6.50% to senior citizens.

Kotak Mahindra Bank

The interest rate on fixed deposits under ₹2 Cr was increased by Kotak Mahindra Bank on July 26, 2022. As a result of the revision, the bank raised interest rates on fixed deposits with 365-day to 389-day maturities. The bank is now offering interest rates on deposits with maturities ranging from 7 days to 10 years that range from 2.50% to 5.90% for the general public and from 3.0% to 6.40% for senior citizens. The bank gives the general public a maximum interest rate of 5.90 per cent on deposits maturing in three years or more up to ten years, while senior people receive a maximum interest rate of 6.40 per cent.

PNB

Punjab National Bank (PNB) raised interest rates on fixed deposits under ₹2 Cr on July 20, 2022. The bank is now giving interest rates on deposits with maturities ranging from 7 days to 10 years that range from 3.00 per cent to 5.60 per cent for the general public and 3.50 per cent to 6.10 per cent for senior citizens. The bank provides a maximum interest rate of 5.75 per cent for fixed deposits maturing in more than three years and up to five years and 1111 days, and 6.25 per cent for elderly persons.

RBL Bank

RBL Bank increased interest rates on fixed deposits under ₹2 Cr on July 21, 2022. Following the revision, the bank is now providing interest rates on deposits maturing in 7 days to 240 months that range from 3.25 per cent to 5.75 per cent for the general public and 3.75 per cent to 6.25 per cent for seniors. As a consequence of the change, the bank is now providing a maximum interest rate of 7 per cent for the general public and 7.50 per cent for senior citizens on fixed deposits that mature in 15 months.

IDFC First Bank

On July 18, 2022, IDFC First Bank last adjusted its interest rates on fixed deposits under ₹2 Cr. In accordance with the revised, the bank is now providing interest rates for both the general public and senior people that range from 3.50 per cent to 6.00 per cent and 4 per cent to 6.50 per cent, respectively on deposits maturing in 7 days to 10 years. The bank will now provide a maximum interest rate of 6.50 per cent for the general public and 7 per cent for senior citizens on deposits maturing in 500 days to 5 years.