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Business News/ Money / Personal Finance/  HDFC Bank vs Kotak Mahindra Bank vs Axis Bank: FD interest rates compared
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HDFC Bank vs Kotak Mahindra Bank vs Axis Bank: FD interest rates compared

Bank deposits are 100 per cent risk-free

Fixed deposit (FD) interest rate: Axis Bank has revised its FD interest rates and the revised rates have become applicable from 17th March 2022. (MInt)Premium
Fixed deposit (FD) interest rate: Axis Bank has revised its FD interest rates and the revised rates have become applicable from 17th March 2022. (MInt)

FD interest rate: A series of private banks have changed FD (fixed deposit) rates recently, which includes HDFC Bank, Kotak Mahindra Bank and Axis Bank. So, it becomes important for various bank depositors to know which private lender is giving what kind of return on fixed deposits now. As bank deposits are 100 per cent risk-free, it is important to know, which one is giving higher return on one's money. Full details below:

HDFC Bank FD interest rate: As per the fixed deposit rats at HDFC Bank applicable from 14th February 2022, private lender has increased the interest rates on fixed deposits on some tenures. As per the HDFC Bank website, this private bank has increased the interest rates on deposits less than 2 crore by 5-10 basis points. HDFC Bank has increased FD interest rate on one year tenure by 10 basis points to 5 per cent from 4.9 per cent earlier. The FD interest rate on deposits having a tenure between 1-2 years is also at 5 per cent. The fixed deposit rates on deposits with a tenure of 3-5 years has been increased by 5 basis points to 5.45 per cent whereas FD rate on deposits with 5-10 year tenure currently stands at 5.60 per cent. For senior citizens, tax saving FD will attract 6.35 per cent while in other FD tenors, there will be an additional 50 bps interest being given to such sixty plus depositors.

Kotak Mahindra Bank fixed deposit rates: As per the Kotak Mahindra Bank website, private lender has revised its fixed deposit interest rates, which has become applicable from 9th March 2022. As per the new FD rates at Kotak Bank, interest rates for a normal depositors ranges from 2.50 per cent to 5.50 per cent on various tenors. For 7-14 days and 15 to 30 days tenor, Kotak Mahindra Bank is offering 2.5 per cent FD interest rate to the depositors. On FD deposits for 365 Days to 389 Days tenure, interest rate offered is 5 per cent. For 390 Days (12 months 25 days), 391 Days - Less than 23 Months, 23 Months and 23 months 1 Day- less than 2 years tenor, FD interest rate offered by Kotak Mahindra Bank is 5.10 per cent. For 2 years- less than 3 years tenure, FD interest rate at Kotak Bank is 5.20 per cent. For 3 years and above but less than 4 years and 4 years and above but less than 5 years tenor, Kotak Mahindra Bank FD interest rate is 5.45 per cent. 

For tax saving FDs with 5 years and above up to and inclusive of 10 years tenure, FD interest rate offered by Kotak Mahindar Bank is 5.50 per cent. Fro senior citizens, Kotak Mahindra Bank is offering an additional 50 bps interest on all tenors.

Axis Bank FD rates: This private lender has also revised its FD interest rates and the revised rates have become applicable from 17th March 2022. In revised FD interest rates available on the Axis Bank website, private bank is offering FD interest rates from 2.50 per cent to 5.75 per cent return across tenor. It is offering minimum 2.50 per cent return on bank deposits in FD accounts for 7 days to 14 days and 15 days to 29 days tenor. From 6 months to less than one year tenor, Axis Bank FD interest rate is 4.40 per cent. On 1 year to less than one year 5 days, FD rate offered is 5.10 per cent. On 2 years to less than 5 years tenor, FD interest rate at Axis Bank is 5.40 per cent. On tax saving FD accounts, interest rate being given by Axis Bank is 5.75 per cent.

FD interest rate at SBI

Recently State Bank of India (SBI) too has enhanced its fixed deposit interest rates by 20-40 basis points on bulk fixed deposits (FDs) of more than 2 core with effect from 10 March, 2022. The SBI website says the bank has raised the interest rate on FDs worth over 2 crore with terms ranging from 211 days to less than 356 days by 20 basis points.

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Published: 19 Mar 2022, 12:59 PM IST
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