Here is a look at how the FD interest rates of SBI, HDFC Bank and Kotak Mahindra Bank compare.
HDFC Bank has increased interest rates on fixed deposits (FDs) for select tenors. These rates will be effective from January 12, 2021. According to the bank’s website, it has raised interest rates on FDs worth less than Rs 2 crore with maturities of above two by five-10 basis points. According to the website, now FDs with tenure between 2 years 1 day and 3 years will earn 5.2%, 3 year 1 day and 5 years will fetch 5.4% and 5 years 1 day and 10 years will fetch 5.6%.
According to the SBI website, the interest rate for FDs under Rs 2 crore with a duration of 1 year to less than 2 years has been increased by 10 basis points. With effect from January 15, 2022, these FDs will now earn 5.1 percent, up from 5 percent). Senior citizens will receive 5.6 percent of the total income, up from 5.5 percent.
Kotak Mahindra Bank
Kotak Mahindra Bank revised interest rates with effect from January 6, 2022.