These 3 banks have lately hiked mounted deposit (FD) charges

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2 years ago

The Reserve Bank of India (RBI) determined to maintain the repo and reverse repo charges unchanged but once more in its bi-monthly financial coverage assembly on April 8, 2022. As a consequence, banks have elevated rates of interest on mounted deposits (FDs). Banks like State Bank of India (SBI), HDFC Bank, and Bank of Baroda have lately hiked FD charges.

Kotak Mahindra Bank hikes FD charges

Kotak Mahindra Bank has hiked FD charges of varied tenures for quantities lower than ₹2 crore. The new charges are efficient from April 12, 2022, in keeping with the Kotak Mahindra Bank web site. After the newest hike, the financial institution is giving rates of interest starting from 2.50% to five.60% on deposits maturing in 7 days to 10 years.

7 – 14 days 2.50%

15 – 30 days 2.50%

31 – 45 days 2.75%

46 – 90 days 2.75%

91 – 120 days 3%

121 – 179 days 3.50%

180 days 4.50%

181 days to 269 days 4.50%

270 days 4.50%

271 days to 363 days 4.50%

364 days 4.75%

one year to 389 days 5.10%

390 days (12 months 25 days) 5.2%

391 days – Less than 23 months 5.2%

23 months 5.25%

23 months 1 day- lower than 2 years 5.25%

2 years- lower than 3 years 5.3%

3 years and above however lower than 4 years 5.45%

4 years and above however lower than 5 years 5.50%

5 years and above as much as and inclusive of 10 years 5.60%

HDFC Bank hikes FD charges

Private lender HDFC Bank has elevated the rates of interest on mounted deposits of lower than ₹2 crore on some tenures, in keeping with the lender’s web site. The new mounted deposit (FD) charges are with impact from 6 April 2022. HDFC Bank presents 2.50 per cent to five.60 per cent rates of interest on deposits maturing in 7 days to 10 years for most of the people.

7 – 14 days 2.50%

15 – 29 days 2.50%

30 – 45 days 3%

61 – 90 days 3%

91 days – 6 months 3.5%

6 months 1 day – 9 months 4.4%

9 months 1 day < 1 Year 4.4%

1 yr – 5.10%

1 yr 1 day – 2 years 5.10%

2 years 1 day – 3 years 5.20%

3 years 1 day- 5 years 5.45%

5 years 1 day – 10 years 5.60%

Bank of Baroda hikes FD charges

Bank of Baroda (BoB) has raised rates of interest on mounted deposits (FDs) with impact from March 22 for deposits of lower than ₹2 crore. After this revision, the Bank of Baroda’s newest FD rates of interest ranges from 2.80 per cent to five.55 per cent for maturities between 7 days and 10 years.

7 days to 14 days 2.80%

15 days to 45 days 2.80%

46 days to 90 days 3.70%

91 days to 180 days 3.70%

181 days to 270 days 4.30%

271 days & above and fewer than 1 yr 4.40%

1 yr 5.00%

Above 1 yr to 400 days 5.20%

Above 400 days and as much as 2 Years 5.20%

Above 2 Years and as much as 3 Years 5.20%

Above 3 Years and as much as 5 Years 5.35%

Above 5 Years and as much as 10 Years 5.35%