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Fixed deposit is still considered by many as a dependable and secure option to invest hard-earned money. It offers fixed and guaranteed returns upon maturity. Kotak Mahindra Bank and Fincare Small Finance Bank have recently revised interest rates on fixed deposits (FDs). Both banks are offering FD tenures ranging from seven days to 10 years.

Kotak Mahindra Bank

Kotak Mahindra Bank has revised interest rates on FDs of less than Rs 2 crore on different tenures. Now they are offering a minimum of 2.40 percent to a maximum of 5.30 percent interest across tenures between seven days to above five years to the general public. Senior citizens will continue to receive an additional rate of 0.50 percent across all tenures. The new rates came into effect from October 27, 2021.

Let’s take a look at tenure-wise rates: 

— 7 to 14 days, 15 to 30 days: 2.50 percent

— 31 to 45 days, 46 to 90 days: 2.75 percent

— 91 to 120 days: 3.00 percent

— 121 to 179 days: 3.20 percent

— 180 days, 181 days to 269 days: 4.25 percent

— 270 days, 271 days to 363 days 4.40 percent

— 364 days: 4.50 percent

— 365 days to 389 days: 4.75 percent

— 390 days, 391 days to less than 23 months: 4.90 percent

— 23 months, 23 months 1 day to less than 2 years: 5.00 percent

— 2 years- less than 3 years 5.15 percent

— 3 years and above but less than 4 years, 4 years and above but less than 5 years, 5 years and above up to and inclusive of 10 years: 5.30 percent

Fincare Small Finance Bank

Fincare Small Finance Bank, one of the 11 small finance banks in our country, has also revised its fixed deposit interest rates. The new rates are applicable from October 25, 2021. After the recent revision, this bank is offering 3% to 6.75% interest on deposits maturing between seven days to 10 years.

Take a look at tenure-wise rates:

— 7 days to 45 days: 3.00 percent

— 46 days to 90 days: 3.25 percent

— 91 days to 180 days: 3.50 percent

— 181 days to 364 days: 5.00 percent

— 66 months 1 day to 84 months: 5.50 percent

— 12 months to 15 months, 15 months 1 day to 18 months, 18 months 1 day to 21 months, 21 months 1 day to 24 months: 6.00 percent

— 24 months 1 day to 30 months, 36 months 1 day to 42 months: 6.50 percent

— 30 months 1 day to 36 months, 42 months 1 day to 48 months, 48 months 1 day to 59 months: 6.25 percent

— 59 months 1 day to 66 months: 6.75 percent

Other banks

State Bank of India (SBI), the country’s largest lender, offers interest rates between 2.90 percent to 5.40 percent on FDs for deposits below Rs 2 crore for tenure between seven days and 10 years to the general public. But senior citizens will earn minimum 3.40 percent to maximum 6.20 percent interest on their deposits. This rate is effective from January 1, 2021.

On the other hand, HDFC Bank is offering 2.50 to 5.50 percent interest on FDs up to Rs 2 crore for the general public. Like other banks, HDFC Bank also offers extra interest on FDs to senior citizens.