HDFC Bank, BoB, Kotak Bank revise FD rates. Check latest rates here
New Delhi: Public and private sector lenders such as HDFC Bank, Bank of Baroda and Kotak Mahindra Bank have revised fixed deposit (FD) interest rates. HDFC Bank has revised its FD rates on select maturities with a deposit below Rs 2 crore with effect from July 22, 2019. According to the lender’s website, it offers interest rates from 3.50 per cent to 7.30 per cent per annum on deposits with maturities ranging from seven days to 10 years. The bank has revised its interest rates on maturity periods such as 30 days to 6 months and 6 months to one year.
However, for deposits with tenor seven days to 20 days remains unchanged at 4.25 per cent. On FDs of 30 to 45 days, it is offering an interest rate of 5.50 per cent to the general public and 6 per cent to senior citizens from previous rates of 5.57 per cent and 6.25 per cent respectively. For tenors of 46 days to 6 months, it has slashed interest rates to 6 per cent, from 6.25 per cent.
However, for a one-year maturity period FD, the bank has reduced its interest rates by 20 basis points (bps). It is now offering interest at the rate of 7.10 per cent to the general public while, senior citizens get an additional rate of interest of 0.5 per cent on their deposits across all maturities.
The revised interest rates on fixed deposits (FDs) of Bank of Baroda (BoB) is effective from July 20, 2019. For FDs ranging from seven days to 10 years, it offers interest rates from 4.50 per cent to 6.60 per cent per annum. It may be noted that BoB has slashed interest rates across all maturities. After revision, it now ranges from 5.25 per cent to 6.25 per cent per annum on deposits maturing in seven days to less than one year. Previously, the bank was offering 5.50 per cent per annum to 6.50 per cent per annum for these term deposits.
Bank of Baroda has reduced its interest rate for a one-year term deposit, to 6.45 per cent from 6.70 per cent. With tenors above 400 days and up to 2 years, the bank is offering an interest rate of 6.55 per cent. Prior to 20 July revision, it was offering a 6.80 per cent interest rate. For 2 to 5 year deposits, BoB has lowered the interest rate from 6.70 per cent to 6.45 per cent.
Kotak Mahindra Bank is offering a minimum interest of 3.5 per cent on fixed deposits for tenure from 7 to 14 days for deposits below Rs 2 crore and has a 50 bps preferential rate for senior citizens. It is offering a maximum interest of 7 per cent for all the FDs for tenures between 364 days and 3 years.
