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ICICI Bank And Kotak Mahindra Bank FD Rates Increased After RBI Hike Repo Rate

ICICI Bank And Kotak Mahindra Bank FD Rates Increased After RBI Hike Repo Rate
Written by Arindam
ICICI Bank And Kotak Mahindra Bank FD Rates Increased After RBI Hike Repo Rate

Fixed Deposit Rate of Interest: After the increase of 40 basis points in the repo rate by the RBI on Wednesday, two big private sector banks of the country have announced an increase in the interest rates of their fixed deposits. After the decision of RBI to increase the repo rate, it was expected that soon banks will offer FD rates to customers at a higher interest rate.

ICICI Bank and Kotak Mahindra Bank have decided to offer FDs at higher interest rates to their customers. Kotak Mahindra Bank has decided to increase the interest rate on FDs below Rs 2 crore. Explain that 30 basis points have been increased on FD of 390 days.

At the same time, an increase of 35 basis points has been done on 23-month FD. The new interest rates of the bank have come into effect from today i.e. May 6, 2022. At the same time, ICICI Bank has decided to increase the interest rate on FDs of Rs 2 to 5 crores. This new interest rate has come into effect from 5th May 2022. So let us tell you about the interest rates of both the banks-

Kotak Mahindra Bank’s new interest rates (FDs below 2 crores)-

  • 7 days to 14 days – 2.50 percent
  • 15 days to 30 days – 2.50 percent
  • 31 days to 45 days – 3 percent
  • 46 days to 90 days – 3 percent
  • 91 days to 120 days – 3.5 percent
  • 121 days to 179 days – 3.5 percent
  • Up to 180 days – 4.75 percent
  • 181 days to 269 days – 4.75 percent
  • Up to 270 days – 4.75 percent
  • 271 days to 363 days – 4.75 percent
  • Up to 364 days – 5.25 percent
  • 365 days to 389 days
  • 390 days to 15 months – 5.50 percent
  • 15 months to 18 months – 4.6%
  • 390 days – 5.50 percent
  • 391 days to less than 23 months – 5.50 percent
  • Up to 23 months – 5.60 percent
  • 23 months 1 day to less than 2 years – 5.60 percent
  • 2 years to less than 3 years – 5.60 percent
  • 3 years to 10 years – 5.75 percent

New interest rates of ICICI Bank (from 2 to 5 crore FD)-

  • 7 days to 14 days – 2.75 percent
  • 15 days to 29 days – 2.75 percent
  • 30 days to 45 days – 3.00 percent
  • 46 days to 60 days – 3.00 percent
  • 61 days to 90 days – 3.25 percent
  • 91 days to 120 days – 3.50 percent
  • 121 days to 150 days – 3.50 percent
  • 151 days to 184 days – 3.50 percent
  • 185 days to 210 days – 3.75 percent
  • 211 days to 270 days – 3.75 percent
  • 271 days to 289 days – 4.00 percent
  • 290 days to 1 year – 4 percent
  • 1 year to 389 days – 4.50 percent
  • 390 days to 15 months – 4.50 percent
  • 15 months to 18 months – 4.60 percent
  • 18 months to 2 years – 4.65 percent
  • 2 years 1 day to 3 years – 4.75 percent
  • 3 years 1 day to 5 years – 4.80 percent
  • 5 years 1 day to 10 years – 4.80 percent

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Arindam

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