Federal Bank Vs IDFC First Bank Vs Kotak Mahindra Bank Vs HDFC Bank FD Rates Compared Post Rate Hike

The country's interest rates are increasing as a result of the Reserve Bank of India's (RBI) Monetary Policy Committee raising the benchmark repo rate three times in the previous three months. Banks then started raising interest rates on both loans and deposits. In the past week, several private, as well as public sector banks, have increased FD rates on various tenures. Not only the banks but also Several Non-Banking Finance Companies (NBFCs) have also increased FD rates.

Here we have made a comparison of the current fixed deposit (FD) interest rates offered by four lenders post the FD rate hike on deposits below Rs 2 crore. These four private lenders are federal Bank, IDFC First Bank, Kotak Mahindra Bank, and HDFC Bank.

Federal Bank

Federal Bank increased the interest rates on fixed deposits under Rs 2 crore effective from 17 August 2022. For fixed deposits with maturities ranging from 7 days to above 75 months, the bank is now offering interest rates that range from 3.00% to 5.75% for the general public and from 3.50% to 6.40% for senior citizens.

Interest rates for Resident Term Deposits effective from 17 August 2022 on Deposits Less Than 2 Cr

Maturity Period	General Public	Senior Citizen
7 days to 29 days	3.00%	3.50%
30 days to 45 days	3.25%	3.75%
46 days to 60 days	3.75%	4.25%
61 days to 90 days	4.00%	4.50%
91 days to 119 days	4.10%	4.60%
120 days to 180 days	4.25%	4.75%
181 days to 332 days	4.80%	5.30%
333 days	5.45%	5.95%
334 days to less than 1 year	4.80%	5.30%
1 year	5.45%	5.95%
Above 1 year to less than 20 months	5.60%	6.10%
20 months	5.90%	6.40%
Above 20 months to less than 2 years	5.60%	6.10%
2 years to 749 days	5.75%	6.25%
750 days	6.10%	6.60%
751 days to less than 5 years	5.75%	6.25%
5 years to 2221 days	5.75%	6.40%
2222 Days	6.00%	6.65%
2223 days to less than 75 months	5.75%	6.40%
75 months	6.10%	6.75%
Above 75 months	5.75%	6.40%

Source- federalbank.co.in

IDFC First bank

IDFC First Bank is the private sector lender that has raised interest rates for fixed deposits less than Rs. 2 crores. According to the bank's official website, the revised interest rates are effective from August 16, 2022. After the hike, IDFC First Bank is now paying 6.50% interest on fixed deposits maturing in 2 years, 1 day to 749 days and 6.90% interest on fixed deposits maturing in 750 days. The bank is now offering a 6.50% interest rate on Tax Saving Deposit (only for domestic deposits). The new interest is effective from August 16, 2022.

FD interest rates on General & Senior Citizens accounts effective from 16 August 2022 on deposits less than 2 Cr

Maturity Tenure	General Citizens	Senior Citizens
7 - 14 days	3.50%	4.00%
15 - 29 days	3.50%	4.00%
30 - 45 days	4.00%	4.50%
46-90 days	4.00%	4.50%
91-180 days	4.50%	5.00%
181 days - 1 year	5.75%	6.25%
1 year 1 day - 499 days	6.25%	6.75%
500 days - 2 years	6.50%	7.00%
2 years 1 day - 749 days	6.50%	7.00%
750 days	6.90%	7.40%
751 days - 3 years	6.50%	7.00%
3 years 1 day - 5 years	6.50%	7.00%
5 years - 1 day - 10 years	6.00%	6.50%

Source- IDFCFirstbank.com

Kotak Mahindra Bank

Kotak Mahindra Bank, a private sector lender, has increased interest rates on fixed deposits under Rs 2 Cr. The new rates are effective as of August 17, 2022, according to the bank's official website. As of right now, the bank is offering interest rates on fixed deposits with maturities ranging from seven days to ten years that vary from 2.50% to 5.90% for the general public and from 3.00% to 6.40% for senior citizens.

Interest rates for Domestic/NRO/NRE Fixed Deposits on Deposits less than 2 Cr - Premature Withdrawal Allowed 

Maturity Periods	Regular Deposit	Senior Citizen Deposits
7 - 14 Days	2.50%	3.00%
15 - 30 Days	2.65%	3.15%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.25%	3.75%
91 - 120 Days	3.75%	4.25%
121 - 179 days	3.75%	4.25%
180 Days	5.00%	5.50%
181 Days to 269 Days	5.00%	5.50%
270 Days	5.00%	5.50%
271 Days to 363 Days	5.00%	5.50%
364 Days	5.25%	5.75%
365 Days to 389 Days	5.75%	6.25%
390 Days (12 months 25 days)	5.90%	6.40%
391 Days - Less than 23 Months	5.90%	6.40%
23 Months	5.90%	6.40%
23 months 1 Day- less than 2 years	5.90%	6.40%
2 years- less than 3 years	5.90%	6.40%
3 years and above but less than 4 years	5.90%	6.40%
4 years and above but less than 5 years	5.90%	6.40%
5 years and above upto and inclusive of 10 years	5.90%	6.40%

Source- Kotak.com

HDFC Bank

HDFC Bank, one of the biggest private sector lenders raised interest rates on fixed deposits on deposits less than Rs 2 crore. The new rates are effective from August 18, 2022, according to the bank's official website. For fixed deposits with maturities ranging from seven days to ten years, the bank now offers interest rates that vary from 2.75% to 5.75% for the general public and from 3.25% to 6.50% for senior citizens.

Domestic / NRO / NRE Fixed Deposit Rates on deposits less than 2 cr - effective from 18 August 2022

Tenor Bucket	Interest Rate (per annum)	Senior Citizen Rates (per annum)
7 - 14 days	2.75%	3.25%
15 - 29 days	2.75%	3.25%
30 - 45 days	3.25%	3.75%
46 - 60 days	3.25%	3.75%
61 - 89 days	3.25%	3.75%
90 days - 6 months	3.75%	4.25%
6 mnths 1 days - 9 mnths	4.65%	5.15%
9 mnths 1 day < 1 Year	4.65%	5.15%
1 Year	5.50%	6.00%
1 year 1 day - 2 years	5.50%	6.00%
2 years 1 day - 3 years	5.50%	6.00%
3 year 1 day- 5 years	6.10%	6.60%
5 years 1 day - 10 years	5.75%	6.50%*

Source- HDFCbank.com