Latest FD Rates: Kotak Mahindra Bank Vs Yes Bank Vs IDFC First Bank; Who Offers High Rates?

A fixed deposit, or FD, is the most popular deposit option offered by all banks and many non-banking financial companies such as NBFCs and Post Offices. Banks are offering customers favourable rates on a few fixed deposit tenures as the fight for deposit growth heats up.

Returns for seniors are typically higher than those provided to other investors. On early and partial withdrawals, penalties are typically applicable. After the FD matures, the maturity money may be reinvested. Fixed deposit interest rates vary by bank, amount, and tenure.

Here is a quick comparison of fixed deposit interest rates of private sector banks such as Kotak Mahindra Bank, Yes Bank, and IDFC First Bank.

Kotak Mahindra Bank

Kotak Mahindra Bank offers interest rates on fixed deposits ranging between 2.75% to 7.20% for regular citizens and 3.25% to 7.70% for senior citizens on deposits below Rs 2 crore. The Deposit tenure ranges between 7 days to 10 years. These deposits come with a premature withdrawal facility. The rates are applicable from 28th April 2023, according to the bank's official website.

The bank offers the highest interest rate of 7.20% to regular customers and 7.70% to senior citizens on a tenure of 390 days (12 months 25 days) to less than 2 years. On the Amrit Kalash deposit, the interest rate offered is 7.10% for the general public.

Interest Rates On FDs Below Rs. 2 Cr - Premature Withdrawal Allowed w.e.f April 28, 2023

Maturity Periods	Regular FD Rates	Senior Citizen FD Rates
7 - 14 Days	2.75%	3.25%
15 - 30 Days	3.00%	3.50%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.50%	4.00%
91 - 120 Days	4.00%	4.50%
121 - 179 days	4.25%	4.75%
180 Days	6.50%	7.00%
181 Days to 269 Days	6.00%	6.50%
270 Days	6.00%	6.50%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.25%	6.75%
365 Days to 389 Days	7.00%	7.50%
390 Days (12 months 25 days)	7.20%	7.70%
391 Days - Less than 23 Months	7.20%	7.70%
23 Months	7.20%	7.70%
23 months 1 Day- less than 2 years	7.20%	7.70%
2 years- less than 3 years	7.00%	7.50%
3 years and above but less than 4 years	6.50%	7.00%
4 years and above but less than 5 years	6.25%	6.75%
5 years and above upto and inclusive of 10 years	6.20%	6.70%

Source - Kotak.com

Yes Bank

Yes Bank offers interest rates on fixed deposits that range between 3.25% to 7.75% for regular citizens and 3.75% to 8.25% for senior citizens on deposits below Rs 2 crore. The deposit period for the interest rates ranges from 7 days to 120 months. On a deposit period of 18 months less than 36 months, the bank offers the highest interest rates to regular customers and senior citizens. According to the bank, the interest rates are applicable from May 02, 2023.

Interest Rates On Fixed Deposits Below Rs. 2 Cr w.e.f May 02, 2023

Maturity Periods	Regular FD Rates	Senior Citizen FD Rates
7 days to 14 days	3.25%	3.75%
15 days to 45 days	3.70%	4.20%
46 days to 90 days	4.10%	4.60%
91 days to 180 days	4.75%	5.25%
181 days to 271 days	6.00%	6.50%
272 days to	6.25%	6.75%
1 Year to	7.50%	8.00%
18 Month	7.75%	8.25%
36 months to	7.00%	7.75%

Source - Yesbank.in

IDFC First Bank

ICICI Bank offers fixed deposit interest rates ranging between 3.50% to 7.75% for regular citizens on deposits below Rs 2 crore. The bank offers the highest interest rate on the tenure of 18 months 1 day to 3 years (549 days to 3 years). According to the bank, The incentive for Senior Citizens will be at an additional spread of 0.50% over the above rate and will not be available for NRE or NRO Fixed Deposits.
Bank offers 7% interest on tax Saver deposits (only for domestic deposits) with effect from December 21, 2023.

Interest Rates For Domestic, NRE, & NRO Deposits Below Rs. 2 Cr w.e.f March 01, 2023

Maturity Periods	Regular FD Rates
7 - 14 days	3.50%
15 - 29 days	3.50%
30 - 45 days	4.00%
46 - 90 days	4.50%
91 - 180 days	5.00%
181 days - 366 days	6.75%
367 days - 18 months (367 days to 548 days)	7.25%
18 months-1 day - 3 years (549 days to 3 years)	7.75%
3 years-1 day - 5 years	7.00%
5 years- 1 day - 10 years	7.00%

Source - idfcfirstbank.com