SBI vs PNB vs Axis vs Kotak Bank: What’s in FD rates after a recent hike?

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Fixed deposit interest rates are rising, and depositors are scrambling to see which bank is giving the greatest deal. With DICGC deposit safety and maturity terms ranging from 7 days to 10 years, a fixed deposit investment is perfect for obtaining a regular income as well as tax benefits with a low-cost investment. After the repo rate is raised, banks and financial institutions are increasing their deposit interest rates. For example, SBI, PNB, Axis Bank, and Kotak Mahindra Bank have recently raised their interest rates on fixed deposits of less than 2 crore. So, let’s take a look at what you can get as the best interest-rate advantage.

State Bank of India (SBI)

Today on 14th June 2022, the country’s largest lender SBI has hiked interest rates on fixed deposits of less than 2 Cr. On deposits maturing in 211 days to less than 3 years, the bank has hiked interest rate by 15 to 20 bps. On deposits of 7 days to 10 years of maturity, SBI is now offering a regular rate of 2.90% to 5.50% and 3.40% – 6.30% to senior citizens.

SBI FD Rates

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SBI FD Rates (sbi.co.in)

Punjab National Bank (PNB)

The second-largest public sector bank PNB has also announced an interest rate hike of 10 to 35 bps today on fixed deposits of less than 2 Cr. W.e.f. 14th June 2022, the bank has hiked interest rates on deposits maturing in 1 year to 10 years.

PNB FD Rates

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PNB FD Rates (pnbindia.in)

Axis Bank

Yesterday on 13th June 2022, Axis Bank revised its interest rates on fixed deposits of less than 2 Cr. Following the revision, the bank is now offering a regular rate of 2.50% to 5.75% and 2.50% – 6.50% to senior citizens. On deposits maturing in 5 years to 10 years, Axis Bank offers a maximum rate of 5.75% to the general public and 6.50% to senior citizens.

Axis Bank FD Rates

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Axis Bank FD Rates (axisbank.com)

Kotak Mahindra Bank

On 10th June 2022, the private sector lender Kotak Mahindra Bank hiked interest rates on fixed deposits of less than 2 Cr. On deposits maturing in 365 days to 10 years, the bank has hiked interest rates by 10 to 15 bps.

Kotak Mahindra Bank FD Rates

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Kotak Mahindra Bank FD Rates (kotak.com)

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