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