New Delhi:
In a surprising move amidst a wave of interest rate cuts by banks, Kotak Mahindra Bank and DCB Bank have chosen to buck the trend by increasing interest rates on fixed deposits (FDs) below ₹2 crore.
Kotak Mahindra Bank’s Latest FD Rates:
Kotak Mahindra Bank has revised its FD rates, particularly on tenors spanning three to five years.
The bank’s latest offerings for general customers range from 2.75% to 7.25%, while senior citizens can enjoy rates between 3.35% and 7.80%.
Notably, the highest interest rate is now available for deposits maturing in 23 months 1 Day to less than 2 years.
Kotak Mahindra Latest FD Rates:
- 7 – 14 Days: 2.75%
- 15 – 30 Days: 3.00%
- 31 – 45 Days: 3.25%
- 46 – 90 Days: 3.50%
and more
DCB Bank’s Hike in FD Rates:
DCB Bank, in line with Kotak Mahindra, has increased fixed deposit interest rates for select tenors on deposits below ₹2 crore, effective from December 13.
The bank now offers rates ranging from 3.75% to 8% for general customers and 4.25% to 8.60% for senior citizens.
DCB Bank Latest FD Rates:
- 7 days to 45 days: 3.75%
- 46 days to 90 days: 4.00%
- 91 days to less than 6 months: 4.75%
and more
These rate hikes come against the backdrop of widespread rate cuts by most banks.
It remains to be seen how these moves will impact the overall market dynamics.
Meanwhile,
both the Reserve Bank of India (RBI) and the Federal Reserve have maintained their key interest rates in recent announcements.
