Kotak Mahindra Bank recently revised its term deposit interest rates with effect from (w.e.f.) April 10, 2023. Now, the one-year interest rates have been revised to 7 percent.
The interest rates for deposits of the tenure between 390 days to less than two years is 7.20 percent.
For deposits between the tenure of 2 years to less than 3 years, annual interest rates would be 7 percent per annum. For deposits between 3 years to 4 years, interest rate is 6.5 percent. It falls to 6.25 percent for deposits of tenure between 4 years to 5 years.
For deposits longer than 5 years, the interest rate is 6.20 percent per annum. It is also worth mentioning that senior citizens are entitled to receive an extra 50 basis points in interest rates.
Indian Overseas Bank’s interest rates
At the same time, Indian Overseas Bank (IOB) revised its term deposit interest rates with effect from (w.e.f.) April 10, 2023. For one-year deposits, the state lender will now offer 6.5 percent per annum, 10 basis points higher than what it paid earlier.
For the 444-day deposits, the interest rate rose from 7 percent to 7.25 percent per annum w.e.f. April 10, 2023.
For deposits of tenure between 2 years to 3 years, the interest rate rose from 6.4 percent to 6.8 percent. And for deposits which are longer than 3-year tenure, interest rate of 6.5 percent remains the same.
The short-term deposits, however, will fetch a lower interest in the range of 4 to 5.35 percent. For instance, FDs with a tenure between 7 days to 29 days, interest rate is 4 percent.
The deposits with tenure between 30 days to 90 days, the interest rate is 4.25 percent. For deposits that have a tenure between 91 days to 179 days, interest rate is 4.5 percent.
For deposits between 180 days to 269 days, interest rate is 4.95 percent. And for deposits between 270 days to less than one year, interest rate is 5.35 percent.
Just as deposits with other banks, this state lender offers 50 basis points higher to its senior citizens, and 75 basis points higher to its super senior citizens (i.e., aged 80 years and above).
Also, interest rate for Tax Saver Deposit will remain same at 6.50 percent.