Ever since RBI slashed repo rate last month, banks have been revising their fixed deposit interest rates. After State Bank of India (SBI) and IDBI Bank, the banks which have revised their fixed deposit interest rates are Bank of Baroda (BOB) and Kotak Mahindra Bank.
Now, Bank of Baroda offers an interest in the range of 4 percent to 7 percent across tenures. The bank also offers a special interest of 7.10 percent on Square Drive Deposit Scheme (444 days) which was 7.15 percent earlier. Senior citizens are entitled to receive 7.60 percent on this deposit scheme which was 7.75 percent earlier. Senior citizens, meanwhile, are offered an extra 50 basis points across all tenures.
These are the interest rates for other tenures after the latest revision on May 5:
As we can see above, fixed deposits in one year can now earn 6.80 percent to regular deposits and 7.30 percent to senior citizens. On deposits between 2-3 years, depositors are entitled to receive 7 percent per annum.
Kotak mahindra bank: This private sector bank has revised its interest rate from 7 percent to 6.5 percent on 180-day deposit. The new rates came into effect on May 5. The interest rates now range between 2.75 percent to 7.15 percent based on the tenure. Senior citizens are entitled to receive an extra 50 basis points.
These are the latest interest rates which came into force on May 5.
As we can see, highest interest of 7.15 per cent is offered on the deposits of 23 months tenure whereas 1-year deposits offer 6.8 percent per annum and deposits for two years offer 7.05 percent.
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