Punjab National Bank (PNB) and Kotak Mahindra Bank have increased their fixed deposits (FD) interest rates. This increase by both the banks has been taken after the repo rate increased by RBI this month.
RBI had increased the repo rate on 5th August. After this, many banks and NBFC institutions have increased the interest rates of FD. The increase in FD interest rates by both the banks is applicable from today (August 17).
Public sector bank PNB has increased the interest rate by 0.20 percent on FDs of more than one year. The bank will now pay 5.50 percent interest on them. The bank has increased the interest rates by 0.15 percent on FDs of more than 1 year but less than 2 years. These have been increased from 5.45 percent to 5.50 percent.
On FDs of more than two years and up to 3 years, the bank will pay 5.60 percent interest. These have increased by 0.10 percent. For 3 years to less than 5 years, now the interest rates of the bank’s FD will remain at 5.75 percent. Deposits maturing in 1,111 days will get 5.75 percent interest. At the same time, the interest rates for more than 5 years to 10 are 5.60 percent. The bank will give an additional 0.50 percent interest to senior citizens.
How much interest rate Kotak has increased
Kotak Mahindra has increased its interest rates on FD by 0.15 percent. The bank has increased the interest rates by 0.15 per cent to 5.75 per cent for a period of 365 to 389 days. From 390 to three years FD will now get 5.90 percent interest.
Apart from this, Kotak Mahindra Bank has not changed the interest rates on deposits for a period of three years to 10 years. The interest rate for this will remain 5.90 percent. The bank has also increased the rates of its recurring deposit (RD). The interest rates on recurring deposits for a tenure of 6 months have gone up by 0.25%.
