Actually, Kotak Mahindra Bank has discontinued the Myntra co-branded credit card. This card has been completely discontinued from today, July 10, 2025. This card was first launched in partnership with fashion platform Myntra. This card used to give users benefits like instant discount and free membership on Myntra.

Now customers will get a new card

According to the bank, now all existing Myntra cardholders will be converted to Kotak League Platinum Credit Card. This new card will not have the benefits associated with Myntra, but it will focus on lifestyle rewards and milestone benefits.

What should Myntra cardholders do?

Kotak Mahindra Bank advises customers to read the features of the new League Platinum Card carefully and see if it matches their spending habits.

Do this work before 10th July

If you have linked any automatic payment or standing instruction to your Myntra card, update it. If you do not want to shift to a new card, then close your credit card by talking to Kotak Customer Care Center. You can choose a better option by comparing the benefits of the new card with other cards.

Benefits of Kotak League Platinum Card

8 reward points are available for spending Rs 150. These reward points will not be available for payment for fuel, rent, wallet load, education and gaming. Discount will be available on fuel and railway surcharge. Free PVR ticket or bonus reward points under milestone benefits. Annual charge is Rs 499 with tax, which is equal to Myntra card. If you do not agree with this change or want another card, contact Kotak customer care before July 10. After this your card will automatically be converted into League Platinum card.

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State Bank of India (SBI) cuts FD rates by up to 75 bps

The country’s largest public sector bank SBI has reduced the interest rates on fixed deposits by up to 75 basis points (bps) on various tenures. The new rates have come into effect from June 15, 2025. Now common citizens will get interest ranging from 3.50% to 6.50% on FDs ranging from 7 days to 10 years. Senior citizens will continue to get 50 bps additional interest on certain tenures. Apart from this, SBI has also reduced the interest rate on savings account from 2.70% to 2.50%.

HDFC Bank new rates

HDFC Bank has reduced interest rates on FDs of less than Rs 3 crore. Now the interest rate on these FDs will be between 3.00% to 7.00%. The highest interest rate of 7.00% is being given on FDs of less than 2 years and less than 3 years. Along with this, the bank has also reduced the interest rate on savings account by 25 bps. Now 3.00% interest will be given on balance less than Rs 50 lakh and 3.50% interest will be given on balance of Rs 50 lakh or more.

ICICI Bank also reduced FD rates

ICICI Bank has changed the interest rates on FDs of less than Rs 3 crore from June 12, 2025. Now the interest rates range from 3.00% to 7.20%. The highest interest of 7.20% is being given on FDs of 13 months to 2 years.

There has been a reduction of 5 to 25 bps on other tenures as well. Especially the short-term deposits are seeing the biggest impact.

Kotak Mahindra Bank implemented new rates

Kotak Mahindra Bank has changed the FD rates from 12 June 2025. Now the interest rates on FDs of less than Rs 3 crore in the bank range from 2.75% to 7.25%. The highest interest rate of 7.25% is being offered on FDs of 390 days. There has been a reduction of 5 to 15 bps on other periods.

impact of reduction in interest rates

The direct impact of the reduction in repo rate by RBI is being seen on the returns on deposits. Usually, banks adjust the rates of FD and savings account as per the change in policy rate. In the coming days, more banks can take steps in this direction. If investors want to get better returns, then investing in long term FD or considering alternative fixed-income instruments can be a good option.

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Charges on failure of auto-debit

If payment fails via NACH, ECS or Auto-debit, a charge of 2% will be levied on the bounce amount, with a minimum of Rs 450 and a maximum of Rs 5,000.

Minimum Amount Due (MAD)

How will MAD be calculated from now on

1% on all purchases and cash transactions,

Plus 100% EMI, including finance charges, charges and taxes.

The MAD amount will be limited to 100 or Total Amount Due (TAD), whichever is lower.

Dynamic Currency Conversion (DCC) Charges

On foreign trade or transactions with foreign merchants.

3.5% charge will be levied on regular cards.

2% charge on Privy League Signature (Paid), White Reserve and Kotak Infinite cards.

This charge will be waived on Kotak Solitaire card.

Charges on utility bills

A 1% charge will be levied on utility bill payments above the prescribed limit in each statement cycle. This charge will not be applicable on White Reserve, Kotak Solitaire, Kotak Infinite, Kotak Signature and Myntra Kotak Credit Cards.

Charges on education payment

A 1% charge will be levied on educational payments made through third party apps. Premium card holders mentioned above will not have to pay this charge.

Charges on wallet loading

A 1% charge will be applicable on wallet loading above Rs 10,000 per statement cycle. This charge will not be applicable on some premium cards.

Charges on skill-based gaming

1% charge will be levied on skill-based online gaming transactions above Rs 10,000. This will also not apply to select cards.

Charges on fuel transactions

A 1% charge will be levied on fuel expenditure above the prescribed limit per cycle. This charge will not be applicable on IndianOil Kotak Card and other premium cards.

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The bank has informed that these facilities will not be available after July 20, 2025. However, all insurance claims made till this date will be accepted under the old rules.

What insurance facilities were available on Kotak Debit Card?

Kotak Mahindra Bank used to provide many types of insurance facilities to its debit card holders. These are the important ones among them.

1. Personal Accidental Death Cover

If the cardholder dies in a road or rail accident, then the nominee of his family or legal heir gets the insurance amount. This amount can be up to Rs 15 lakh. However, for this the cardholder has to fulfill some rules. The amount of insurance cover depends on the variant of the card.

2. Lost Baggage Insurance

If you have purchased a travel ticket using Kotak Mahindra debit card and your bag is lost during the journey, you can get an insurance cover of up to Rs 1 lakh.

3. Purchase Protection (Insurance of the purchased item)

The bank provides insurance cover of up to Rs 1.5 lakh if ​​the items purchased using Kotak debit card are lost or damaged within 60 days.

4. Air Accident Insurance

In case of death due to an accident during air travel, a cover of up to Rs 5 lakh is available.

5. Lost Card Liability Cover

If your debit card is stolen and misused, the bank covers losses up to Rs 6 lakh.

What will happen after July 20?

The bank has clarified that no insurance benefit will be available on the debit card after July 20, 2025. But claims made before July 20 will be valid and will be processed as per the old rules.

How to make an insurance claim?

If you have already made a claim for any insurance, you can contact the bank through email. All the information related to the claim is available on the website of Kotak Mahindra Bank to send an email. This announcement of Kotak Mahindra Bank is important for those customers who were availing insurance protection through debit card. Now customers should check their policy details thoroughly before any possible loss and make their claim before 20 July 2025.

The post Kotak Mahindra Bank will no longer provide insurance on debit cards, know when it will be implemented first appeared on Rightsofemployees.com.

If you have this card, then know that now the ways of spending, getting rewards and using the benefits are going to change.

You will still get these benefits

You will continue to get 4 reward points for every Rs 150 spent. Apart from this, you will also get the benefit of free use of domestic airport lounge twice every quarter. Facilities like surcharge waiver on fuel and railway ticket booking will also continue.

Limit imposed on fuel expenses

Now you will get 1% surcharge discount only on fuel expenses ranging from Rs 500 to Rs 5000. You will also be able to get a maximum discount of up to Rs 3500 in a year.

New limit for earning reward points

Now, reward points will be available only on spending up to Rs 70,000 on education and insurance in one statement cycle. Points will be available only on spending up to Rs 50,000 on utility bills and Rs 40,000 on government expenses.

Points will no longer be available on these expenses

Adding money to the wallet, paying rent, buying fuel and spending on online games will no longer earn you any reward points. Also, these expenses will no longer be counted in the milestone benefit.

The value of reward points has decreased

Now the value of each reward point has been reduced from 25 paise to 20 paise. To redeem in cash, it will be necessary to have at least 2000 points.

Lounge access will now be linked to expenses

Now you will get free airport lounge access only if you spend at least Rs 75,000 in the previous quarter. Only then will you get this benefit in the next quarter.

Interest rates and new charges also added

Now the interest rate on the card has increased from 3.5% to 3.75% per month. Along with this, a 1% transaction fee will also be charged on many expenses – like adding money to the wallet, online gaming, government expenses of more than 10 thousand rupees, utility bills of more than 50 thousand and fuel expenses of more than 35 thousand.

Fees will be levied on education fees as well

If you pay school or college fees through a third party app (like PhonePe, CRED or Mobikwik), then 1% charge will be levied. But if you pay directly through the school’s website or machine, then this charge will not be levied.

If auto debit fails then you will have to pay a penalty

If the auto debit EMI of your card fails, then you will have to pay a penalty of 2% on the total outstanding amount. This charge can be a minimum of Rs 450 and a maximum of Rs 5000. So if you use this card, then plan your expenses keeping these new rules in mind.

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During this time, many important services of both the banks will not be available temporarily.

HDFC Bank’s UPI service will remain closed

HDFC Bank’s Unified Payments Interface (UPI) service will not be available for a total of 4 hours from 2:30 am to 6:30 am on April 12. According to the bank, this technical upgrade is being done to further improve the security, functionality and performance of their digital services.

This service will not be available

• UPI Payments from HDFC Bank Savings & Current Accounts.
• UPI service linked to RuPay credit card.
• Transactions through HDFC Bank mobile app.
• UPI payments made through other third party apps (Google Pay, PhonePe, etc.).
• Merchant UPI transactions processed through HDFC Bank
• Backup Option: PayZapp

Customers are advised to use alternatives like PayZapp. It is a digital wallet run by HDFC Bank that offers payment services through credit/debit cards, UPI and wallet balance.

Kotak Bank Ltd

Along with HDFC Bank, Kotak Mahindra Bank has also fixed its second maintenance window on April 12, 2025, which will run from 1:00 pm to 4:00 am. During this time, many digital services of the bank including mobile banking, net banking, phone banking and website will not be available. Apart from this, changes in transaction limit, activation or deactivation of card, block/unblock card, change primary account, link/delink account are also included. Apart from this, customers will not be able to request a new card, close the existing card, tokenization registration on Google Pay and Samsung Pay, PIN regeneration and card verification service during this time.

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The post UPI Service Close: UPI service of these banks will remain closed today at this time. check details first appeared on Rightsofemployees.com.

Leading private sector bank Kotak Mahindra Bank has announced a cut of 50 basis points (bps) in interest rates on savings accounts with daily balance up to Rs 5 lakh. It has been reduced from 3.50 percent to 3 percent. According to the official website of Kotak Mahindra Bank, the new rates have come into effect from February 17, 2025.

In the RBI’s Monetary Policy Committee (MPC) meeting held between February 5 and February 7, 2025, the members unanimously decided to reduce its repo rate by 25 basis points (bps) from 6.50 percent to 6.25 percent. This is the first reduction in the repo rate in almost five years. RBI had continuously increased the repo rate by about 250 basis points (bps) after the Covid-19 pandemic.

From April 1, 2016, interest on savings accounts will be paid on a quarterly basis. Thus, interest on savings bank account calculated on daily product basis will be paid at quarterly intervals on June 30, September 30, December 31 and March 31 of every year.

How much interest will I get now?

According to the revised interest rates, from February 17, 2025, interest will be given at the rate of 3 percent per annum on a daily balance of up to Rs 50 lakh in a savings account. Whereas 3.50 percent annual interest will be given on an amount above Rs 50 lakh. That is, the interest rate of savings account has been reduced from 4 percent to 3.50 percent for a balance of more than Rs 50 lakh. These interest rates are applicable for both resident and non-resident accounts.

Kotak Mahindra Bank issued a statement on its official website saying, “Effective from February 17, 2025, savings accounts will get 3% interest per annum on daily balance up to Rs 50 lakh and 3.50 percent interest on more than Rs 50 lakh respectively. These interest rates are applicable to both resident and non-resident accounts (NRI/NRO).” This decision of the bank is a big blow for common account holders.

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The Reserve Bank of India had imposed these restrictions on Kotak Mahindra Bank on 24 April 2024. Shares of Kotak Mahindra Bank closed at Rs 1943.30 on the Bombay Stock Exchange on Wednesday with a gain of 1.35 per cent.

What did RBI say on lifting the ban?

The central bank had instructed Kotak Mahindra Bank to stop adding new customers and issuing new credit cards through its online and mobile banking channels. Now the Reserve Bank has said that the bank took necessary steps to rectify its shortcomings and followed all the rules. Apart from this, an external audit was also conducted with the approval of the central bank so that these improvements could be confirmed.

Why did RBI impose restrictions?

RBI imposed restrictions on Kotak Mahindra Bank because deficiencies were found in the technical and security systems of the bank during the IT examinations of 2022 and 2023. The bank was repeatedly asked to rectify these problems, but timely and complete solutions were not provided. For this reason, restrictions were imposed on the bank.

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Kotak Bank services will not be available on 5th and 12th February

The bank has said in the email that we are updating our system to give you a better banking experience. Therefore, some services related to your Kotak VISA Debit Card and Spendz Card will not be available for some time period. This problem will be from 1:00 am to 5:00 am on Wednesday 5 February 2025 and then on Wednesday 12 February 2025.

Dear Customer,

To enhance your banking experience, we are undergoing maintenance on some critical systems.

POS, online and International ATM transactions on VISA debit/Spendz Cards services will not be available on 5th February 2025 from 1:00 am to 5:00 am.

Please plan your…

— KotakCares (@KotakCares) February 3, 2025

During this time, customers will not be able to do in-store POS transactions, online payments and international ATM transactions. Kotak Mahindra Bank has advised its customers to complete their important transactions in advance so that they do not face any kind of problem.

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According to the website of Kotak Mahindra Bank, the new interest rates are applicable from October 17, 2024. This cut in interest rates has been made in the new bracket introduced by the bank.

Start of new bracket

Kotak Mahindra Bank has introduced a new bracket. Under this bracket, the interest rate on savings accounts with an amount less than Rs 5 lakh has been reduced by 50 basis points. The interest rate has been reduced from 3.5% to 3%. Let us tell you that earlier there were only two slabs for the bank’s savings accounts. In the first slab, the interest rate was 3.5% on an amount less than Rs 50 lakh and 4% on an amount more than Rs 50 lakh.

However, now the bank has created three slabs. One of these slabs is less than Rs 5 lakh. Its interest rate is 3% per annum. At the same time, the interest rate on the amount from Rs 5 lakh to Rs 50 lakh is 3.5%. After this, the interest rate on the amount more than Rs 50 lakh is 4%.

There is no change in the interest rate of FD

Kotak Mahindra Bank has not revised the interest rate on fixed deposits. The bank is offering interest rates between 2.75% to 7.40% for general citizens and 3.25% to 7.90% for senior citizens. These rates are effective from June 14, 2024.

Meanwhile, Kotak Mahindra Bank has announced its plan to acquire the personal loan book of Standard Chartered Bank India. This includes a total outstanding loan amount of about Rs 4,100 crore (about $490 million). These loans fall under the category of standard loans as per the guidelines set by the Reserve Bank of India. The proposed transaction is expected to be completed by September 30, 2024.

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Kotak Mahindra Bank has revised the charges on many services related to its salary and savings account. These charges have been updated for minimum balance in savings account, free transaction limit, ATM transaction limit, standing instruction failure limit and checkbook limit. This revision is part of the bank general schedule and general list of charges. Kotak Mahindra Bank has given information about all these revised charges on its website.

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Kotak Bank has revised these charges

Change in rules for average balance amount

Everyday Saving Account

Metro and Urban: Reduced from ₹20,000 to ₹15,000

Semi-urban: Reduced from ₹10,000 to ₹5,000

Rural: Reduced from ₹5,000 to ₹2,500.

Sankalp Savings Account:

Semi Urban and Rural: Remains ₹2,500.

Free cash transaction limit:

Daily Savings Account, Salary Account, Pro Savings, Classic Savings Account

It has now been reduced from 10 transactions or ₹5 lakh to 5 free transactions or ₹2 lakh per month.

Privy Neon/Maxima Program: Now limited to 7 free transactions or Rs 5 lakh.

Solo Savings Account: Reduced from 2 transactions or ₹1 lakh to 1 free transaction or ₹10,000 per month.

ATM Transaction Limit:

Everyday Savings, Classic Savings, Pro Savings, Ace Savings and Privy Programs:

Kotak ATM: 7 free transactions per month.

Other Bank ATMs: 7 free transactions per month.

Maximum 30 free transactions per month combined for Kotak and other bank ATMs.

Daily Salary and Edge Salary Account:

Kotak ATM: 10 free transactions per month.

Other Bank ATMs: No change, unlimited free transactions.

Transaction Failure Fees:

A new charge of ₹200 per instance has been introduced for all Savings and Salary plans.

Cheque Book Limit:

Single Savings Account: The number of free cheque book pages has been reduced from 25 per annum to 5 per annum.

Transaction Charges

Fund Transfer (IMPS/NEFT/RTGS): Charges will be applicable after 5 free transactions per month.

Transaction Fail Charges:

Debit Card/ATM Usage Charges: Increased from ₹20 to ₹25 per transaction in case of transaction failure due to insufficient balance.

ECS/Cheque issued and then returned:

The fee has been increased from ₹150 to ₹250.

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While investing in FD, one should always compare the interest rates of all the banks. Its advantage is that you get maximum interest on your investment. Today in this article we are going to tell you about the interest rates of all the big banks of the country.

FD interest rates in five big banks
SBI: SBI is offering 7 percent interest on FDs of two years to three years. At the same time, 6.75 percent interest is being given on FD of 3 to 5 years. At the same time, 6.5 percent interest rate is being given by SBI on FD for more than 5 years.

PNB: The highest interest rate of 7.30 percent is being given by PNB on 400 days FD. Apart from this, the bank is giving interest rate of 7.10 percent on FD of 300 days. The interest rate being given is 6.8 percent on one year FD, 6.85 percent on two year FD and 7.05 percent on FD of 2 to 3 years.

HDFC Bank: HDFC Bank, the country’s largest private sector bank, is offering investors an interest rate of 7.25 percent on FDs of 18 to 21 months. The bank is offering 7.15 percent interest on FDs of 2 years, 11 months to 35 months. At the same time, investors are being given 6.60 percent interest on FDs of one year to 15 months, and 7 percent interest on FDs of 2 years to 2 years and 11 months.

ICICI Bank: The bank is offering 6.7 percent interest on FDs of one year to 15 months. At the same time, 7.20 percent interest is being given on FD of 15 months to 2 years. At the same time, interest rate of 7 percent is being offered on FD of two years to 5 years.

Kotak Mahindra Bank: Kotak Mahindra Bank is offering 7.4 percent interest on FDs of 390 days to 391 days. At the same time, 7.3 percent interest is being given on FDs of 23 months to less than 2 years.

At the same time, 7.15 percent interest is being given on FD of 2 to 3 years, 7 percent on FD of 3 to 5 years and 2.75 percent to 6.50 percent interest is being given on FD of other periods.

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RBI On Kotak Mahindra Bank: Banking sector regulator Reserve Bank of India has taken major action against Kotak Mahindra Bank. RBI has banned Kotak Mahindra Bank from adding new customers through online or mobile banking channels. Apart from this, RBI has also decided to ban the issuance of new credit cards of Kotak Bank. However, RBI said that Kotak Mahindra Bank will continue to provide all services to its existing customers including credit card customers.

RBI issued a press release saying that during the IT examination of the Reserve Bank of India for 2022 and 2023, concerns were expressed regarding various shortcomings in the bank. Kotak Mahindra Bank has failed to resolve these concerns within the stipulated time. RBI said that due to lack of robust IT infrastructure and IT risk management framework, the bank’s core banking system and its online and digital banking channels have faced several outages in the last two years. In the same month, on April 15, 2024, the services were halted due to which the bank customers had to face problems.

According to RBI, Kotak Mahindra Bank has failed to strengthen its IT systems with its growth. In the last two years, RBI has been in constant touch with the top management of the bank to strengthen the IT systems and overcome these problems. But the result has not been satisfactory.

According to RBI, there has been a strong increase in the volume of digital transactions of the bank, which also includes transactions related to credit cards. This has increased the load on IT systems. For this reason, keeping in mind the interests of the customers, RBI has decided to impose business restrictions on the bank so that long-term outage can be prevented because this will not only affect the customer services of the bank but also the financial performance of digital banking and payment systems. The ecosystem will also be shocked.

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Whenever there is talk of savings, the name of fixed deposit (FD) definitely comes up. Your investment in fixed deposit is safe, and you also get guaranteed returns. Banks offering the best FD rates may vary depending on various factors and the specific tenure of the FD. If you also want to invest in FD then this is useful news for you.

Some of the banks in India that are known to offer competitive FD rates include- Kotak Mahindra Bank, HDFC Bank, Axis Bank, ICICI Bank, State Bank of India, Punjab National Bank, IDFC First Bank, Yes Bank, Punjab & Sind Bank, RBL Bank, DCB Bank. Investors should keep in mind that banks change the interest rates on FD at any time. In such a situation, you should know about FD rates before investing.

Best FD rates of 13 banks

• RBL Bank – 8.10 Percent (18 Months To 24 Months)
• DCB Bank – 8 Percent (25 Months To 26 Months)
• IndusInd Bank – 7.75 (1 Year To Less Than 1 Year 6 Months, 1 Year 6 Months To Less Than
• 1 Year 7 Months, 1 Year 7 Months To 2 Years)
• IDFC First Bank – 7.75% (549 Days – 2 Years)
• Yes Bank – 7.75 Percent (18 Months < 24 Months)
• Punjab And Sindh Bank – 7.40 Percent (444 Days)
• Kotak Mahindra Bank – 7.40 Percent (390 Days To Less Than 23 Months)
• Punjab National Bank – 7.25 Percent (400 Days)
• Bank Of Baroda – 7.25 Percent (More Than 2 Years And Up To 3 Years)
• HDFC Bank – 7.25 Percent (18 Months To < 21 Months)
• ICICI Bank – 7.20 Percent (15 Months To < 18 Months)
• ICICI Bank – 7.20 Percent (18 Months To 2 Years)
• Axis Bank – 7.20 Percent (17 Months < 18 Months)
• SBI- 7 Percent (2 Years To Less Than 3 Years)

Insurance cover up to Rs 5 lakh is available on bank deposits.

If you are a bank customer, then you must know that if your bank defaults or goes bankrupt, you get insurance cover up to Rs 5 lakh on bank deposits. DICGC, a company wholly owned by the Reserve Bank of India (RBI), insures the banks of the country.

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So this news is for you because here is the complete list in which complete information is written about the interest rates that private and public sector banks are giving you on fixed deposits based on time.

Fixed Deposit Interest Rates: The common man is very troubled due to inflation. In today’s time, every person tries his best to save for his bad times and family but remains worried as to where to invest his savings so that he can get good interest also. In such a situation, let us tell you about those private and public sector banks which are offering good interest rates.

ICICI Bank

This bank gives interest between 3 to 7.2 percent depending on the number of years of FD. If the tenure of your FD is 15 months to 2 years, this bank will give you maximum interest of Rs 7.20 only. When the tenure of FD is between 2 years to 5 years, the interest rate will be 7 percent and when the tenure of FD is between 1 year to 15 months, the interest rate will be up to 6.7 percent.

SBI

Depending on the tenure of FD, this bank gives you interest rate of 3.5 to 7 percent. If the FD is for 2 to 3 years then the maximum interest rate available is 7 percent. On the other hand, if you make an FD between 3 to 5 years, the interest rate will be 6.75 percent, for 5 to 10 years, the interest rate will be 6.5 percent and finally, if you make an FD within 1 to 2 years, you will get an interest rate of 6.8 percent every year. Is.

HDFC bank

This bank offers interest ranging from 3 to 7.25 percent every year. While the lowest interest rate is 3-4.25 percent, the highest interest rate is 7-7.25 percent. When the time for depositing money in FD is 2 years 11 months to 35 months, then the bank will give interest at 7.25 percent. When this time is 4 years 7 months to 55 months, then the interest rate on FD deposits will be 7.20 percent and when this time is 1 year to 15 months, then the interest rate on FD deposits will be 6.6 percent.

Kotak Mahindra Bank

By making FD from this bank, you get interest rates ranging from 4 to 7.25 percent depending on the time. In FDs with tenure between 365 days to 2 years, you get a maximum interest rate of 7.25 percent. You get interest rates up to 7% on FDs of 180 days, 7% on FDs of 2-3 years, 6.5% on FDs of 3 to 4 years and up to 6.25% on FDs of 4 to 7 years.

Bank of Baroda

Depending on how old the FD is, this bank gives interest rates between 4.25 percent to 7.25 percent. While on FD of 2 to 3 years, the interest rate will be up to 7.25 percent, on FD of 399 days, the annual interest will be up to 7.15 percent. The bank will give you an interest rate of 7.10 percent for 360 days and 6.85 percent interest rate for 1 to 2 years.

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The financial year 2023-24 is in its final stages. Only a few days are left for this financial year to end. As time is passing, there is a race to save tax at the last moment. Some are investing in insurance and some are investing in government schemes. While very few people know that Equity Linked Savings Scheme

– ELSS (Equity Linked Savings Scheme) is one of the best tax saving investment options to save tax, but it also has risks. Most of the people who invest or save tax do not want to take risk on their investments. They want their money to be safe, even if the returns are low. For them, security of their earnings comes first. In such a situation, if you want to invest money safely to save tax, then Tax Saver Bank FD can be a good option.

What is Tax Saving Bank FD and in which banks this facility is being provided. What interest are banks offering on tax saving FD? Here we are discussing it in detail.

What is tax saving bank FD

Tax Saver Bank Fixed Deposit-FD provides the benefit of tax exemption under Section 80-C of the Income Tax Act. Tax Saver Bank FD is for 5 years. Money cannot be withdrawn from bank FD during the lock-in period of five years. In this, returns are guaranteed along with security of money.

Tax saving FDs from banks are operated under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India- RBI. In this, the amount of Rs 5 lakh of the bank and the investor is covered.

However, the biggest disadvantage of tax saving bank FD is that the interest earned on it is tax deductible. For bank FD investors, including those with five-year tax savings, the tax liability does not end with the TDS deduction.

The interest received from FD is included in the annual income of the investor and then tax is imposed as per the income tax slab. Also, unlike regular FDs, most banks generally do not allow you to take a loan against a tax saver FD, while you can also take a loan against a regular FD.

How much tax can be saved in tax saving bank FD?

In Tax Saving Bank FD, the investor gets tax exemption on other savings schemes like PPF, repayment of home loan principal, life insurance premium etc. Tax exemption of up to Rs 1.5 lakh can be claimed on a five-year tax saving FD.

FD schemes and interest rates in 10 big banks

Here we are discussing in detail about the FD schemes of the top 10 banks of the country and the interest being given on FD-

HDFC Bank

EdgeFC Bank is offering 7 percent annual interest on normal FD. Here, senior citizens are being given half a percent more interest on FD at the rate of 7.5 percent.

ICICI Bank

ICICI Bank is giving interest on FD at the rate of seven and a half percent like HDFC Bank.

State Bank Of India

SBI, the country’s largest government bank, is offering 6.5 percent interest on general FD and 7.5 percent interest on FD for senior citizens.

Kotak Mahindra Bank

Kotak Mahindra Bank offers fixed deposit schemes to ordinary individuals for tenures ranging from 7 days to 10 years. This bank is giving interest rates ranging from 6.2 to 6.7 percent.

Axis Bank

Axis Bank is giving the highest interest rate of 7 percent on general FD and 7.75 percent interest on Senator Citizen. Here FD can be made for 5 to 10 years.

IndusInd Bank

IndusInd Bank is also giving interest at the rate of 7.25 percent on regular i.e. normal FD. For senior citizens, interest is being given at the rate of 7.75 percent per annum.

Bank of Baroda

Bank of Baroda is running such a scheme. Bank of Baroda is giving interest at the rate of 6.5 and 7.15 percent per annum on FD.

Punjab National Bank

FD rates in Punjab National Bank are also lower than private banks. Here, 6.5 percent interest is being given on general FD, whereas 7 percent interest is being given on FD for senior citizens.

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Kotak Mahindra Bank has increased the interest rates on fixed deposits (FD). The bank has increased the interest rates on FDs of less than Rs 2 crore for senior citizens by 7.80 percent. Fixed deposit interest rates have been increased by 85 basis points for different tenures.

Kotak Mahindra Bank said that now senior citizens are getting interest up to 7.80 percent on FD for a period of 23 months to 2 years. The bank is offering 7.65 percent interest rate on FD of two to three years.

Along with this, for regular customers who are investing less than Rs 2 crore in FD, the bank has increased the interest by 50 basis points for 3 to 4 years. That means customers are getting interest rates up to 7 percent. Along with this, the bank is also giving 7 percent interest for 4 to 5 years. Earlier the bank was giving 6.25 percent interest.

Latest interest rates of Kotak Mahindra Bank

• 23 months: 7.25 percent for regular customers; 7.80 percent for senior citizens
• 23 months 1 day to 2 years: Regular customers – 7.25 percent; Senior Citizen – 7.80 percent
• More than 2 years and less than 3 years: Regular customers – 7.10 percent; Senior Citizen – 7.65 percent
• More than 3 years and less than 4 years: Regular customers – 7.00 percent; Senior Citizen – 7.60 percent
• More than 4 years and less than 5 years: Regular customers – 7.00 percent; Senior Citizen – 7.60 percent

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Private sector ICICI Bank customers will now be able to do UPI transactions with their RuPay credit cards. This service has been started by the bank from December 1, 2023. Now customers can make UPI payments by linking their ICICI RuPay Credit Card to any UPI app including PhonePe, GooglePay and Paytm.

To whom do you pay? 

According to the information given by ICICI Bank, any person can transfer money from his RuPay credit card only from person to merchant. That means you can use it only for shopping. If you cannot transfer money to any person through this. 

How to make UPI payment through ICICI Rupay Credit Card?

To make payment through ICICI RuPay Credit Card, first of all you have to link your credit card through UPI app. After this, you can easily go to any merchant QR code and transact through UPI PIN. 

How to link ICICI Rupay Credit Card with UPI?

You can easily link ICICI Bank RuPay Credit Card to the UPI app. 

• For this, first of all you have to download the iMobilePay app of ICICI Bank. After this, open the app and go to ‘UPI Payment’. After this go to ‘Manage’ tab. 
• Now go to ‘My Profile’ and click on Create New UPI ID. 
• Select RuPay Credit Card here. Click on its procedure. After this, you can set the PIN and do UPI transaction. 

Transactions can be done with Rupay credit cards of these banks

Apart from ICICI Bank, you can also easily do UPI transactions using RuPay credit cards of Axis Bank, Kotak Mahindra Bank, SBI Card, HDFC Bank, ICICI Bank, Yes Bank, Bank of Baroda and Punjab National Bank. 

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The pilot-based digital rupee was launched on November 1, 2022, for use at the wholesale level. After that, the use of digital rupee in the retail segment was announced on December 1, 2022. Pilot projects were started in Mumbai, New Delhi, Bangalore and Bhubaneswar. In terms of usage, a limited range of customers and merchants were included in it.

Ahmedabad, Chandigarh, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla are also being included in the pilot project in a phased manner.

4 banks have been named

The pilot project started with four banks – State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. While four other banks… Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank joined later.

5 more banks are in the process of joining

Central Bank said in 2022-23 report Five more banks… Punjab National Bank, Canara Bank, Federal Bank, Axis Bank and IndusInd Bank are in the process of joining the pilot project. The scope is being gradually expanded to include more banks, users and locations as per the need.

According to the released report

, in the case of wholesale and retail digital rupees, things are satisfactory so far and are in line with what was expected. With reference to the digital rupee wholesale segment, it said that settlement of secondary market transactions in government securities has been included under it. Transactions between banks are expected to become more efficient with the use of digital money-wholesale segment. This arrangement is expected to bring down the disposal cost.

Currently nine banks are participating

State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC ) are participating in the pilot.

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As per the data provided by Kotak Mahindra Bank, the debit card annual charges are currently being charged at Rs 199 plus GST. The bank has mailed its customers regarding the increase in debit card charges with effect from 22nd May.

Let us tell you that apart from debit card, Kotak Mahindra Bank has increased the charges on other services as well. This includes non-maintenance of minimum balance, transaction failure, check related transactions, etc. These charges will be taken from all types of accounts of Kotak Mahindra Bank.

How much will be the annual charge on debit card now?

Kotak Mahindra Bank has increased the existing rate of Debit Card Annual Charges by Rs 60. Currently this charge is being taken at the rate of Rs 199 plus GST. On the other hand, from May 22, 2023, you will have to pay an annual charge of Rs 259 plus GST on Kotak Mahindra Bank Debit Card.

Apart from this, you will have to pay Rs 200 to get a new card if the debit card is lost or stolen. In case of transaction failure due to insufficient balance in your account, you will be charged Rs.25 per transaction. At the same time, for more than one cardless withdrawal every month, you will have to pay Rs 10 for each transaction.

This much will be charged for not maintaining minimum balance

If you are unable to maintain the minimum balance in your Kotak Mahindra Bank account, then the bank can charge up to 6%. Apart from this, a charge of Rs 50 will be taken every time a check is issued and returned for non-financial reasons. At the same time, a charge of Rs 200 each has been fixed for deposited and returned cheques. While Rs 200 will be charged for disobeying the standing instructions (SI) of the bank.

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The new rates will be applicable from 22 May. In the mail sent to the customers, Kotak Mahindra Bank told its customers that on May 22, there will be a change in the annual charge on the debit card.

Under which it will be increased from 199 plus GST to 259 plus GST. This means that the charge will be increased by Rs 60. Kotak Mahindra Bank provides many types of savings accounts and debit cards are also given on the basis of customer’s account, limit and features.

Charges for not maintaining minimum balance

Kotak Mahindra Bank levies a charge of 6% for non-maintenance of minimum balance, which will be maximum of Rs 500 to Rs 600 depending on the product variant. Salary Account for Public Service/Salary Account of Uniformed Service/Uni Account is not included.

Transaction failure charge

Check issue and refund charges for non-financial reasons Rs.50. In non-financial reasons, the charge is recovered in many ways like incomplete sign of the drawee, not understanding the sign properly, separation of the sign, not being legally correct etc.

Charges apply to these too

1. Rs 200 is charged as bank standing instruction failure charge.
2. The check deposit and return deposit charge is Rs 200.
3. Initially, the bank provides checkbooks of 25 leaves for free, after that it charges per checkbook which is based on the number of checkbook leaves.
4. There is a charge of Rs 200 for replacement, loss and theft of the debit card.
5. 25 per transaction charge if the transaction is declined due to insufficient balance.
6. Under cardless withdrawal, one transaction will be free in a month and thereafter Rs 10 will be charged for each transaction.

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Source: Kotak Bank

The post Kotak Bank FD Rate Change: Up to 7.20% interest on fixed deposits here, see new interest rates first appeared on Rightsofemployees.com.

Although earlier the facility of UPI payment was available only through bank account. Now many banks have started the facility of UPI payment through credit card. In this episode, Kotak Mahindra Bank Rupay Credit Card users of private sector will also be able to take advantage of this facility.

Kotak Mahindra Bank’s RuPay Credit Card can be used through select UPI-enabled apps such as BHIM, Paytm, PhonePe, Freecharge, PayZapp. This means that now Kotak Mahindra Bank customers will be able to link their RuPay Credit Card with select UPI apps. You will be able to make UPI payments in exactly the same way as you do with a bank account. Just here the money will be deducted from your Rupay credit card.

The facility of Rupay Credit Card on UPI was started last year.

Let us tell you that Rupay Credit Card on UPI facility was started last year. Now you will be able to pay by credit card by scanning at the neighborhood shop. However, through RuPay Credit Card, you can pay only by scanning the Merchant UPI QR Code. Can’t make P2P payments.

Customers of 8 banks are getting the facility to make UPI payments through credit cards.
Rupay credit of 8 banks has gone live on selected UPI apps like Bhim, Paytm, PhonePe, PayZap, Freecharge. In future, you will be able to link your RuPay Credit Card with other UPI apps as well. Currently, Kotak Mahindra Bank, Axis Bank, Bank of Baroda, HDFC Bank, Punjab National Bank, Union Bank of India, Indian Bank and Canara Bank Rupay credit card holders can link their cards to select UPI apps.

How to link RuPay Credit Card with BHIM App

• First open the BHIM app.
• After this click on the linked bank account.
• Now on clicking on +, 2 options appear in Add Account – Bank Account and Credit Card.
• After clicking on the credit card, on clicking on the related card, the details of the credit card linked to your mobile number will come. (You can also do this process after clicking on the banner Rupay Credit Card on UPI appearing on the home page.)
• Now enter the last 6 digits and validity of the credit card.
• After this enter the OTP received on the mobile.
• Create UPI PIN. In this way the process of registration will be completed.

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The annual interest rate on FDs of 2 years to less than 3 years will be 7 percent. The interest rate on FDs of 3 years to 4 years is 6.5 percent. It is getting 6.25 percent interest on FDs between 4 years and 5 years. Not only this, Indian Overseas Bank (IOBs) has also increased the interest rates on Fixed Deposit.

Interest rates are applicable from today

These new rates of Kotak Mahindra Bank have come into effect from today, April 10, 2023. The bank is now paying 7.20 per cent interest on FDs ranging from 390 days to less than two years. 6.20 percent interest is being received on FDs of more than 5 years. Along with this, senior citizens are getting 0.50 percent more interest. Here are the FD interest rates of Kotak Mahindra Bank from today.

• 7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent
• 15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent
• 31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent
• 46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent
• 91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent
• 121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent
• 180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 181 days to 269 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 270 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent
• 271 days to 363 days – For general public: 5.75 per cent; For Senior Citizen: 6.25 percent
• 364 days – For general public: 6.00 per cent; For Senior Citizen: 6.50 percent
• 365 days to 389 days – For general public: 7 percent; For Senior Citizen: 7.50 percent
• 390 days (12 months 25 days) – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 391 days to less than 23 months – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 23 months – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 23 months 1 day to less than 2 years – For general public: 7.20 per cent; For Senior Citizen: 7.70 percent
• 2 years to less than 3 years – For general public: 7 percent; For Senior Citizen: 7.50 percent
• 3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent
• 4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent
• 5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Indian Overseas Bank Interest Rates

Indian Overseas Bank (IOB) has revised the interest rates on FDs from 10 April 2023. The bank is now offering 6.50 per cent interest on one year FD. The bank has increased the interest by 0.10 percent.

Interest on FD of 444 days has been increased from 7 per cent to 7.25 per cent per annum. For FDs between 2 years and 3 years, the interest rate increased from 6.4 percent to 6.8 percent. For FDs of more than 3 years, the interest is 6.5 per cent. No changes have been made to it.

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The new rates have come into effect from today, February 10, 2023. Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 7.50 per cent to general customers and senior citizens. At the same time, 7.50 percent interest is being given to senior citizens.

These are the new rates of Kotak Bank

7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent

15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent

31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent

46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent

91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent

121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent

180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

181 days to 269 days – For the general public: 6 percent; For Senior Citizen: 6.50 percent

270 days – For general public: 6 percent; For Senior Citizen: 6.50 percent

271 days to 363 days – For general public: 6 percent; For Senior Citizen: 6.50 percent

364 days – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

365 days to 389 days – For general public: 6.90 per cent; For Senior Citizen: 7.40 percent

390 days (12 months 25 days) – For general public: 7 percent; For Senior Citizen: 7.50 percent

391 days to less than 23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months 1 day to less than 2 years – For general public: 7.10 per cent; For Senior Citizen: 7.60 percent

2 years to less than 3 years – For general public: 6.75 per cent; For Senior Citizen: 7.25 percent

3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent

4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Interest on FD increased after RBI increased repo rate

The Reserve Bank of India (RBI) in the Monetary Policy Committee ( MPC ) increased the repo rate by 25 basis points to 6.50 percent. To curb inflation, RBI has been increasing the repo rate since May. Due to this, most of the banks in India are increasing the interest rates on Fixed Deposit.

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Let us tell you that the deposit rates of banks usually change after the announcement of lending rates by RBI. Banks change all their rates to adjust the benchmark rates according to the RBI’s repo rate. It also affects the interest rate of the loan.

Bank increased interest on FD

The bank’s new rates are effective from Friday. After this, investors will be able to take advantage of the increased interest in FDs of every segment. If you are also interested in getting FD, then you can choose the fixed deposit of the bank.

What is the interest rate of the bank

Deposits of Rs 2 crore to Rs 5 crore for a period of 15 months to 2 years will get 7.25 per cent interest. 7.10 percent interest will be given on deposits of up to Rs 2 crore from 12 months 25 days to 2 years. With the increase in key interest rates by the RBI, we have passed on to our customers the benefit of higher returns on their savings, said Virat Dewanji, Head, Consumer Bank in his statement.

where how much benefit

Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.

FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.

where how much benefit

Fixed deposit interest rate for general public on amount less than 2 crores has been fixed at 6% for tenure of 6 months to one year. The rate of interest on FD for a period of 364 days for amount less than 2 crores is 6.25% for general public and 6.75% for senior citizens.

FD rate for general public is 6.90% for 365-389 days. FD interest rate for senior citizens has been fixed at 7.40% for a period of 365-389 days.

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According to the official website of the bank, the new rates have become effective from January 18, 2023. After the change, the bank is giving 3.25 percent interest to its customers on FDs of 7 days to 45 days. The bank is now offering 4.50 per cent interest on FDs of 46 days to 179 days, 5.50 per cent interest on FDs ranging from 180 days to less than 1 year, 6.75 per cent interest on 1 year FDs.

Senior citizens get 0.50 percent more interest on Canara Bank FDs, general customers get 6.80 percent interest on FDs of 1 year to 2 years, 7.15 percent on 400 days FDs and 7.00 percent on 666 days FDs. Now the bank is giving 6.80 percent interest on FDs ranging from 2 years to 3 years and 6.50 percent on FDs ranging from 3 years to 10 years. At the same time, senior citizens are getting 0.50 percent more interest on Canara Bank FD than general customers.

RBI has increased the repo rate

5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.

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Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 6.50 per cent to general customers. At the same time, 7 percent interest is being given to senior citizens.

Kotak Bank increased interest on this FD

Kotak Mahindra Bank has increased the interest on FDs of more than 2 years and less than 3 years from 6.50 percent to 6.75 percent. On this FD, senior citizens will get 7.25% interest on this FD. There has been no change in interest on all other FDs.

These are the new rates of Kotak Bank

7 days to 14 days – For general public: 2.75 per cent; For Senior Citizen: 3.25 percent

15 days to 30 days – For general public: 3.00 per cent; For Senior Citizen: 3.50 percent

31 days to 45 days – For general public: 3.25 per cent; For Senior Citizen: 3.75 percent

46 days to 90 days – For general public: 3.50 per cent; For Senior Citizen: 4.00 percent

91 days to 120 days – For general public: 4.00 per cent; For Senior Citizen: 4.50 percent

121 days to 179 days – For general public: 4.25 per cent; For Senior Citizen: 4.75 percent

180 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

181 days to 269 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

270 days – For general public: 5.50 per cent; For Senior Citizen: 6.00 percent

271 days to 363 days – For general public: 5.75 per cent; For Senior Citizen: 6.25 percent

364 days – For general public: 6.00 per cent; For Senior Citizen: 6.50 percent

365 days to 389 days – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

390 days (12 months 25 days) – For general public: 7 percent; For Senior Citizen: 7.50 percent

391 days to less than 23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months – For the general public: 7 percent; For Senior Citizen: 7.50 percent

23 months 1 day to less than 2 years – For general public: 7 percent; For Senior Citizen: 7.50 percent

2 years to less than 3 years – For general public: 6.75 per cent; For Senior Citizen: 7.25 percent

3 years and above but less than 4 years – For general public: 6.50 per cent; For Senior Citizen: 7 percent

4 years and above but less than 5 years – For general public: 6.25 per cent; For Senior Citizen: 6.75 percent

5 years and above and up to and including 10 years – For general public: 6.20 per cent; For Senior Citizen: 6.70 percent.

Interest on FD increased after RBI increased repo rate

The Reserve Bank of India (RBI) raised the repo rate by 35 basis points to 6.25 per cent in the Monetary Policy Committee ( MPC ) on 7 December. To curb inflation, RBI has been increasing the repo rate since May. Due to this, most of the banks in India are increasing the interest rates on Fixed Deposit.

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Now, out of these 5 banks, Axis Bank, HDFC, ICICI are giving the highest interest to senior citizens. These banks are offering 7.50 per cent interest to senior citizens. SBI is paying a maximum interest of 7 per cent. Let us know which of these banks is offering the highest interest and best offers.

These are the new rates of HDFC Bank

7 days to 14 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

15 days to 29 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

30 days to 45 days: For general public – 3.50 per cent; For Senior Citizen – 4.00 percent

46 days to 60 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

61 days to 89 months: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

90 days to 6 months: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

6 months 1 day to 9 months: For general public – 5.75 per cent; For Senior Citizen – 6.25 percent

9 months 1 day to less than 1 year: For general public – 6.00 per cent; For Senior Citizen – 6.50 percent

1 year to 15 months: For general public – 6.50 per cent; For Senior Citizen – 7.00 percent

15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

5 years 1 day to 10 years: For general public – 7.00 per cent; For Senior Citizen – 7.75 percent.

ICICI Bank’s interest rates on FDs of less than Rs 2 crore ..

7 days to 14 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

15 days to 29 days: For general public – 3.00 per cent; For Senior Citizen – 3.50 percent

30 days to 45 days: For general public – 3.50 per cent; For Senior Citizen – 4.00 percent

46 days to 60 days: For general public – 4.00 per cent; For Senior Citizen – 4.50 percent

61 days to 90 days: For general public – 4.50 per cent; For Senior Citizen – 5.00 percent

91 days to 120 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

121 days to 150 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

151 days to 184 days: For general public – 4.75 per cent; For senior citizens – 5.25 percent

185 days to 210 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

211 days to 270 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

271 days to 289 days: For general public – 5.50 per cent; For Senior Citizen – 6.00 percent

290 days to less than 1 year: For general public – 5.75 per cent; For Senior Citizen – 6.25 percent

1 year to 389 days: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent

390 days to less than 15 months: For general public – 6.60 per cent; For Senior Citizen – 7.10 percent

15 months to less than 18 months: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

18 months to 2 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

2 years 1 day to 3 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

3 years 1 day to 5 years: For general public – 7.00 per cent; For Senior Citizen – 7.50 percent

5 years 1 day to 10 years: For general public – 6.90 per cent; For Senior Citizen – 7.50 percent.

SBI FD rates

SBI is giving maximum 7% interest on FD to senior citizens. Apart from this, common people are getting 6.50 per cent interest on FDs of one year to less than 2 years, 5.50 per cent interest on FDs of 180 to 210 days. The bank is giving 5.75% interest for 211 days. 5.75% interest is being received on FDs ranging from 2 years to less than 5 years. 5.50% on FDs of 5 years and up to 10 years, 5% interest is available on FDs of 46 days to 179 days. 3.50 percent interest is being received on FDs of 7 to 45 days.

Kotak Mahindra Bank revised FD rates on 28 December

6 months: For general public – 5.75%, for senior citizens – 6.25%

12 months: For general public – 6.75 percent, for senior citizens – 7.25 percent

15 months: For general public – 7 percent, for senior citizens – 7.5 percent

18 months: For general public – 7 percent, for senior citizens – 7.5 percent

21 months: For general public – 7 percent, for senior citizens – 7.5 percent.

Axis Bank FD interest rates for amounts below Rs 2 crore

7 days to 14 days: 3.50 per cent for general public; 3.50 percent for senior citizens

15 days to 29 days: 3.50 per cent for general public; 3.50 percent for senior citizens

30 days to 45 days: 3.50 per cent for general public; 3.50 percent for senior citizens

46 days to 60 days: 4.00 per cent for general public; 4.00 percent for senior citizens

61 days to less than 3 months: 4.50 per cent for general public; 4.50 percent for senior citizens

3 months to less than 4 months: 4.50 per cent for general public; 4.50 percent for senior citizens

4 months to less than 5 months: 4.50 per cent for general public; 4.50 percent for senior citizens

5 months to less than 6 months: 4.50 per cent for general public; 4.50 percent for senior citizens

6 months to less than 7 months: 5.75 per cent for general public; 6.25 percent for senior citizens

7 months to less than 8 months: 5.75 per cent for general public; 6.25 percent for senior citizens

8 months to less than 9 months: 5.75 per cent for general public; 6.25 percent for senior citizens

9 months to less than 10 months: 6.00 per cent for general public; 6.50 percent for senior citizens

10 months to less than 11 months: 6.00 per cent for general public; 6.50 percent for senior citizens

11 months to less than 11 months 25 days: 6.00 per cent for general public; 6.50 percent for senior citizens

11 months 25 days to less than 1 year: 6.00 per cent for general public; 6.50 percent for senior citizens

1 year to less than 1 year 5 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 5 days to less than 1 year 11 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 11 days to less than 1 year 25 days: 6.75 per cent for general public; 7.25 percent for senior citizens

1 year 25 days to less than 13 months: 6.75 per cent for general public; 7.25 percent for senior citizens

13 months to less than 14 months: 6.75 per cent for general public; 7.25 percent for senior citizens

14 months to less than 15 months: 6.75 per cent for general public; 7.25 percent for senior citizens

15 months to less than 16 months: 6.75 per cent for general public; 7.25 percent for senior citizens

16 months to less than 17 months: 6.75 per cent for general public; 7.25 percent for senior citizens

7 months to less than 18 months: 6.75 per cent for general public; 7.25 percent for senior citizens

18 months to less than 2 years: 6.75 per cent for general public; 7.25 percent for senior citizens

Less than 2 years to 30 months: 7.00% for general public; 7.50 percent for senior citizens

30 months to less than 3 years: 7.00 per cent for general public; 7.50 percent for senior citizens

3 years to less than 5 years: 7.00% for general public; 7.50 percent for senior citizens

5 years to 10 years: 7.00 per cent for general public; 7.50 percent for senior citizens.

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According to the official website of the bank, the new rates have come into effect from today, December 28, 2022. Let us know what is the interest rate on FDs of different tenures.

What are the interest rates for different tenures

The interest rate on FDs of 7 to 24 days is 2.75%. At the same time, FDs of 15 to 30 days will get a return at the rate of 3%. 3.24% return will be available on FD of 31 days to 45 days. Apart from this, the interest rate on FDs of 46 days to 90 days is 3.50 per cent.

Returns up to 7.50% for senior citizens

Under the increase in interest rates, common investors will get 7 percent interest on FDs of 390 days, 391 days to less than 23 months and 23 months. At the same time, senior citizens will get up to 7.50% return on FDs of these periods.

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This is the second time that the private sector bank has increased the interest rate of RD account this month. The last time the bank increased the RD interest rate on December 9, 2022. After the change, the private sector bank is offering an interest rate of 7 per cent per annum on RD tenure between 15 months to 21 months.

How much has been increased

The interest rate on RD account has been increased by 75 basis points (100 basis points/bps = 1%) for certain tenures. The bank has increased the interest rate on RDs for 6 months, 12 months, 15 months, 18 months and 21 months. The interest rate offered on RD account opened by senior citizens has also been increased. The revision in RD account interest rate is only for fixed tenure and up to 50 bps. RD account interest rate has been increased for 6 months, 12 months, 15 months, 18 months and 21 months.

General Recurring Deposit Interest Rate

Senior citizens get more interest

Senior citizens planning to open a Recurring Deposit account will be eligible for higher interest rates in Kotak Mahindra Bank. The highest interest rate offered on Senior Citizens RD accounts is 7.50 per cent per annum for a tenure between 15 months to 21 months. Kotak Mahindra Bank is offering an RD tenure of minimum 6 months and maximum 10 years.

Senior Citizen Recurring Deposit Interest Rate

Penalty on RD account

If there is a delay in the scheduled RD installment payment or premature closure of the RD account, then a fine is imposed on the RD account holder. As per the website of Kotak Mahindra Bank, late payment of RD installment will attract a fine. The applicable interest rate on Fine RD account will be 2% per annum. The penalty for premature withdrawal of RD depends on when it is withdrawn. If the RD account is closed prematurely within one month of deposit, no interest will be charged.

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As a result, interest rates on fixed deposits have gone up in the last few months. Fixed Deposits (FDs) are often the preferred investment option for senior citizens. All top lenders including State Bank of India (SBI), ICICI Bank, HDFC Bank, Yes Bank, Kotak Mahindra Bank and others offer under 50 basis points (bps) higher interest to senior citizens than general customers.

The Reserve Bank of India (RBI) has increased the repo rate by 225 bps from May 2022. As a result, interest rates on fixed deposits have gone up in the last few months.

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On Thursday, December 15, Kotak Mahindra Bank has increased the interest on some of its FD schemes by 0.25 percent. The bank is currently offering a maximum interest rate of 7.50 per cent on FD.

Let us tell you that in the monetary policy meeting held on December 7, the Reserve Bank had increased the repo rate by 35 basis points to 6.25 percent. After increasing the repo rate by the Reserve Bank, almost all the banks have increased the interest rates on FDs. Banks are increasing rates to attract more and more customers. Most banks are increasing interest on loans and FDs.

Kotak Bank has increased FD rates three times in 7 days

Kotak Mahindra Bank has increased its FD rates three times in the last seven days. Before increasing FD rates by 0.25 per cent on 15 December, the bank had increased FD rates on 10 December and 14 December as well. The bank’s new rates will be applicable to FDs with an amount of less than Rs 2 crore. The bank is now paying interest at the rate of 7% on 390 days FD. These new FD rates of Kotak Bank are effective from 15 December.

New FD rates of Kotak Mahindra Bank

Bank is now offering 2.75% interest to common people and 3.25% interest to senior citizens on FDs of 7 to 14 days. At the same time, for 15-30 days, interest is being given at the rate of 3 percent to the common people and 3.50 percent to the senior citizens.

Similarly, on FD of 390 days (12 months 25 days), it is offering 7 percent interest for the general public and 7.50 percent interest for the senior citizens. On FDs ranging from 5 years to 10 years, the bank is paying 6.20 percent interest to the general public and 6.70 percent interest to senior citizens. You can check the latest FD rates for all FD schemes on the bank’s website.

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The new rates have come into effect from yesterday, November 23. Kotak Bank is offering FDs ranging from 7 days to 10 years to its customers. It is offering interest ranging from 2.75 per cent to 6.20 per cent to general customers. At the same time, senior citizens are being given interest of 3.25 per cent to 6.70 per cent. The bank is paying the highest interest of 7% on FDs ranging from 23 months to 2 years. Earlier, the bank had increased the FD rates on 1 November. Kotak Bank has increased the interest for the second time in a month.

These are the new rates of Kotak Bank

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Since the increase in the repo rate of the Reserve Bank of India, the process of banks to increase the interest rates of fixed deposits (FD Rate Hike) continues. Now Kotak Mahindra Bank has once again announced an increase in FD interest rates. This is the third hike in interest rates by Kotak Mahindra Bank in this month. The bank had also increased the interest rates of fixed deposits on November 1 and November 9.

The bank has now announced a hike in interest rates on select fixed deposits of less than Rs 2 crore. The new interest rates have become effective from today. After the increase, on FDs maturing from 390 days to less than 23 months, the bank will now give 6.40 per cent to common customers instead of 6.30 per cent. At the same time, senior citizens will get 6.90 percent interest.

Now you will get more interest

Bank has increased the interest rate on FDs from 23 months to less than 2 years from 6.30 to 6.50 percent. Similarly, Kotak Mahindra Bank has decided to pay more interest on FDs maturing in 2 years to less than 3 years. Now 6.40 percent interest will be available, whereas earlier the rate of interest was 6.30 percent. FDs maturing in 3 years and above but less than 4 years will give 6.30% interest and FDs maturing in 4 years and above but less than 5 years will give 6.25% interest.

Interest rates were increased on November 9

Kotak Mahindra Bank had also announced on November 9 to increase the interest rates on fixed deposits of certain tenures. Then the bank had announced to give 6.25 percent instead of 6.10 percent and 6.40 percent interest to senior citizens on FDs maturing in a period of 365 days to 389 days. Senior citizens get 0.50 bps more interest on FDs of all tenures. On November 9, the bank had announced to give 6.30 percent interest instead of 6.25 on fixed deposits maturing in 3 years and above, but less than 4 years.

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After the increase in the repo rate by the RBI, the banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. Meanwhile, Axis Bank of the private sector of the private sector has increased the rates of interest on fixed deposits ie FD.

Axis Bank has increased the interest rates for FDs below Rs 2 crore. According to the bank’s website, the new rates have come into effect from November 5, 2022. The bank has increased the interest rates by up to 115 bps on deposits with maturities ranging from 46 days to 10 years. Axis Bank is now offering interest rates ranging from 3.50% to 6.50% for general public and 3.50% to 7.25% for senior citizens on deposits maturing in 7 days to 10 years. The maximum interest rate on deposits with maturity between 3 to 10 years will now be 7.25% for senior citizens and 6.50% for general public.

Axis Bank’s new FD rates

will continue to offer 3.50% interest rate on FDs maturing in 7 days to 45 days, but on deposits maturing in 46 days to 60 days, the bank has increased the interest rate from 3.50% to 4% have make. An interest rate of 4.50% will now be offered on deposits maturing in 61 days to 3 months. Interest rate of 4.50% will now be given on deposits maturing in 3 months to 6 months. Axis Bank has increased the interest rate on deposits maturing in 6 months to 9 months from 50 bps to 5.50% and on deposits maturing in 9 months to 1 year by 75 bps to 5.75%.

RBI has increased the repo rate

for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent for the fourth consecutive time. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits.

It is noteworthy that recently RBL Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.

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New Delhi. Kotak Mahindra Bank has increased the interest rates on its FDs with deposits of less than Rs 2 crore. According to the information given on the bank’s website, the new rates have come into effect from November 1, 2022. The bank is now offering an interest rate of 2.75% to 6.20% for general public and 3.25% to 6.70% for senior citizens on deposits maturing in 7 days to 10 years.

Whereas on deposits maturing in 23 months to 3 years, the bank is now offering a maximum interest rate of 6.30% for general public and 6.80% for senior citizens.

Kotak Mahindra Bank FD Rates

The bank will get 2.75 on 7-14 days FD and 3.00 percent interest on FDs with 15-30 days maturity. FDs maturing in 31 to 45 days will be offered an interest rate of 3.25% and maturing in 46-90 days will now fetch an interest rate of 3.50%, which was 3.25% earlier.

Kotak Mahindra Bank has increased the interest on deposits maturing in 91 – 120 days from 3.75% to 4.00%. Maturity in 121 – 179 days has been increased by 25 bps to 4.25%. On fixed deposits maturing in 180 days to 270 days, the bank has increased the interest rate from 5% to 5.50% and on fixed deposits maturing in 271 days to 363 days from 5.25% to 5.75% . Deposits maturing in 364 days will now get an interest rate of 6.00%. Maturity from 365 days to 389 days will now fetch an interest rate of 6.10% instead of 6%.

Kotak Mahindra Bank has increased the interest rate on deposits maturing in 390 days (12 months 25 days) from 6.10% to 6.25%. On deposits maturing in 23 months to less than 3 years, the bank has increased the interest rate from 6.20% to 6.30% and Kotak Mahindra Bank on FDs maturing in 3 years and above but less than 4 years Offering an interest rate of 6.25%. Deposits maturing in 4 years and above and 10 years combined will now fetch an interest rate of 6.20% as against 6.10% earlier.

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Bank New FD Rates 2022: After the increase in the repo rates by the Reserve Bank, the benefit for those who keep deposits in the bank increases continuously. In fact, with the increase in the repo rates, banks are also increasing the fixed deposit rates continuously and the rates on FD are becoming more beneficial.

In this episode, Kotak Mahindra Bank and Bank of India have changed their rates. The FDs of these two will now get more interest than before. If you are also planning to get FD, then you can see the option in these banks.

Kotak Mahindra Bank increased FD rates by how much

Kotak Mahindra Bank has changed the interest rates on FDs of less than 2 crores from 1st November. After the change, an interest of 6.1 percent will be available on FD for 365 days to 389 days. On the other hand, senior citizens will get an interest of 6.6 percent for this period.

From 391 days to less than 23 months, 6.25 percent interest will be available, while senior citizens will get 50 basis points more ie 6.75 percent interest on this. For tenures of more than 2 years but less than 3 years, the interest rate has gone up to 6.3 per cent. On the other hand, senior citizens will get an interest of 6.8 percent. The maximum rate of interest has been increased to 6.3 percent for common people and 6.8 percent for senior citizens.

What is the FD rates of Bank of India

Bank of India has changed the rates for FDs below Rs 2 crore from 1st November. For more than one year but less than 2 years, the interest rates have gone up to 5.75 percent. At the same time, the interest rates for more than 2 years but less than 3 years are also at 5.75 percent. Between 3 years to 5 years the rates are at 6.25 percent. And the rates for between 5 years to 8 years are at 5.75 percent.

The bank is also offering additional interest to senior citizens. Senior citizens will get an additional half percent interest annually in the rates. The condition for this is that the period of FD is more than 6 months and maximum for 10 years, while the minimum amount of FD is Rs 5000. On the other hand, if a senior citizen makes an FD for more than 3 years, then he will get 0.75 percent additional interest instead of half a percent.

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Apart from this, IDFC First Bank, RBL Bank, Union Bank of India and Canara Bank are paying interest rates above 7% to customers on certain deposits. IDFC First Bank offers FDs ranging from 7 days to 10 years. Senior citizens get an extra 0.50 percent interest on these deposits. For fixed deposits maturing in 750 days, the bank pays an interest rate of 7.25% to general customers and 7.75% to senior citizens.

RBL Bank gives 7% interest to common customers on FDs maturing in 15 months. Senior citizens will get interest at the rate of 7.50% on this period.

Union Bank of India is a government bank, which has increased interest rates on FDs of less than ₹ 2 crore from October 17. After the new hike, the bank gives an interest of 3% to 7% on FDs maturing from 7 days to 10 years.

Canara Bank has prepared a special fixed deposit plan for a tenure of 666 days. According to this scheme, banks are giving interest at the rate of 7% to their general customers, whereas, senior citizens will get interest at the rate of 7.5%.

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State Bank of India (SBI)

SBI is recognized as the largest lender bank of the country. SBI has increased the interest rates by up to 15 basis points (basis points, bps) on its select FD tenures (FD, fixed deposit tenures). According to the bank’s website, the new rates have become effective from August 13, 2022. At present, it has been implemented on FDs of less than Rs 2 crore.

what interest rate over what period

The interest rate on FD fixed deposit tenures of 180 to 210 days has been fixed by SBI at 4.55 percent. The interest rate has been increased from 5.30 percent to 5.45 percent for a period of one to two years. At the same time, the interest rate on loans of two to three years has been increased to 5.50 percent. The interest has been reduced to 5.60 per cent for three to five years. The bank will now offer an interest rate of 5.65 per cent for tenures ranging from 5 and 10 years.

HDFC bank

HDFC Bank has increased FD interest rates after a gap of two months. The bank has increased the FD rates by up to 40 basis points with effect from August 18, 2022. These rates will be applicable on deposits below Rs 2 crore. In a period of one year to two years, now instead of 5.35 percent, the interest rate will be 5.50 percent.

Kotak Mahindra Bank

Kotak Mahindra Bank has increased the interest rates on FDs by up to 15 basis points for one to three years (for amounts less than Rs 2 crore) with effect from August 17, 2022. The interest rate on FDs of 365 to 389 days has been increased by 15 basis points from 5.60 per cent to 5.75 per cent. The interest rates on FDs with maturities ranging from 390 days to three years have been increased by 15 basis points to 5.90 per cent from 5.75 per cent. Interest rates have not been raised for FDs with tenures of three to ten years; Interest will be available on this at the rate of 5.90 percent.

Axis Bank

Axis Bank has also increased the interest rates on limited tenure FDs of less than Rs 2 crore. The bank has reduced the interest rate for FDs of 17 to 18 months by 45 basis points from 5.60 percent to 6.05 percent. The interest rates are the same on other FD tenors as well.

ICICI Bank

ICICI Bank has increased the interest rates on select tenor FDs by up to 40 basis points for amounts below Rs 2 crore. The new rates have become effective from August 19, 2022. ICICI Bank will now offer interest rates ranging from 2.75 per cent to 6.10 per cent for tenures ranging from 7 days to 10 years.

Punjab National Bank

Punjab National Bank (PNB) has also increased interest rates on FDs below Rs 2 crore. The bank has increased the fixed deposit interest rates by up to 20 basis points. According to the PNB website, the new interest rates are effective from August 17, 2022. The bank has increased the interest rates by up to 20 basis points on fixed tenure FDs. The bank will now pay interest at the rate of 5.50 percent with an increase of 20 basis points on FDs maturing in one year.

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Apart from this, old interest rates will be applicable on FDs of other tenors. The bank will continue to pay interest at the rate of 2.50 per cent on FDs of 7-14 days and 2.65 per cent on FDs with maturity of 15-30 days. FDs with maturity of 31 to 90 days will get 3.25 percent, 91 to 179 days FDs will get 3.75 percent, 180 to 363 days FDs will get 5.00 percent and 364 days FDs will get 5.25 percent interest. At the same time, 5.75 percent interest will continue to be available on FDs from 365 days to 389 days.

Changed the interest rate of these tenors The bank has decided to give 6 percent interest on FDs maturing in 390 days to less than 23 months. Earlier, 5.90 percent interest was available on this. FDs ranging from 23 months to less than 2 years will now get 6.10 percent interest instead of 5.90 percent. FDs maturing in 2-10 years will now get 6 percent interest instead of 5.90 percent. It is worth noting that the bank is offering the highest interest rate on FDs ranging from 23 months to less than 2 years.

FD of at least 5,000 As per the information given by the bank on the website, customers need to invest at least Rs 5,000 to start an FD in the bank. This money will be locked for a stipulated time on which the interest will be given by the bank earlier. The bank has told that customers have many options to withdraw interest. According to the bank, customers get the facility to choose from monthly, quarterly or gross interest option.

Interest rates increased after the repo rate by RBI They are also returning a little more profit. Even before Kotak, many banks, including from ICICI and HDFC, have changed their FD interest rates in recent times. Apart from this, banks are also increasing the interest rates on savings accounts.

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SBI: From 180 days to 210 days increased by 0.15 percent from 4.40 percent to 4.55 percent. The interest on FDs of one to two years has also been increased by 0.15 percent to 5.45 percent.

HDFC: The interest on FDs of one to two years increased by 0.15 percent to 5.50 percent. The interest on FDs of three to five years increased by 0.40 percent to 6.10 percent.

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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%.

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