Latest Fixed Deposit Interest Rates Offered By SBI, Kotak Mahindra Bank, Bank of Baroda

These banks provide a myriad of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years.

Latest Fixed Deposit Interest Rates Offered By SBI, Kotak Mahindra Bank, Bank of Baroda

All three banks provide slightly better returns to senior citizen customers

State Bank of India, Kotak Mahindra Bank and Bank of Baroda offer interest rates to the tune of 3.50-6.50 per cent on fixed deposits - also known as term deposits - up to Rs 2 crore. These banks provide a myriad of maturity options to retail customers for setting up fixed deposits, starting from seven days to as long as 10 years. All three banks provide slightly better returns to senior citizen customers. For example, the country's largest lender, SBI, pays interest at the rate of 4.50-6.25 to the general public and 5.00-6.75 to senior citizens on these fixed deposits.

Here's a comparison of interest rates offered by SBI, Kotak Mahindra Bank and Bank of Baroda on fixed deposits (FDs) up to Rs 2 crore:

SBI Fixed Deposit Rates

State Bank of India offers the following FD interest rates on deposits below Rs. 2 crore with effect from November 10, according to the lender's website - sbi.co.in:

TermInterest Rate
General PublicSenior Citizens
Seven to 45 days4.50%5%
46 to 179 days5.50%6%
180 to 210 days5.80%6.30%
211 days to less than one year5.80%6.30%
One year to less than two years6.25%6.75%
Two years to less than three years6.25%6.75%
Three years to less than five years6.25%6.75%
Five years and up to 10 years6.25%6.75%
(Source: sbi.co.in)

Kotak Mahindra Bank Fixed Deposit Rates

Kotak Bank offers the following FD interest rates on deposits below Rs 2 crore from November 6, 2019, according to its website - kotak.com:

PeriodGeneral PublicSenior Citizen
7 - 14 Days3.50%4.00%
15 - 30 Days4.00%4.50%
31 - 45 Days4.75%5.25%
46 - 90 Days5.25%5.75%
91 - 120 Days5.40%5.90%
121 - 179 days5.40%5.90%
180 Days5.80%6.30%
181 Days to 269 Days5.90%6.40%
270 Days6.00%6.50%
271 Days to 363 Days6.25%6.75%
364 Days6.40%6.90%
365 Days to 389 Days6.40%6.90%
390 Days (12 months 25 days)6.50%7.00%
391 Days - Less than 23 Months6.45%6.95%
23 Months6.45%6.95%
23 months 1 Day- less than 2 years6.45%6.95%
2 years- less than 3 years6.40%6.90%
3 years and above but less than 4 years6.25%6.75%
4 years and above but less than 5 years6.25%6.75%
5 years and above up to and inclusive of 10 years6.25%6.75%

(Source: kotak.com)

Bank of Baroda Fixed Deposit Rates

Bank of Baroda offers the following FD interest rates on deposits below Rs 2 crore from November 1, 2019, according to the lender's website - bankofbaroda.in:

PeriodGeneral PublicSenior Citizen
7 days to 14 days4.55
15 days to 45 days4.55
46 days to 90 days4.755.25
91 days to 180 days5.56
181 days to 270 days5.956.45
271 days & above and less than 1 year5.956.45
1 year6.46.9
Above 1 year to 400 days6.46.9
Above 400 days and up to 2 Years6.46.9
Above 2 Years and up to 3 Years6.46.9
Above 3 Years and up to 5 Years6.256.75
Above 5 Years and up to 10 Years6.256.75

(Source: bankofbaroda.in)

Fixed deposit accounts with a lock-in period of five or 10 years offer income tax benefits under Section 80C of the Income Tax Act.

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