The interest rates on fixed deposit products have increased at Jana Small Finance Bank and Kotak Mahindra Bank. With the most recent rate increases, senior persons can now receive up to 7.5% interest from Kotak Mahindra Bank and up to 8.8% interest from Jana Small Finance Bank. The Jana Small Finance Bank and Kotak Mahindra Bank's most recent FD rates are listed here.
Jana Small Finance Bank FD Rates
With effect from December 15, Jana Small Finance Bank has increased interest rates on standard fixed deposits (FDs). The bank currently offers one of the highest interest rates on fixed deposits as a result of the hike. Customers will now get interest rates on deposits up to 7.85% for terms of two to three years, while seniors will receive 8.80% for the same terms.
Let’s take a closer look at the different FD rates for various terms offered by Jana Small Finance Bank:
For 7 – 14 days, the regular FD rates stand at 3.75% p.a. As for senior citizens, the FD rates are calculated at 4.70% p.a.
For 15 – 60 days, the regular FD rates stand at 4.25% p.a. As for senior citizens, the FD rates are calculated at 5.20% p.a.
For 61 – 90 days, the regular FD rates stand at 5.25% p.a. As for senior citizens, the FD rates are calculated at 6.20% p.a.
For 91 – 180 days, the regular FD rates stand at 5.50% p.a. As for senior citizens, the FD rates are calculated at 6.45% p.a.
For 181 – 364 days, the regular FD rates stand at 7% p.a. As for senior citizens, the FD rates are calculated at 7.95% p.a.
For 1 year, the regular FD rates stand at 7.25% p.a. As for senior citizens, the FD rates are calculated at 8.20% p.a.
For more than a year – 2 years, the regular FD rates stand at 7.50% p.a. As for senior citizens, the FD rates are calculated at 8.45% p.a.
For more than 2 years – 3 years, the regular FD rates stand at 7.85% p.a. As for senior citizens, the FD rates are calculated at 8.80% p.a.
For more than 3 years – less than 5 years, the regular FD rates stand at 7.35% p.a. As for senior citizens, the FD rates are calculated at 8.30% p.a.
For 5 years, the regular FD rates stand at 7.25% p.a. As for senior citizens, the FD rates are calculated at 8.20% p.a.
For more than 5 years – 10 years, the regular FD rates stand at 6% p.a. As for senior citizens, the FD rates are calculated at 6.95% p.a.
Note: The aforementioned rates are valid for deposits under rupees 2 crore.
Kotak Mahindra Bank FD Rates
The interest rates on fixed deposits for senior citizens have increased for all tenors at Kotak Mahindra Bank as well. The bank will now provide interest rates of 7% for the 23-months 1-day to less-than 2 years tenors. Rates on fixed deposits will increase starting on December 15.
Below, you will find a breakdown of all the FD rates for different tenures offered by Kotak Mahindra Bank:
For 7 – 14 days, the interest rate is calculated at 3.25%.
For 15 – 30 days, the interest rate is calculated at 3.50%.
For 31 – 45 days, the interest rate is calculated at 3.75%.
For 46 – 90 days, the interest rate is calculated at 4%.
For 91 – 120 days, the interest rate is calculated at 4.50%.
For 121 – 179 days, the interest rate is calculated at 4.75%.
For 180 days, the interest rate is calculated at 6.25%.
For 181 – 269 days, the interest rate is calculated at 6.25%.
For 270 days, the interest rate is calculated at 6.25%.
For 271 – 363 days, the interest rate is calculated at 6.25%.
For 364 days, the interest rate is calculated at 6.50%.
For 365 - 389 days, the interest rate is calculated at 7.25%.
For 390 days i.e., 12 months and 25 days, the interest rate is calculated at 7.50%.
For 391 days - less than 23 months, the interest rate is calculated at 7.50%.
For 23 months, the rate of interest is calculated at 7.50%.
For 23 months 1 day – less than 2 years, the rate of interest is calculated at 7%.
For 2 years – less than 3 years, the interest rate is calculated at 6.90%.
For 3 years and above but less than 4 years, the interest rate is calculated at 6.80%.
For 4 years and above but less than 5 years, the interest rate is calculated at 6.75%.
For 5 years and above up to and inclusive of 10 years, the interest rate is calculated at 6.70%.
Note: On NRO/NRE deposits, the senior citizen rate is not applicable.
Suggested Read:
Fixed Deposit (FD) Rates 2022: SBI vs HDFC vs ICICI vs Kotak vs PNB vs Axis Bank
SBI vs IOB vs Kotak vs YES Bank: Check Latest FD Rates Post Repo Rate Hike
Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the fixed deposits mentioned above. Please invest at your own discretion.
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