Axis Bank’s big jolt for depositors during Navaratri

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Axis Bank has given a big jolt to depositors at the start of the nine-day festival of Navaratri! The private lender has reduced fixed deposit interest rates. Earlier the Mumbai-based lender used to give 7.10 per cent interest on fixed deposits of 13-14 months. But now depositors can only get 6.70 per cent interest if they open an FD of similar tenure with the lender. However, the private bank still gives high interest rate of 7.10 per cent on FDs of 15-16 months. You will get similar interest on FDs of other long tenures with the private bank as well. Even of FDs of 3-5 years you can get this much interest rate with the private lender. Senior citizens will get 0.50 per cent of FDs of both these tenures.

Banks have started to reduce interest rates. In the past one year or two, banks in India, had continuously hiked interest rates. Some private banks have even raised interest rates to as high as 8.50 per cent for senior citizens. But now it seems, the current interest rate cycle has peaked. And now, banks will soon start reducing the rates.

If you are still looking for an FD with any of the private banks, then, you can check out here currently which private banks are giving the best interest rates in the industry.

Private banks with highest interest rates on fixed deposits:

Currently, DCB Bank is giving the highest interest rate on fixed deposits to both general and senior citizens. Barring Small Finance Banks, no other private bank is giving as much interest rate on fixed deposits as DCB Bank is giving. If account holders open FD with DCB Bank, then, they can get as high as 7.90 per cent RoI. But for this, they will have to open the FD for 25 months. Senior citizens too will get 0.60 per cent additional rate on this FD. They will get 8.50 per cent RoI on this deposit.

While, account holders can earn highest interest rate of only 7.50 per cent if they open a fixed deposit with Yes Bank. The tenure of this particular FD is 18 months to 24 months. Senior citizens will get 8.00 per cent interest on this term deposit.

If account holders open FD with IndusInd Bank, then, they can get as high as 7.85 per cent RoI. But for this, they will have to open the FD for 1 year 6 months to below 1 year 7 months. Senior citizens will get 0.40 per cent additional rate on this FD. They will get 8.25 per cent RoI on this deposit.

RBL Bank is giving the third highest interest rate on fixed deposits as compared to other banks. RBL Bank is giving as high as 7.80 per cent RoI on FDs of 15 months to less than 2 years. Elderly will get 8.30 per cent interest rate on this FD.

IDFC First Bank is also giving RoI of 7.50 per cent on FDs of 1 year 1 day to 550 days. Senior citizens will get 8 per cent on this FD.

Federal Bank on the other hand is giving interest rate of as high as 7.30 per cent on FDs of 13 months to 21 months. Federal Bank is giving 0.77 per cent additional rate to senior citizens. Elderly will get 8.07 per cent interest on this FD.

With Dhanlaxmi Bank, depositors can get as high as 7.25 per cent rate. But for this, they will have to open the FD for 18 months and seven days.

Kotak Mahindra Bank is giving highest of 7.25 per cent interest rate on fixed deposits. But to get this interest rate, account holders will have to open the FD of 23 months. Senior citizens will get 7.75 per cent interest rate on this FD.

Next in line is HDFC Bank with 7.20 per cent interest rates. Account holders will now be able to earn highest interest rate of 7.20 per cent on fixed deposits with the private lender. They will have to open an FD of 4 Year 7 Months or 55 months to get 7.20 per cent RoI. Senior citizens will get 7.70 per cent interest on this FD.

If account holders open FD with South Indian Bank, then also, they can get as high as 7.20 per cent RoI. But for this, they will have to open the FD for 500 days. But senior citizens will get similar rate on this FD. The elderly will not get any additional rate on this FD.

Even with Karur Vyasa Bank, depositors can get as high as 7.20 per cent RoI. But for this, they will have to open FD of 444 days.

ICICI Bank is also giving as high as 7.10 per cent but on FDs of 15 months to 18 months.

With FDs of 400 days with City Union Bank, account holders can get highest of 7 per cent interest rate.

On the other hand, account holders will get highest of 6.80 per cent on fixed deposits opened with IDBI Bank. They will get this much rate of interest on FDs of 1 year to 2 years. Senior citizens will get 0.50 per cent additional rate.