Fixed deposits: These two banks have revised interest rates

Fixed deposits (FD) are still considered by many as a dependable and secure option to invest one’s hard-earned money. It offers fixed and guaranteed returns upon maturity. Within the past few days Axis Bank and Kotak Mahindra Bank, both major private sector lenders, have revised interest rates on fixed deposits (FDs). Both banks offer FD tenures ranging from seven days to 10 years. Interest rates vary from bank by bank. So, it is important for a citizen to know the latest FD rates in these banks.

Kotak Mahindra Bank latest rates

In recent times, various private and as well as public sector banks have revised interest rates on fixed deposits. Kotak Mahindra Bank, one of India’s largest private sector banks, is the latest in this list. It has revised interest rates on its fixed deposits which came into effect from September 30, 2021. After the latest revision it is offering a minimum of 2.50% and a maximum of 5.25% interest on deposits up to Rs 2 crore to the general public. However, the rates applicable for senior citizens is between 3.00% and 5.75%.

Tenure-wise rates:

– 7 days to 14 days, 15 days to 30 days: 2.50%

– 31 days to 45 days, 46 days to 90 days: 2.75%

–  91 days to 120 days: 3.00%

– 121 days to 179 days: 3.20%

– 180 days: 4.20%

– 181 days to 269 days: 4.25%

– 270 days, 271 days to 363 days, 364 days: 4.40%

– 365 days to 389 days: 4.50%

– 390 days (12 months 25 days), 391 days to less than 23 months: 4.75%

– 23 months: 4.90%

– 23 months 1 day to less than 2 years: 4.90%

– 2 years to less than 3 years: 5.00%

– 3 years and above but less than 4 years, 4 years and above but less than 5 years: 5.20%

– 5 years and above up to and inclusive of 10 years: 5.25%

Axis Bank latest rates

After the latest revision on deposits, Axis Bank is offering a minimum interest rate of 2.50% on FDs with maturity between seven days and 29 days and a maximum rate of 5.75% on five years to 10 years tenure to the general public up to Rs 2 crore deposit. These rates are with effect from September 23, 2021.

Tenure-wise rates:

– 7 days to 14 days, 15 days to 29 days: 2.5%

– 30 days to 45 days, 46 days to 60 days, 61 days to < 3 months: 3%

–  3 months to < 4 months, 4 months to < 5 months, months to < 6 months: 3.5%

– 6 months to < 7 months, 7 months to < 8 months, 8 months to < 9 months, 9 months to < 10 months, 10 months to < 11 months, 11 months to < 11 months 25 days, 11 months 25 days to < 1 year: 4.4%

– 1 year to < 1 year 5 days, 1 year 11 days to < 1 year 25 days, 1 year 25 days to < 13 months, 13 months to < 14 months, 14 months to < 15 months, 15 months to < 16 months, 16 months to < 17 months, 17 months to < 18 months: 5.1%

– 1 year 5 days to < 1 year 11 days: 5.15%

– 18 months to < 2 years: 5.25%

– 2 years to < 30 months, 30 months to < 3 years, 3 years to < 5 years: 5.4%

–  5 years to 10 years: 5.75%

But senior citizens can get a maximum 6.50% interest on fixed deposit in Axis Bank.

Other banks

State Bank of India (SBI), the country’s largest lender, offers interest rates between 2.90% to 5.40% on FDs for deposits below Rs 2 crore for tenure between seven days and 10 years to the general public. But senior citizens will earn up to 0.80% extra for the same tenure. This rate is effective from January 1, 2021.

On the other hand, HDFC Bank, the largest private sector bank, now offers 2.50% to 5.50% interest on FDs up to Rs 2 crore for the general public. Like other government-owned banks, HDFC Bank is also giving extra interest on FDs to senior citizens. Now, senior citizens can get 3% to 6.25% interest on their deposits in HDFC Bank.