These 4 banks have revised FD interest rates in September 2023
Many large banks, including SBI, HDFC Bank, and ICICI Bank, have not revised their fixed deposit interest rates in recent months. The Reserve Bank of India’s(RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023, will be watched closely to see how the FD rate situation develops. This is because the RBI has maintained status quo on key rates for the last three times.Here are four banks that have revised fixed deposit interest rates in September.
IDBI Bank
IDBI Bank fixed deposit interest rates range from 3% to 6.80% for FD tenures of between 7 days and 10 years for general citizens and from 3.50% to 7.30% for senior citizens. The rates are effective from September 15, 2023.
Also read: IDBI Bank extends last date to invest in special FDs with higher interest rates
Maturity SlabGeneral CustomersSr. Citizen0-6 DaysNANA07-30 days33.531-45 days3.253.7546- 90 days44.591-6 months4.556 months 1 day to 270 Days5.756.25271 days to 6.256.751 Year to 2 Years6.87.3(except 375 Days and 444 Days)> 2 Years to 5years6.5 7.00> 5 years to 10 years6.25 6.75>10 years to 20 years$4.8 5.30 Tax Saving FD5 years6.57
Axis Bank
Axis Bank has reduced fixed deposit interest rates on select tenures by up to 50 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from September 15, 2023, according to the Axis Bank website.
After the revision, Axis Bank offers interest rates between 3% and 7.10% on tenures ranging from 7 days to 10 years.
Also read: Axis Bank cuts FD interest rates, slashes fixed deposit rate by 50 bps on this tenure
Kotak Mahindra Bank
Kotak Mahindra Bank has revised fixed deposit interest rates applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from September 13, 2023.
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.25% to general citizens and 3.25% to 7.75% for senior citizens. The bank has increased interest rate by 25 bps on tenure 23 months from 7.% to 7.20 to 7.25% for general citizens
Maturity Periods - Premature Withdrawal AllowedRegularSenior Citizen*7 - 14 Days2.75%3.25%15 - 30 Days3.00%3.50%31 - 45 Days3.25%3.75%46 - 90 Days3.50%4.00%91 - 120 Days4.00%4.50%121 - 179 days4.25%4.75%180 Days7.00%7.50%181 Days to 269 Days6.00%6.50%270 Days6.00%6.50%271 Days to 363 Days6.00%6.50%364 Days6.50%7.00%365 Days to 389 Days7.10%7.60%390 Days (12 months 25 days)7.15%7.65%391 Days - Less than 23 Months7.20%7.70%23 Months7.25%7.75%23 months 1 Day- less than 2 years7.20%7.70%2 years- less than 3 years7.00%7.50%3 years and above but less than 4 years6.50%7.00%4 years and above but less than 5 years6.25%6.75%5 years and above upto and inclusive of 10 years6.20%6.70%
Yes Bank
Yes Bank has revised fixed deposit interest rates for deposits below Rs 2 crore on certain tenures.
After the revision, the bank offers interest rates between 3.25% to 7.75% to general citizens. For senior citizens, the bank offers 3.75% to 8.25%, according to the Yes Bank website. The revised FD rates have been effective from September 4, 2023.
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This story originally appeared on: India Times - Author:Faqs of Insurances
