FD interest rate up to 8.25%: These 6 banks have revised fixed deposits in October 2023 Let us take a look at the six banks that have revised their FD interest rates so far in October
Many banks, including HDFC Bank, IDBI Bank IndusInd Bank, Punjab & Sindh Bank have revised FD interest rates ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023. The RBI has maintained the status quo on key rates for the last three MPC meetings.Also read: TCS rules, special FD deadlines, LIC campaign late date: 7 big money changes in October 2023
Let us take a look at the six banks that have revised their FD interest rates so far in October.
HDFC Bank
HDFC Bank, a private sector bank, reduced fixed deposit interest rates of two special tenure fixed deposit schemes – these are for FD tenures of 35 and 55 months. The new rates are effective from October 1, 2023.
TenureInterest Rate (per annum)**Senior Citizen Rates (per annum)7 - 14 days3.00%3.50%15 - 29 days3.00%3.50%30 - 45 days3.50%4.00%46 - 60 days4.50%5.00%61 - 89 days4.50%5.00%90 days 4.50%5.00%6 months 1 days 5.75%6.25%9 months 1 day to 6.00%6.50%1 year to 6.60%7.10%15 months to 7.10%7.60%18 months to 7.00%7.50%21 months - 2 years7.00%7.50%2 Years 1 day to 7.00%7.50%2 Years 11 Months - 35 Months7.15%7.65%2 Years 11 Months 1 day 7.00%7.50%3 Years 1 day to 7.00%7.50%4 Year 7 Months - 55 months7.20%7.70%4 Year 7 Months 1 day 7.00%7.50%5 Years 1 day - 10 Years7.00%7.75%*Also read: HDFC Bank reduces FD interest rates on these tenures: Check latest fixed deposit rates
Bank of India
Bank of India has revised fixed deposit interest rates on tenures below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. For senior citizens interest rates vary between 3.5% to 7.75%. The new rates are effective from October 1, 2023.
MATURITY BUCKETS $(FOR NRE RUPEE TERM DEPOSITS,FOR DEPOSITS OF LESS THAN RS.2 CR7 days to 14 days315 days to 30 days331 days to 45 days346 days to 90 days4.591 days to 179 days4.5180 days to 210 days5.5211 days to 269 days5.5270 days to less than 1 year5.75Above 1 Year to 399 Days6.5400 days (Monsoon Deposit)7.25401 days to less than 2 Years6.52 Years6.82 Years to less than 3 Years6.753 Years to less than 5 Years6.50#5 Years to less than 8 Years6.00#8 years & above to 10 Years6.00#
Punjab & Sindh Bank
Punjab & Sindh Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 2.80% and 7.40% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023
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TenureFixed DepositLess than Rs.2 Cr7 - 14 Days2.80(#)15 - 30 Days2.831 - 45 Days346 - 90 Days4.691 - 120 Days4.75121-150 Days4.75151 - 179 Days4.75180 – 269 Days5.5270 – 332 Days5.5333 Days6.50($)334 Days - 5.51 Year6.4>1 Year - 443 Days6.2444 Days7.40($)445 Days - 554 Days6.2555 Days7.35($)556 Days - 2 Years6.2Above2Years-6.53Years - 5Years6>5 Years - 10 Years*6.25($) means the special deposit tenure of 333 days, 444 days and 555 days are valid only up to November 30, 2023
IDFC First Bank
IDFC First Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.50% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023.
IndusInd Bank
IndusInd Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.85% for tenures ranging from 7 days to 10 years for general citizens. Senior citizens will earn the highest interest rate of 8.25%. The new rates are effective from October 1, 2023.
Tenure Less than 2 Crore Less than 2 Crore
RateRate7 days to 14 days3.54.2515 days to 30 days3.54.2531 days to 45 days3.754.546 days to 60 days4.25561 days to 90 days4.65.3591 days to 120 days4.755.5121 days to 180 days55.75181 days to 210 days5.856.6211 days to 269 days6.16.85270 days to 354 days6.357.1355 days to 364 days6.357.11 Year to below 1 Year 6 Months7.58.251 Year 6 Months to below 1 Year 7 Months7.858.251 Year 7 months up to 2 Years7.58.25Above 2 Years up to 2 Years 1 Month7.258Above 2 Years 1 Month to below 2 years 6 Months7.2582 years 6 Months to below 2 years 9 Months7.2582 years 9 Months to 3 years 3 months7.258Above 3 years 3 months to below 61 month7.25861 month and above77.75Indus Tax Saver Scheme (5 years)7.258
Karnataka Bank
Karnataka Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.25% for tenures ranging from 7 days to 10 years for general citizens. The new rates are effective from October 1, 2023.
Maturity PatternInterest Rate (% p.a) for Deposits below Rs.2 Crore7 days to 45 days3.546 days to 90 days491 days to 179 days5.25180 days to below 1 year5.251 year to 2 years6.95444 days - (FD & ACC)*7.25Above 2 Year to 5 years6.5Above 5 year to 10 years5.8Source: Respective bank websites as on October 3, 2023
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This story originally appeared on: India Times - Author:Faqs of Insurances
