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.
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.
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
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.
Source By: economictimes
