BackBank FD rates: Kotak, Axis, IDBI Bank revises fixed deposit rates. Details here
Bank FDs become attractive as banks offer over 7% interest after RBI pause on rate hikes. Revised rates by Kotak Mahindra Bank, Axis Bank, IDBI Bank
PremiumBank Fixed Deposits (FDs) have become attractive in 2023 as several banks are now offering over 7% interest to general customers. After the Reserve Bank of India (RBI) decided to hit the pause button for repo rate hikes, banks have slowed down in hiking FD rates. After six consecutive rate hikes aggregating to 250 basis points (bps) since May 2022, the rate increase cycle was paused by the central bank in April.
In September 2023, Kotak Mahindra Bank, Axis Bank, and IDBI Bank revised their term deposit rates.
Kotak Mahindra Bank revises FD rates in September 2023
Kotak Mahindra Bank has revised the interest rate on fixed deposits (FD). After the latest revision, Kotak Bank is offering an interest rate of 2.75% to 7.25% for general customers on deposits maturing in seven days to ten years. Senior citizens will earn an interest rate of 3.25% to 7.75% on these FDs. These rates are effective from 13th September 2023.
Axis Bank revises FD rates in September 2023
Axis Bank has revised interest rates on its term deposits. As per the bank's website, these rates are effective from September 18, 2023. Axis Bank offers an interest rate of 3 % to 7.10% to general citizens, and 3% to 7.75% to elderly people. These rates are effective from 18 September
IDBI Bank revises FD rates in September 2023
IDBI Bank has revised interest rates on its term deposits. As per the bank's website, these rates are effective from September 15, 2023. IDBI Bank offers an interest rate ranging from 3% to 6.8% on FDs maturing in seven days to five years to general customers, and 3.5% to 7.3% to elderly people.
The Bank pays interest on deposits as per various deposit schemes. Interest Rates are revised from time to time and made known to the public. Revised interest rates are applicable only to the renewals and fresh deposits while existing deposits continue to get interest at the contracted rate.
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