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Home >Money >Personal Finance >FD calculator: These 3 private banks revised fixed deposit rates. Details here
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FD calculator: Opening a fixed deposit (FD) account is one of the various investment options to set aside finances for a rainy day or for achieving financial goals for short-term. In September 2021, three private sector banks — Kotak Mahindra Bank, IDFC First Bank and Axis Bank haver revised their FD interest rates. Fixed deposit accounts are available in all PSU, private sector and small finance banks or SFBs but their FD interest rates varies. So, it's important for an investor to know the new FD rates in these three banks.

Here we list out new FD interest rate details of the three private sector banks:

1] IDFC First Bank: This private sector bank has revised its fixed deposit rates, whicih has now become applicable from 15th September 2021. In new IDFC First Bank FD interest rate, a depositor will be given return on one's money from 2.5 per cent to 5.25 per cent — depending upon the duration of investment that ranges from 7 days to 10 years. As per the IDFC First Bank's official website — idfcfirstbank.com, FD interest rate offered on deposits from 7 days to 14 days and 15 to 29 days is 2.50 per cent per annum; for tenor 30 to 45 days and 46 to 90 days, FD interest rate offered by IDFC First Bank is 2.75 per cent per annum; for 91 to 180 days tenure, FD interest rate offered is 3.25 per cent per annum; for 181 days to less than 1 year tenure, interest offered is 4.50 per cent.

Source: IDFC Bank website
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Source: IDFC Bank website

For 1 year to 2 years tenure, FD rate offered is 4.75 per cent; for 2 years 1 day to 3 years fixed deposits, interest rate offered is 5.0 per cent; for 3 years 1 day to 5 years tenure, FD interest rate offered is 5.20 per cent while for tax saver deposits ranging from 5 years 1 day to 10 years, FD interest rate offered by IDFC First Bank is 5.25 per cent.

2] Kotak Mahindra Bank: New FD rates have become effective in this private sector bank from 8th September 2021. In revised FD rates, Kotak Mahindra Bank FD interest rate ranges from 2.50 per cent to 5.25 per cent depending upon the tenure of investment. As per the official website of Kotak Mahindra Bank — kotakbank.com, FD interest rate offered on 7-14 days and 15-30 days tenor is 2.50 per cent; for 31-45 days and 46-90 days tenor, Kotak Mahindra Bank FD interest rate offers 2.75 per cent annual interest rate; for 91-120 days FD, interest rate offered is 3.0 per cent; for 121-179 days, FD interest rate at Kotak Mahindra Bank effective from 8th September is 3.25 per cent; for 180 days FD and 181-269 days tenor, interest rate is 4.25 per cent; for 270, 271 to 363 days and 364 days tenor.

Source: Kotak Mahindra Bank website
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Source: Kotak Mahindra Bank website

FD interest rate offered at Kotak Bank is 4.40 per cent; for 365 to 389 days FD, interest rate offered is 4.50 per cent; for 390 days FD, interest rate offered is 4.75 per cent per annum; for 391 days to less than 23 months, FD interest rate is 4.75 per cent; for 23 months and 23 months 1 Day to less than 2 years tenor, FD interest rate offered is 4.90 per cent per annum; for 2 years to less than 3 years tenure, FD interest rate at Kotak Mahindra Bank is 5.00 per cent per annum; for 3 years and above but less than 4 years, FD interest rate is 5.10 per cent; for 4 years and above but less than 5 years, FD interest rate at Kotak Mahindra Bank is 5.20 per cent while for 5 years and above up to and inclusive of 10 years FD, interest rate offered at Kotak Mahindra Bank is 5.25 per cent.

3] Axis Bank: New FD interest rate at Axis Bank has become effective from 9th September 2021. After revision, FD interest rate offered at Axis Bank ranges from 2.50 per cent to 5.75 per cent. For 7 days to 14 days and 15 days to 29 days tenor, FD interest rate offered is 2.50 per cent per annum; for 30 days to 45 days, 46 days to 60 days and 61 days to less than 3 months tenor, FD interest rate offered is 3.00 per cent; for 3 months to less than 4 months, 4 months to less than 5 months and 5 months to less than 6 months, FD interest rate offered is 3.50 per cent; for 6 months to less than 7 months, 7 months to less than 8 months, 8 months to less than 9 months, 9 months to less than 10 months, 10 months to less than 11 months, 11 months to less 11 months 25 days and 11 months 25 days to less than 1 year tenor, FD interest rate offered is 4.40 per cent.

Source: Axis Bank website
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Source: Axis Bank website

For 1 year to less than 1 year 5 days, FD rate offered is 5.10 per cent; for 1 year 5 days to less than 1 year 11 days, FD rate offered is 5.15 per cent; for 1 year 11 days to less than 1 year 25 days, 1 year 25 days to less than 13 months, 13 months to less than 14 months, 14 months to less than 15 months, 15 months to less than 16 months, 16 months to less than 17 months and 17 months to less than 18 months tenor, FD interest rate offered is 5.10 per cent per annum; for 18 months to less than 2 years, FD rate at Axis Bank is 5.25 per cent; for 2 years to less than 30 months, 30 months to less than 3 years tenor and 3 years to less than 5 year tenor, FD interest rate offered by Axis Bank is 5.40 per cent while for tax saver FDs ranging from 5 years to 10 years, interest rate offered is 5.75 per cent per annum.

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