HDFC Bank revised its FD interest rates effective 22 July (Bloomberg)
HDFC Bank revised its FD interest rates effective 22 July (Bloomberg)

HDFC Bank, Axis Bank, PNB, BoB, Kotak Mahindra revise FD rates this month

  • The revision in FD rates by different banks comes after the RBI slashed repo rates in June review meeting
  • Kotak Mahindra Bank and Bank of Baroda revised interest rates on their fixed deposits with effect from 20 July 2019

A number of public and private banks such as Punjab National Bank (PNB), Bank of Baroda (BoB), HDFC Bank, Axis Bank, Kotak Mahindra, IDFC First Bank and Federal Bank have revised interest rates on their fixed deposits (FDs) in the month of July. The revision in FD rate comes after the Reserve Bank of India (RBI) slashed the repo rates in June review meeting. PNB and IDFC First Bank revised interest rates on FDs effective 1 July 2019.

HDFC Bank revised its FD interest rates effective 22 July. The bank is offering an interest rate of 5.50% on fixed deposits of seven to 45 days. For FDs maturing in 46 days to 6 months, it offers an interest rate of 6%. On FDs of a one-year maturity period, HDFC Bank is offering interest at the rate of 7.10%. For deposits maturing in 1 year to 2 years, HDFC Bank is offering an interest rate of 7.20%. For FDs with two to three years maturity period, the bank offers an interest rate of 7.30%. FDs maturing in three to five years will fetch an interest rate of 7.25%. Long-term FDs maturing in 5 years to 10 years will fetch an interest rate of 7%.

PNB is offering 5.50 % interest rate for seven days to 45 days deposits, and an interest rate of 6.75 % for deposits maturing in 46 days to 333 days. For one-year FDs, PNB is offering 6.8% rate of interest. For maturity term of more than one year and up to three years, PNB offers 6.75% interest rate. On FDs maturing between three years and 10 years, PNB is offering 6.25% interest rate.

On FD maturing between seven days and 90 days, IDFC First Bank is offering an interest rate of 6.5%. On deposits maturing in one to two years, the bank offers an interest rate of 8.5%. For deposits maturity period two years to five years, IDFC First Bank offers 7.50% interest rate, and for deposits maturing in five years and 10 years, the bank offers a 7.25% rate of interest.

Axis Bank is offering an interest rate of 6.25% on FDs with maturity between 7 days and 6 months, 6.50% for FDs maturing between 6 and 9 months, and 7.0% for FDs between 9 months and 1 year. Axis Bank is offering 7.2% for fixed deposits maturing in one and two years. The bank is now offering 7.2% for FDs maturing in 2 years to less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%. The bank has revised interest rates on its fixed deposits (FD) with effect from 10 July 2019 on deposits below 2 crore

Private sector lender Federal Bank revised its interest rate on fixed deposits with effect from 16 July 2019. For deposits maturing in seven to 60 days, the bank offers an interest rate of 5.00%. For FDs maturing in 61 to 180 days, Federal Bank offers an interest rate of 6.00%. The bank offers an interest rate of 6.80% for term deposits maturing in 181 days to less than a year. For one year deposits, Federal Bank offers an interest rate of 7.20%. For above one year deposits, it offers an interest rate of 7.25%.

Kotak Mahindra Bank and Bank of Baroda revised interest rates on their fixed deposits with effect from 20 July 2019. On deposits maturing between 81 days to 279 days, Kotak Mahindra Bank is offering an interest rate of 5.4%. The deposits of 280 days to less than one year will fetch an interest rate of 7.00% with the bank. Kotak Mahindra Bank is offering 7.10% interest rate on the maturity period of 12 months and above but less than three years.

Bank of Baroda (BoB) offers a 4.75% rate of interest on FDs with maturity period seven days to 90 days. On deposits maturing between 91 days to less than one year, the bank is offering 6.25% interest rate. For one-year term deposits, BoB offers 6.45% interest rate. For one year to two year deposits, the bank is offering an interest rate of 6.55%. For deposits maturing in two to five years and five to ten years, Bank of Baroda is offering an interest rate of 6.45%.

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