Bank FD Rates: Many big banks including SBI, HDFC Bank and ICICI Bank have not revised their fixed deposit interest rates in recent months. Meanwhile, the Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) is going to be held on October 4-6, 2023.
In such a situation, whether and to what extent the banks change the FD rates will depend on this meeting. Let us tell you that RBI has maintained status quo on key rates for the last three times.
At the same time, there are four banks which have revised the fixed deposit rates in the month of September. These include banks like IDBI, Axis and Yes Bank. So let’s see who made what changes…
IDBI Bank
Fixed deposit interest rates of IDBI Bank have increased from 3% to 6.80% for general citizens for FD tenure between 7 days to 10 years. For senior citizens it ranged from 3.50% to 7.30%. Rates are effective from September 15, 2023.
Axis
Bank has reduced fixed deposit interest rates by up to 50 basis points (BPS) on select tenures for amounts less than Rs 2 crore. According to the Axis Bank website, the new FD rate is effective from September 15, 2023.
After the revision, Axis Bank will offer interest rates between 3% to 7.10% on tenures ranging from 7 days to 10 years.
Kotak Mahindra Bank
Kotak Mahindra Bank has also revised the fixed deposit interest rates applicable on deposits of less than Rs 2 crore. The revised fixed deposit rates are effective from September 13, 2023.
Kotak Mahindra Bank is offering interest rates between 2.75% to 7.25% for general citizens and 3.25% to 7.75% for senior citizens. The bank has increased the interest rate for general citizens by 25 bps from 7.20% to 7.25% for a tenure of 23 months.
Yes Bank
Yes Bank has also revised the fixed deposit interest rates for deposits of less than Rs 2 crore for certain tenures.
After the amendment, the bank will provide interest rates between 3.25% to 7.75% to ordinary citizens. According to the website of Yes Bank, the bank will give interest ranging from 3.75% to 8.25% for senior citizens. The revised FD rates have become effective from September 4, 2023.
