Many banks have revised fixed deposit interest rates in October. Banks have cut interest rates on certain FD tenures, while hiking it on others. Banks like HDFC Bank and Yes Bank have reduced interest rates in October.
Here is the list of banks that have reduced fixed deposit interest rates in October 2023.
Axis Bank
After the latest revision, Axis Bank offers interest rates between 3% and 7.10% on tenures ranging from 7 days to 10 years. The bank has reduced 10 bps on tenure of 2 years to less than 5 years. The bank has reduced 10 bps on tenure ranging between 1 year 5 days to 15 months from 6.80 to 6.70.
Axis Bank cuts FD interest rates, slashes fixed deposit rate by 50 bps on this tenure
Yes Bank
Yes Bank has reduced fixed deposit interest rate on a certain tenure for deposits below Rs 2 crore on certain tenures by up to 25 basis points (bps). After the revision, the bank offers interest rates between 3.25% to 7.25% to general citizens. For senior citizens, the bank offers 3.75% to 8%, according to the Yes Bank website. The revised FD rates have been effective from October 4, 2023.
Yes Bank will now pay a 7.25% rate on FDs maturing in one year to less than 18 months (from earlier 7.50), The bank offers highest interest rate of 7.50% now on FDs maturing in 18 months to less than 36 months (from earlier 7.75%)
Yes Bank cuts FD interest rate by up to 25 bps on these tenures
HDFC Bank
HDFC Bank, a private sector bank, reduced fixed deposit interest rates of two special tenure fixed deposit schemes – these are for FD tenures of 35 and 55 months. Note that special edition fixed deposit options were available for deposits up to Rs 2 crore. The new rates are effective from October 1, 2023.
Earlier, the bank was offering 7.20% on tenure of 35 months and 7.25% on tenure of 55 months. According to the HDFC Bank website, Enjoy HIGHER FD Rates @7.15% on tenure 35 months and @7.20% on tenure 55 months. What’s more? Senior Citizen benefits 0.50% EXTRA!…So Hurry! Valid for Limited Period only!”
HDFC Bank reduces FD interest rates on these tenures: Check latest fixed deposit rates
Bank of Baroda
Bank of Baroda has lowered the interest rate on Baroda Tiranga Plus Deposit Schemes. At the same time the bank has hiked FD rates on certain tenures by up to 50 bps. Following the revision, Bank of Baroda now provides general public interest rates of up to 7.25 percent, according to the bank’s website. The new interest rates on fixed deposits will take effect on October 9, 2023.
The bank will offer a highest interest rate of 7.25 per cent on FD tenures of above two years and up to three years from 7.05%, an hike of 20 bps. On special deposit of Baroda Tiranga Plus Deposit Scheme with 399 days tenure, the bank reduced FD interest rate by 10 bps from 7.25% to 7.15%.
Bank of Baroda revises FD interest rates: Offers 7.25% on this tenure, reduces interest rate on Baroda Tiranga Plus Deposit Schemes
