Many large banks, including SBI, HDFC Bank, and ICICI Bank, have not revised their fixed deposit interest rates in recent months. The Reserve Bank of India’s(RBI) Monetary Policy Committee (MPC) meeting on October 4-6, 2023, will be watched closely to see how the FD rate situation develops. This is because the RBI has maintained status quo on key rates for the last three times.
Here are four banks that have revised fixed deposit interest rates in September.
IDBI Bank
IDBI Bank fixed deposit interest rates range from 3% to 6.80% for FD tenures of between 7 days and 10 years for general citizens and from 3.50% to 7.30% for senior citizens. The rates are effective from September 15, 2023.
Also read: IDBI Bank extends last date to invest in special FDs with higher interest rates
| Maturity Slab | General Customers | Sr. Citizen |
| 0-6 Days | NA | NA |
| 07-30 days | 3 | 3.5 |
| 31-45 days | 3.25 | 3.75 |
| 46- 90 days | 4 | 4.5 |
| 91-6 months | 4.5 | 5 |
| 6 months 1 day to 270 Days | 5.75 | 6.25 |
| 271 days to < 1 year | 6.25 | 6.75 |
| 1 Year to 2 Years | 6.8 | 7.3 |
| (except 375 Days and 444 Days) | ||
| > 2 Years to 5years | 6.5 | 7.00 |
| > 5 years to 10 years | 6.25 | 6.75 |
| >10 years to 20 years$ | 4.8 | 5.30 |
| Tax Saving FD | ||
| 5 years | 6.5 | 7 |
Axis Bank
Axis Bank has reduced fixed deposit interest rates on select tenures by up to 50 basis points (bps) for amounts below Rs 2 crore. The new FD rate is effective from September 15, 2023, according to the Axis Bank website.
After the revision, Axis Bank offers interest rates between 3% and 7.10% on tenures ranging from 7 days to 10 years.
Also read: Axis Bank cuts FD interest rates, slashes fixed deposit rate by 50 bps on this tenure
Kotak Mahindra Bank
Kotak Mahindra Bank has revised fixed deposit interest rates applicable for deposits below Rs 2 crore. The revised fixed deposit rates are effective from September 13, 2023.
Kotak Mahindra Bank offers an interest rate between 2.75% to 7.25% to general citizens and 3.25% to 7.75% for senior citizens. The bank has increased interest rate by 25 bps on tenure 23 months from 7.% to 7.20 to 7.25% for general citizens
| Maturity Periods – Premature Withdrawal Allowed | Regular | Senior Citizen* |
| 7 – 14 Days | 2.75% | 3.25% |
| 15 – 30 Days | 3.00% | 3.50% |
| 31 – 45 Days | 3.25% | 3.75% |
| 46 – 90 Days | 3.50% | 4.00% |
| 91 – 120 Days | 4.00% | 4.50% |
| 121 – 179 days | 4.25% | 4.75% |
| 180 Days | 7.00% | 7.50% |
| 181 Days to 269 Days | 6.00% | 6.50% |
| 270 Days | 6.00% | 6.50% |
| 271 Days to 363 Days | 6.00% | 6.50% |
| 364 Days | 6.50% | 7.00% |
| 365 Days to 389 Days | 7.10% | 7.60% |
| 390 Days (12 months 25 days) | 7.15% | 7.65% |
| 391 Days – Less than 23 Months | 7.20% | 7.70% |
| 23 Months | 7.25% | 7.75% |
| 23 months 1 Day- less than 2 years | 7.20% | 7.70% |
| 2 years- less than 3 years | 7.00% | 7.50% |
| 3 years and above but less than 4 years | 6.50% | 7.00% |
| 4 years and above but less than 5 years | 6.25% | 6.75% |
| 5 years and above upto and inclusive of 10 years | 6.20% | 6.70% |
Yes Bank
Yes Bank has revised fixed deposit interest rates for deposits below Rs 2 crore on certain tenures.
After the revision, the bank offers interest rates between 3.25% to 7.75% to general citizens. For senior citizens, the bank offers 3.75% to 8.25%, according to the Yes Bank website. The revised FD rates have been effective from September 4, 2023.
