FD Rates: Fixed Deposit is a low-risk investment option. Investment is made in FD for a fixed period of time, on which pre-determined interest is received. Apart from this, you can also save tax on FD with tenure of 5 years or more.
Banks update interest rates on FD regularly. New interest rates are applicable on renewable and new FDs. The new interest is not applicable on the FD which is already in operation.
Bank fixed deposits become more attractive in 2023. Many banks are now offering interest rates of more than 7 percent to general customers. After the decision of the Reserve Bank of India (RBI) to stop the increase in repo rate, the bank has also stopped increasing the interest rates on FD. The central bank stopped the rate hike in April this year after six consecutive rate hikes by a total of 250 basis points, or 2.50 per cent, from May 2022.
Axis Bank, IDBI Bank and Kotak Mahindra Bank have revised their FD interest rates in September 2023.
Axis Bank
Axis Bank has changed the interest rates of FD. According to the official website of the bank, these interest rates have come into effect from September 18. Axis Bank is offering interest ranging from 3 percent to 7.10 percent to general citizens and 3 percent to 7.75 percent to senior citizens.
IDBI Bank
IDBI Bank has also changed the interest rates on FD. According to the official portal of the bank, these rates have come into effect from September 15. The website states that IDBI Bank is offering 3 percent to 6.8 percent interest to general customers on FDs maturing in seven days to five years. 7.3 percent on FDs maturing in seven days to five years.
Kotak Mahindra Bank
Kotak Mahindra Bank has increased the interest rate on FD in September. Kotak Mahindra Bank is now offering interest rates of 2.75 percent to 7.25 percent for general customers on FDs maturing in seven days to ten years. Whereas, senior citizens will get interest rates ranging from 3.25 percent to 7.75 percent on these fixed deposits. These rates have come into effect from September 13.
