FD Rates: Kotak Mahindra Bank and Axis Bank have announced changes in their fixed deposit (FD) interest rates. Kotak Mahindra Bank has cut the interest rates of FDs with select periods by up to 30 basis points (bps)
FD Rates: Kotak Mahindra Bank and Axis Bank have announced changes in their fixed deposit (FD) interest rates. Kotak Mahindra Bank has cut the interest rates of FDs with select periods by up to 30 basis points (bps). This is the bank’s second revision in interest rates in the month of April. These new rates are coming into effect from 23 April 2025.
Kotak Mahindra Bank again reduces FD interest rates
Kotak Mahindra Bank has once again cut the interest rates on its fixed deposit (FD). This is the second change in rates this month i.e. April 2025. The new rates have come into effect from 23 April 2025. The bank has reduced the interest rate on FDs of 365 days to 389 days from 7.10% to 6.80%, i.e. a reduction of 30 basis points. At the same time, the interest rate on FDs of 390 days (12 months 25 days) has come down from 7.25% to 7.00%.
Rates on FDs of 391 days to 23 months have been reduced from 7.30% to 7.15%. FDs of 23 months will now get 7.15% interest, earlier it was 7.25%. At the same time, the rate on FDs of 23 months 1 day to less than 2 years has been reduced from 7.15% to 7.05%. FDs of 2 years to less than 3 years will now get 6.90% interest, which was earlier 7.15%. At the same time, the rate on FDs from 3 years to 5 years has been reduced from 7.00% to 6.90%.
Axis Bank reduced interest
Axis Bank has also revised the interest rates for general customers and senior citizens on deposits less than Rs 3 crore. This change has come at a time when the Reserve Bank of India (RBI) reduced the repo rate from 6.25% to 6% in its monetary policy meeting of 9 April 2025. Since then, many big banks like SBI, HDFC Bank, ICICI Bank, Yes Bank, IDFC Bank and Canara Bank have also cut interest rates on FDs of select periods. Now customers must compare interest rates before getting an FD so that they can get better returns.
Axis Bank interest rates on FDs less than Rs 3 crore
- 7 days to 14 days: 3.00 percent for general public; 3.50 percent for senior citizens
- 15 days to 29 days: 3.00 percent for general public; 3.50 percent for senior citizens
- 30 days to 45 days: 3.50 percent for general public; 4 percent for senior citizens
- 46 days to 60 days: 4.25 percent for general public; 4.75 percent for senior citizens
- 61 days to less than 3 months: 4.50 percent for general public; 5 percent for senior citizens
- 3 months to 3 months 24 days: 4.75 percent for general public; 5.25 percent for senior citizens
- 3 months 25 days to less than 4 months: 4.75 percent for general public; 5.25 percent for senior citizens
- 4 months to less than 6 months: 4.75 percent for general public; 5.25 percent for senior citizens
- 6 months to less than 9 months: 5.75 percent for general public; 6.25 percent for senior citizens
- 9 months to less than 1 year: 6.00 percent for general public; 6.50 percent for senior citizens
- 1 year to less than 1 year 10 days: 6.70 percent for general public; 7.20 percent for senior citizens
- 1 year 11 days to less than 13 months: 6.70 percent for general public; 7.30 percent for senior citizens
- 13 months to less than 15 months: 6.70 percent for general public; 7.50 percent for senior citizens
- 15 months to less than 18 months: 7.25 percent for general public; 7.75 percent for senior citizens
- 18 months to less than 2 years: 7.25 percent for general public; 7.75 percent for senior citizens
- 2 years to less than 3 years: 7.10 percent for general public; 7.60 percent for senior citizens
- 3 years to less than 5 years: 7.10 percent for general public; 7.60 percent for senior citizens
- 5 years to 10 years: 7.00 percent for general public; 7.75 percent for senior citizens.
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