Kotak Mahindra Bank has implemented the changed interest rate from 8th September. The interest rate of this bank is fixed from 2.50 percent to 5.25 percent. According to Kotak Mahindra Bank, 2.50 percent interest is being given on FDs of 7-14 days and 15-30 days.
Three private banks of the country have changed the interest rates on fixed deposits (FD). The names of these banks include IDFC First Bank, Kotak Mahindra Bank and Axis Bank. Given the popularity of FD schemes, almost all government and private banks run fixed deposits. FD interest rates also change with time. From small finance banks to some non-banking institutions also run FD schemes. All these institutions have different FD rates. Therefore, before taking an FD scheme, make sure to know the rate.
IDFC First Bank is the first name among the three banks which have changed the interest rates. The changed interest rate has come into effect from 15 September. This bank is giving interest ranging from 2.5 percent to 5.25 percent to its customers.
idfc first bank interest rate
The amount of interest depends on the tenure of the investment. FD scheme is being run for 7 days to 10 years. FDs of 7 to 14 days and 15 to 29 days are getting 2.50 percent interest. The interest rate for 30 to 45 days and 46 to 90 days is 2.75 percent per annum. The interest rate is fixed at 3.25% for 91 to 180 days and 4.50 percent for 181 to 1 year. IDFC First Bank offers 4.75 per cent interest on FDs of 1 to 2 years, 5 per cent for 2 years 1 day to 3 years, 5.20 per cent for 3 years 1 day to 5 years and 5.25 per cent on FDs of 5 years 1 day to 10 years being given.
Kotak Mahindra Bank interest rate
Kotak Mahindra Bank has implemented the changed interest rate from 8th September. The interest rate of this bank is fixed from 2.50 percent to 5.25 percent. According to Kotak Mahindra Bank, 2.50 percent interest is being given on FDs of 7-14 days and 15-30 days. Kotak Mahindra Bank 2.75 per cent for 31-45 and 46-90 days, 3% for 91-120 days, 3.25 per cent on FDs of 120-179 days, 4.25% for 180 days and 181-269 days, 270 and 271 4.40 percent interest is being given for -363 days and 364 days.
Kotak Mahindra Bank offers 4.50 per cent on FDs of 365 to 389 days, 4.75 per cent on FDs of 390 days, 4.75 per cent on FDs of 391 days to less than 23 months, 4.90 per cent on FDs of 23 months 1 day to 2 years, 2-3 Interest is being given at the rate of 5% on FD of the year. Interest is getting 5.10 percent on FDs of more than 3 years and less than 4 years, 5.20 percent on FDs of more than 4 years and less than 5 years and 5.25 percent on FDs of 5-10 years.
Axis Bank FD Rate
Axis Bank has implemented the new rate of FD from 9 September 2021. This bank is giving interest ranging from 2.50 to 5.75 percent. The interest rate for 7-14 and 15-29 days is 2.50 per cent. 3% interest is being given on FDs of less than 3 months from 30 to 45 days, 46 to 60 and 61 days. The interest rate on FDs of 3 months to less than 4 months, 4 months to less than 5 months and 5 months to less than 6 months is 3.50 percent.
6 months to less than 7 months, 7 months to less than 8 months, 8 months to less than 9 months, 9 months to less than 10 months, 10 months to less than 11 months, 11 months to 11 months less than 25 days and 4.40 percent interest is being given on FD of 11 months 25 days to 1 year. The FD rate from 1 year to 1 year and less than 5 days is 5.10 percent, on 1 year 5 days to less than 1 year 11 days, the FD rate is 5.15 percent.
