3 Private Sector Banks Revises Interest Rates On Fixed Deposit In September 2021
Among safe debt instruments, the fixed deposit scheme has always been a safe option for long-term and short-term investors seeking guaranteed returns and regular income. Fixed Deposits are available to book from almost all public sector, private, and small finance banks, as well as the post office. However, interest rates vary depending on the kind of lender, with the private sector and small finance banks now offering the highest rates on fixed deposits. As an outcome of this, interest rates on fixed deposit schemes at three private sector banks have recently been changed which are briefly discussed below.
IDFC First Bank
IDFC First Bank has recently revised interest rates on its fixed deposit scheme which are in force from September 15, 2021. Interest rates for the general public now range from 2.5 percent to 5.25 percent for a flexible duration ranging from seven days to ten years, after the most recent adjustment. Senior citizens, on the other hand, will continue to get a higher interest rate on their deposits, at 0.50 percent more than regular investors. Here are the bank's current fixed deposit interest rates for deposits of less than Rs 2 crore.
Period | Rate of Interest (%p.a.) w.e.f. September 15, 2021 | For senior citizens |
---|---|---|
7 - 14 days | 2.50% | 3.00% |
15 - 29 days | 2.50% | 3.00% |
30 - 45 days | 2.75% | 3.25% |
46 - 90 days | 2.75% | 3.25% |
91 - 180 days | 3.25% | 3.75% |
181 days - less than 1 year | 4.50% | 5.00% |
1 year - 2 years | 4.75% | 5.25% |
2 years 1 day - 3 years | 5.00% | 5.50% |
3 years 1 day - 5 years | 5.20% | 5.70% |
5 years 1 day - 10 years | 5.25% | 5.75% |
5 Years Tax Saver Deposit (Only for Domestic Deposits) | 5.25% | 5.75% |
Source: Bank Website |
Axis Bank
Axis Bank has updated its fixed deposit interest rates, which are in force from September 9, 2021. Following the recent revision on deposits under Rs 2 crores, Axis Bank is now providing a 2.50 percent interest rate on FDs maturing between 7 and 29 days, a 3% interest rate on FDs maturing between 30 days and less than 3 months, and a 3.5 percent interest rate on FDs maturing between 3 months and less than 6 months. Axis Bank offers a 4.40 percent interest rate on FDs that mature in six to eleven months and twenty-five days. 5.10 percent for 11 months 25 days to less than 1 year 5 days, and 1 year 5 days to less than 18 months.
Axis Bank offers 5.25 percent interest on term deposits that mature in 18 months to less than two years. Axis Bank provides a 5.40 percent interest rate on deposits maintained for two years but less than five years. Deposits with a maturity period of 5 to 10 years will return you 5.75 percent interest. Here are the latest interest rates on fixed deposits of less than Rs 2 Cr of Axis Bank for both regular and senior citizens.
Period | Regular Interest Rates (in % p.a.) | Senior citizens interest rates ( in % p.a.) |
---|---|---|
7 days to 14 days | 2.5 | 2.5 |
15 days to 29 days | 2.5 | 2.5 |
30 days to 45 days | 3 | 3 |
46 days to 60 days | 3 | 3 |
61 days < 3 months | 3 | 3 |
3 months < 4 months | 3.5 | 3.5 |
4 months < 5 months | 3.5 | 3.5 |
5 months < 6 months | 3.5 | 3.5 |
6 months < 7 months | 4.4 | 4.65 |
7 months < 8 months | 4.4 | 4.65 |
8 months < 9 months | 4.4 | 4.65 |
9 months < 10 months | 4.4 | 4.65 |
10 months < 11 months | 4.4 | 4.65 |
11 months < 11 months 25 days | 4.4 | 4.65 |
11 months 25 days < 1 year | 4.4 | 4.65 |
1 year < 1 year 5 days | 5.1 | 5.75 |
1 year 5 days < 1 year 11days | 5.15 | 5.8 |
1 year 11days < 1 year 25 days | 5.1 | 5.75 |
1 year 25 days < 13 months | 5.1 | 5.75 |
13 months < 14 months | 5.1 | 5.75 |
14 months < 15 months | 5.1 | 5.75 |
15 months < 16 months | 5.1 | 5.75 |
16 months < 17 months | 5.1 | 5.75 |
17 months < 18 months | 5.1 | 5.75 |
18 months < 2 years | 5.25 | 5.9 |
2 years < 30 months | 5.4 | 6.05 |
30 months < 3 years | 5.4 | 6.05 |
3 years < 5 years | 5.4 | 6.05 |
5 years to 10 years | 5.75 | 6.5 |
Source: Bank Website, W.E.F. 09/09/2021 |
Kotak Mahindra Bank
With effect from September 8, 2021, Kotak Mahindra Bank has adjusted the interest rate on fixed deposits (FDs). Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent, and 3 percent on FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days. The private sector bank will pay 5.10 percent on term deposits with a maturity of three years or more but less than four years.
Kotak Mahindra Bank pays a 5.20 percent interest rate on fixed deposits with a maturity period of four years or more but less than five years. The bank offers 5.25 percent interest on FDs with a maturity period of 5 years and above, up to and including 10 years. For both regular and senior citizens, below framed are the revised interest rates on fixed deposits of less than Rs 2 Cr of Kotak Mahindra Bank.
Maturity Periods - Premature Withdrawal Allowed | Regular | Senior Citizen |
---|---|---|
7 - 14 Days | 2.50% | 3.00% |
15 - 30 Days | 2.50% | 3.00% |
31 - 45 Days | 2.75% | 3.25% |
46 - 90 Days | 2.75% | 3.25% |
91 - 120 Days | 3.00% | 3.50% |
121 - 179 days | 3.25% | 3.75% |
180 Days | 4.25% | 4.75% |
181 Days to 269 Days | 4.25% | 4.75% |
270 Days | 4.40% | 4.90% |
271 Days to 363 Days | 4.40% | 4.90% |
364 Days | 4.40% | 4.90% |
365 Days to 389 Days | 4.50% | 5.00% |
390 Days (12 months 25 days) | 4.75% | 5.25% |
391 Days - Less than 23 Months | 4.75% | 5.25% |
23 Months | 4.90% | 5.40% |
23 months 1 Day- less than 2 years | 4.90% | 5.40% |
2 years- less than 3 years | 5.00% | 5.50% |
3 years and above but less than 4 years | 5.10% | 5.60% |
4 years and above but less than 5 years | 5.20% | 5.70% |
5 years and above upto and inclusive of 10 years | 5.25% | 5.75% |
Source: Bank Website, W.e.f. 8th September 2021 |