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8 Private Sector Banks That Revised Interest Rates On FD In November 2021
Some private sector banks adjusted their interest rates on deposits last month, ahead of the Reserve Bank of India's (RBI) bi-monthly monetary policy review, which has been held today, December 8, 2021. After its bi-monthly monetary policy review, the RBI confirmed today that the repo and reverse repo rates will remain unchanged on December 8, 2021. The repo rate is now at 4%, while the reverse rate is fixed at 3.35 percent. Banks such as HDFC Bank, and Non-Banking Financial Companies such as HDFC Ltd, and Bajaj Finance have all raised their FD interest rates in the recent days of the current month.
And, in the face of banks' low-interest rate strategies, we always advise our readers to invest in short-term deposits, because when interest rates start to climb, short- to medium-term term deposit rates are among the first to emerge, making it a clear recommendation not to lock-in your deposits for the long term. As a result of certain large private sector banks that revised their fixed deposit interest rates in November, we've analysed their new rates to offer you a clear understanding of whether you should invest in the short or long term.
Axis Bank
Axis Bank is now giving the below-listed interest rates to both regular and elderly citizens on deposits of less than Rs 2. Cr maturing in 7 days to less than 10 years, with effect from November 10, 2021.
| Tenure | Rates for Regular Citizens In % (p.a.) | Rates for Senior Citizens 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 25days | 5.2 | 5.85 |
| 1 year 25 days < 13 months | 5.2 | 5.85 |
| 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 |
DCB Bank
With effect from November 22, 2021, DCB Bank is guaranteeing the following interest rates on resident Indian deposits of less than Rs.2 crore.
| Tenure | Regular | Senior citizens |
|---|---|---|
| 7 days to 14 days | 4.35% | 4.85% |
| 15 days to 45 days | 4.35% | 4.85% |
| 46 days to 90 days | 4.35% | 4.85% |
| 91 days to less than 6 months | 5.05% | 5.55% |
| 6 months to less than 12 months | 5.25% | 5.75% |
| 12 months | 5.55% | 6.05% |
| More than 12 months to less than 15 months | 5.30% | 5.80% |
| 15 months to less than 18 months | 5.50% | 6.00% |
| 18 months to less than 700 days | 5.50% | 6.00% |
| 700 days | 5.95% | 6.45% |
| More than 700 days to less than 36 months | 5.50% | 6.00% |
| 36 months | 5.95% | 6.45% |
| More than 36 months to 60 months | 5.95% | 6.45% |
| More than 60 months to 120 months | 5.95% | 6.45% |
| Source: Bank Website |
Yes Bank
Yes Bank is promising the below interest rates on domestic term deposits of less than Rs 2 crore maturing in 7 days to less than 10 years, effective from November 3, 2021.
| Period | Regular | Senior citizens |
|---|---|---|
| 7 to 14 days | 3.25% | 3.75% |
| 15 to 45 days | 3.50% | 4.00% |
| 46 to 90 days | 4.00% | 4.50% |
| 3 months to < 6 months | 4.50% | 5.00% |
| 6 months to < 9 months | 5.00% | 5.50% |
| 9 months to < 1 Year | 5.25% | 5.75% |
| 1 Year < 3 years | 6.00% | 6.50% |
| 3 Years to <= 10 years | 6.25% | 7.00% |
| Source: Bank Website |
IDFC First Bank
IDFC First Bank also changed its interest rates on domestic, NRE, and NRO deposits of less than INR 2 crores last month, and the new rates are effective from November 23, 2021, according to the bank's website.
| Period | Rate of Interest (%p.a.) w.e.f. November 23, 2021 Less than INR 2 Cr | 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 | 4.75% | 5.25% |
| 1 year - 2 years | 5.25% | 5.75% |
| 2 years 1 day - 3 years | 5.75% | 6.25% |
| 3 years 1 day - 5 years | 6.00% | 6.50% |
| 5 years Tax Saver Deposit | 6.00% | 6.50% |
| 5 years 1 day - 10 years | 6.00% | 6.50% |
| Source: Bank Website |
Federal Bank
Federal Bank is offering the interest rates indicated below on Resident Term Deposits of less than Rs 2 crore and the current rates are in force from November 17, 2021.
| Period | Regular | Senior citizens |
|---|---|---|
| 7 days to 29 days | 2.50% | 3.00% |
| 30 days to 45 days | 2.75% | 3.25% |
| 46 days to 90 days | 3.00% | 3.50% |
| 91 days to 180 days | 3.75% | 4.25% |
| 181 days to 270 days | 4.00% | 4.50% |
| 271 days to less than 1 year | 4.40% | 4.90% |
| 1 year | 5.10% | 5.60% |
| Above 1 year to less than 16 Months | 5.00% | 5.50% |
| 16 Months | 5.25% | 5.75% |
| Above 16 months to less than 2 years | 5.00% | 5.50% |
| 2 years to less than 5 years | 5.35% | 5.85% |
| 5 years and above | 5.60% | 6.25% |
| Source: Bank Website |
Karnataka Bank
The bank's updated interest rates on domestic term deposits, effective November 1, 2021, are as follows.
| Tenure | Rates for Regular Citizens In % (p.a.) | Rates for Senior Citizens In % (p.a.) |
|---|---|---|
| 7 days to 45 days | 3.4 | 3.4 |
| 46 days to 90 days | 4.9 | 4.9 |
| 91 days to 364 days | 5 | 5 |
| 1 year to 2 Years | 5.1 | 5.5 |
| Above 2 Year to 5 years | 5.4 | 5.8 |
| Above 5 year to 10 years | 5.5 | 6 |
| Source: Bank Website |
Tamilnad Mercantile Bank
This private sector had also revised its fixed deposit interest rates in the previous month and the new rates are effective as of 18.11.2021.
| Period | Rates for Regular Citizens In % (p.a.) | Rates for Senior Citizens In % (p.a.) |
|---|---|---|
| 7 - 14 days | 2.75% | 2.75% |
| 15 - 29 days | 3.50% | 3.50% |
| 30 - 45 days | 3.50% | 3.50% |
| 46 - 60 days | 3.75% | 3.75% |
| 61 - 90 days | 3.75% | 3.75% |
| 91 days - 179 days | 4.50% | 4.50% |
| 180 days - 270 days | 4.75% | 4.75% |
| 271 days to less than 1 year | 5.00% | 5.00% |
| 1 year | 5.25% | 5.75% |
| Above 1 year to less than 20 months & 20 days | 5.25% | 5.75% |
| 20 months & 20 days | 5.25% | 5.75% |
| Above 20 months 20 days to less than 2 years | 5.25% | 5.75% |
| 2 years less than 3 years | 5.35% | 5.85% |
| 3 years to 10 years | 5.00% | 5.50% |
| Source: Bank Website |
CSB Bank
In the previous month, Catholic Syrian Bank (CSB) amended its fixed deposit interest rates, and the new rates are effective as of November 2, 2021.
| Tenor | Rates for Regular Citizens In % (p.a.) | Rates for Senior Citizens In % (p.a.) |
|---|---|---|
| 7 days to 90 days | 3.00% | 3.00% |
| 91 days to 179 days | 3.50% | 3.50% |
| 180 days to less than 1 year | 4.25% | 4.75% |
| 1 Year to less than 3 Years | 5.00% | 5.50% |
| 3 Years to 5 years | 5.25% | 5.75% |
| Over 5 years upto and including 10 Years | 5.50% | 6.00% |
| Source: Bank Website |
