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Axis Bank Vs RBL Bank Vs Bank Of India Latest FD Rates After Repo Rate Hike; Details Inside

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Fixed deposits have long been a well-known and popular option to park money among conservative investors, particularly Debt investors. This is so because, regardless of the state of the market, they guarantee you returns at maturity at the best FD interest rates.

 

Fixed Deposit Interest Rate Hike

Two private sector lenders namely Axis Bank and RBL bank, and one public sector lender, Bank of India (BoI) has hiked the interest rate of Fixed Deposit. This hike came after the Reserve Bank of India (RBI) announced a 50 basis points hike in the repo rate on Friday, September 30.

Post the repro rate hike, the current repo rate is 5.9%. This week's 50 bps increase is the fourth in a row since May this year. More Banks are expected to raise interest rates on fixed deposits to reflect the same trend after the Repo rate increase. Here are the revised interest rates by the three banks with effect from 1 October 2022.

Axis Bank FD Interest Rate
 

Axis Bank FD Interest Rate

Axis Bank has modified the interest rates on domestic term deposits under Rs 2 crore. The new rates are in effect as of today, October 1st 2022, according to the bank's official website.

Axis Bank is now offering interest rates on fixed deposits ranging from 2.75% to 6.15% on Domestic regular deposits for maturity periods ranging from 7 days to 10 years on less the 2 crores. Whereas, the bank offers 2.75% to 6.90% interest rates on Fixed deposits to senior citizens on deposits below 2 crores.

Interest Rates on Domestic Deposits on Less Than 2 Crore w.e.f October 01, 2022

PeriodRegular Customers (% p.a)Senior Citizens (% p.a)
7 days to 14 days2.752.75
15 days to 29 days2.752.75
30 days to 45 days3.253.25
46 days to 60 days3.253.25
61 days < 3 months3.253.25
3 months < 4 months3.753.75
4 months < 5 months3.753.75
5 months < 6 months3.753.75
6 months < 7 months4.654.9
7 months < 8 months4.654.9
8 months < 9 months4.654.9
9 months < 10 months4.755
10 months < 11 months4.755
11 months < 11 months 25 days4.755
11 months 25 days < 1 year4.755
1 year < 1 year 5 days5.456.2
1 year 5 days < 1 year 11 days5.456.2
1 year 11 days < 1 year 25 days5.756.5
1 year 25 days < 13 months5.66.35
13 months < 14 months5.66.35
14 months < 15 months5.66.35
15 months < 16 months6.156.9
16 months < 17 months6.156.9
17 months < 18 months6.156.9
18 Months < 2 years6.156.9
2 years < 30 months5.76.45
30 months < 3 years5.76.45
3 years < 5 years5.76.45
5 years to 10 years5.756.5

Source- Axisbank.com

RBL Bank FD Interest Rate

RBL Bank FD Interest Rate

RBL Bank, a leading private sector lender has altered the interest rates on fixed deposits under Rs. 2 crores. The new rates will take effect on October 1, 2022, according to the bank's official website.

RBL Bank now offers FD rates of 3.25% to 7.25% to the general public for a maturity period of 7 days to 240 months. Whereas, for the same maturity period, the bank offers an interest rate of 3.75% to 7.75% to Senior citizens.

Interest Rates On Domestic, NRO, NRE & Flexi Fixed Deposits w.e.f. October 01, 2022

Period of DepositDomestic & Flexi FD (p.a.)Senior Citizen  (p.a.)NRE  (p.a.)NRO  (p.a.)
7 days to 14 days3.25%3.75%NA3.25%
15 days to 45 days3.75%4.25%NA3.75%
46 days to 90 days4.00%4.50%NA4.00%
91 days to 180 days4.50%5.00%NA4.50%
181 days to 240 days5.00%5.50%NA5.00%
241 days to 364 days5.25%5.75%NA5.25%
365 to 452 days (12 months to less than 15 months)6.50%7.00%6.85%6.50%
453 to 459 days (15 months)7.00%7.50%7.35%7.00%
460 to 724 days (15 months 1 day to less than 725 days)7.00%7.50%7.35%7.00%
725 days7.25%7.75%7.55%7.25%
726 days to less than 24 months7.00%7.50%7.35%7.00%
24 months to less than 36 months6.75%7.25%7.10%6.75%
36 months to 60 months 1 day6.55%7.05%6.90%6.55%
60 months 2 Days to 240 months5.75%6.25%5.75%5.75%
Tax Savings Fixed Deposit (60 months)6.55%7.05%NA6.55%

Source - RBLbank.com

According to the bank, "Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non Resident Fixed Deposits (NRE/NRO)."

Bank of India FD Interest Rate

Bank of India FD Interest Rate

Bank of India (BOI), a public sector lender, increased interest rates on fixed deposits to less than Rs 2 crore effective from October 1, 2022, according to the Bank's website. The BOI announced interest rates hike on term deposits a day after the RBI increased the repo rate.

On fixed deposits with maturity periods ranging from 7 days to 10 years, BOI is now offering retail investors an interest rate range of 2.85% to 6.05%. The bank offers an additional premium of 25 bps, over & above the existing 50 bps will be paid to Senior Citizen on their retail TD (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps. A Minimum of Rs 1 lakh is required to book FD at the Bank Of India. 

Interest rate on Domestic/NRO Term Deposits below Rs 2 Crore w.e.f October 01, 2022

PeriodInterest rate (% p.a)
7 days to 14 days2.85
15 days to 30 days2.85
31 days to 45 days2.85
45 days to 90 days3.85
91 days to 179 days3.85
180 days to 269 days4.35
270 days to less than 1 year4.35
1 Year to 554 Days5.5
555 Days6.05
556 Days to < 2 Year5.5
2 Year to < 3 Year5.5
3 Year to < 5 Year6
5 Year to < 8 Year5.75
8 Year and upto 10 year5.75

Source- Bankofindia.co.in

Please Note- For NRE term deposits, the minimum Tenor is 1 Year and the Maximum is 10 years. 

Story first published: Saturday, October 1, 2022, 11:39 [IST]
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