Banks That Revised FD Interest Rate In September 2023

Five leading banks revised their fixed deposit interest rates in September month. Fixed Deposits offer tax benefits along with fixed rate of interest on your deposits. The banks that revised fixed deposit interest rates this month are IDBI Bank, DCB Bank, Axis Bank, Kotak Mahindra Bank, and Yes Bank. It is worth noting here that Reserve Bank Governor-led six-member Monetary Policy Committee (MPC) meeting has been scheduled for October 4-6, 2023. The meeting will be keenly watched as many banks opt to revise FD interest rates after the meeting. Check details below:

1. IDBI Bank: The fixed deposit interest rates offered by IDBI Bank vary between 3% to 6.80% for FDs maturing between 7 days to 10 years for regular citizens. Meanwhile, it offers FD interest rates ranging between 3.50% to 7.30% for senior citizens. The bank introduced revision in its FD interest rates from September 15, 2023. General citizens can fetch maximum 6.8% interest rates for FDs for the tenure of 1-year to 2-years and senior citizens can get 7.3% interest rate for the same tenure.

2. DCB Bank: The bank also sprang a surprise to its customer by revising the FD interest rates ahead of RBI's MPC meeting. The bank revised its resident, NRE, and NRO savings bank account interest rate and customers can now fetch a maximum interest rate of 8.00% on balances from Rs 10 lakh to less than Rs 2 crore in the account. When it comes to the FD interest rate of DCB Bank after revision, its regular customers can now get the highest interest rate of 7.90% for FDs with the tenure of 25 months to 26 months while senior citizens will get 8.50% interest rates for single deposit of less than Rs 2 crore.
Senior citizens will get an additional interest rate that is 50 basis points higher than the standard rate for all tenures.

3. Axis Bank: The bank has brought down its fixed deposit interest rates on select tenures by approximately 50 basis points or bps for deposits below Rs 2 crore. New fixed deposit interest rates of Axis Bank got effective from September 15, 2023, as per its official website. After revision in interest rates, Axis Bank offers interest rates between the range of 3% to 7.10% on deposits maturing in 7 days to 10 years.

4. Kotak Mahindra Bank: The leading bank also updated its fixed deposit interest rates for deposits below Rs 2 crore and new rates have already become effective beginning from September 13, 2023. The bank provides interest rates to general citizens between the range of 2.75% to 7.25% and offers interest rate between 3.25% to 7.75% to elderly for amount less than Rs 2 crore. The bank on September 13 opted to raise its interest rates by 25 bps for the tenure of 23 months. Precisely, regular citizens can fetch highest interest rate of 7.25% and senior citizens can get maximum 7.75% interest rates.

5. Yes Bank: The bank also sought to revise its FD interest rates for its customers to make them more appealing. Yes Bank revised FD interest rates for deposits below Rs 2 core on some tenures. It revised its FD interest rates on September 4, 2023. After the revision, Yes Bank provides its regular customers interest rates ranging between 3.25% to 7.75%. On the other hand, senior citizens can get interest rate between 3.75% to 8.25% for the tenure of 18 to less than 24 months, according to its official website.