Two big private sector banks Axis Bank and Kotak Mahindra Bank have changed the fixed deposit rates. These changes are applicable on FDs ranging from 7 days to 10 years. Let us know where both the banks are getting better returns-
According to the new rates of Axis Bank, the bank is giving 2.50% interest for 7 to 29 days on FDs below Rs 2 crore. At the same time, fixed deposits of 30 days or more but less than 3 months will get 3% interest. The new rates are applicable from September 9.
Axis Bank interest rate
On FDs of 7 to 29 days – 2.50%
On FDs of 30 to 60 days – 3.00%
On FDs of 61 days or more but less than 6 months – 3.50%
6 months or more but less than 11 months 25 days – 4.40%
11 months 25 days or more but less than 1 year – 4.40%
More than 1 year but less than 1 year 5 days – 5.10%
1 year more than 5 days but less than 1 year 11 days – 5.15%
1 year more than 11 days but less than 18 months – 5.10%
Above 18 months to less than 2 years – 5.25%
Above 2 years but less than 3 years – 5.40%
Above 3 years but less than 5 years – 5.40%
5 years to 10 years – 5.75%
Kotak Mahindra Bank
Kotak Mahindra Bank has also revised its FD rates. FDs from 7 days to 30 days, 31 days to 90 days, 91 days to 179 days will get 2.5%, 2.75%, and 3% interest. These new rates are effective from 8 September.
7 to 30 days- 2.50%
31 days to 90 days – 2.75%
91 to 120 days – 3%
121 to 179 days – 3.25%
180 days 4.25%
181 days to 354 days 4.40%
365 to 389 days – 4.50%
390 days – 4.75%
391 days – 4.75%
23 Months – 4.9%
23 months one day or more but less than 4 years – 5.10%
4 years or more but less than 5 years – 5.20%
5 years or more and up to 10 years – 5.25%
