All three banks have changed the rates of fixed deposits of different tenures. Senior citizens are offered 0.50 percent more interest.
There is important news for those making fixed deposits (FD). If you are planning to make a fixed deposit then there is an update for you. Three banks of the country – Kotak Mahindra Bank, Axis Bank and IDBI Bank have revised the interest rates offered on their FDs. It would be better if you decide to invest only after a fresh investigation of the interest being received from the banks.
Kotak Mahindra Bank
Kotak Mahindra Bank has revised the interest rate on fixed deposits (FD). After the new data, Kotak Mahindra Bank is offering interest rates of 2.75% to 7.25% for general customers on deposits maturing in 7 days to 10 years. Whereas senior citizens are being offered interest rates of 3.25% to 7.75% on FD for these periods. These rates are applicable from 13 September 2023.
Axis bank rates
Private sector Axis Bank has changed the interest rates on its fixed deposits (FD). According to the official website of the bank, the new rates have come into effect from September 18, 2023. Axis Bank is offering interest rates (Axis Bank fd rates) of 3% to 7.10% to general citizens and 3% to 7.75% to senior citizens.
IDBI Bank also made amendments
IDBI Bank has also implemented new and revised interest rates for its customers. According to the official website of the bank, these rates have become effective from September 15, 2023. IDBI Bank is offering 3% to 6.8% interest rates to general customers (below 60 years of age) on FDs maturing in 7 days to 5 years and 3.5% to 7.3% to senior citizens (IDBI Bank FD rates). .
Fixed deposits have become attractive now in the long run. Banks are offering more than 7 percent interest to general customers also. Following the decision by the Reserve Bank of India (RBI) to stop increasing the repo rate, banks have, however, stopped further increasing FD interest rates for the time being.
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