However, after the decision of the Reserve Bank of India (RBI) to stop the increase in repo rate, banks have stopped increasing FD rates. In the month of September, Kotak Mahindra Bank, Axis Bank and IDBI Bank have changed their FD rates.

Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank has revised the interest rates of its fixed deposits. After this change in interest rates, Kotak Bank is giving 2.75% to 7.25% interest to general customers on FD of 7 days to 10 years. At the same time, the bank is giving 3.25% to 7.75% interest to its senior citizen customers on the same time period. The increased new interest rates are applicable from September 13, 2023.

Axis Bank FD Rates

Axis Bank has changed the interest rates on its fixed deposits. According to the official website of the bank, these rates are applicable from September 18, 2023. Axis Bank is offering 3% to 7.10% interest to its general citizens and 3% to 7.75% interest to its senior citizen customers.

IDBI Bank interest rates

IDBI Bank has also revised its fixed deposit rates. According to the bank’s website, these rates are effective from September 15, 2023. IDBI Bank is giving 3% to 6.8% interest on FD of 7 days to 5 years to general customers and 3.5% to 7.3% interest to senior citizen customers.

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Due to the increase in deposit interest rates, the trend of investors towards investing in FD is increasing. In the month of May, 4 banks have increased the interest rates, after which the interest rate has increased up to 9.60 percent.

DCB Bank FD Rates

DCB Bank has revised the FD interest rates for deposit amount less than Rs 2 crore. According to the website of DCB Bank, the new rates have been made effective from 8 May 2023. After the amendment, the highest interest rate has become 8 percent for regular customers and 8.50 percent interest rate is being given for senior citizens.

Kotak Mahindra Bank FD Rates

Kotak Mahindra Bank has increased interest rates on Fixed Deposits ( Kotak Mahindra Bank FD Rates) by 50 bps. The revised interest rates have been implemented from 11 May 2023. Kotak Mahindra Bank is offering interest rates ranging from 2.75% to 7.20% to general residents.

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Whereas, interest rate ranging from 3.25% to 7.70% has been offered to senior citizens. The bank has increased the interest rate by 50 basis points from 6.50% to 7% on tenure of 180 days. Whereas, with an increase of 10 basis points on FDs of 365 days tenure, the interest rate has been increased from 7% to 7.10%.

Suryoday Small Finance Bank FD Rates

Suryoday Small Finance Bank (SSFB Fixed Deposit Rates) has revised the fixed deposit interest rates. The interest rates were revised by 49 to 160 basis points (bps) over the tenor of 1 to 5 years. The new interest rates are effective from 5 May 2023. After the revision, the bank is giving an interest rate of 4.00 percent to 9.10 percent to the general public. Whereas, senior citizens have been offered an interest rate of 4.50 percent to 9.60 percent.

FD interest rates of Unity Small Finance Bank

Unity Small Finance Bank has increased the interest rates on Fixed Deposits (Unity Bank FD Interest Rates) from 2 May 2023. Now the bank is giving the highest FD interest of 9.50% on FDs of 1001 days tenure to senior citizens. The bank is giving interest rate up to 9.00% to regular citizens on FD of this tenure.

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The bank has decided to increase the interest rate on its FD scheme of less than Rs 2 crore. These new rates have come into effect from 19 September 2022. The bank has increased the interest rates of FD by 10 basis points. Now the bank is offering 2.50% to 6.10% interest rate on FDs ranging from 7 days to 10 years to customers.

At the same time, the bank is giving interest rates ranging from 3.00% to 6.60% to senior citizen customers on FDs of less than 2 crores. In such a situation, if you are also thinking of opening an FD account in the bank, then we are giving you information about the rate of interest offered on different periods-

Interest available on FDs of less than 2 crores-

Kotak Mahindra Bank is offering 2.50% interest rate to its general customers on FDs of 7 to 14 days. On the other hand, the bank 2.65% on FD of 15 to 30 days, 3.25% on FD of 31 to 45 days, 3.25% on FD of 46 to 90 days, 3.75% on FD of 91 to 120 days, 3.75 on FD of 121 to 179 days. %, Kotak Mahindra Bank is offering 5.00% interest rate on 180 days FD.

Bank 5.00% on 181 days to 269 days FDs, 5.00% on 270 days FDs, 5.00% on 271 to 363 days FDs, 5.25% on 364 days FDs, 5.75% on 365 days to 389 days FDs, 6.00% on 390 days FDs, 6.00% on 391 days FDs, 6.10% on 23 months FDs, 6.10% on 23 months FDs, 6.00% on 23 months to 3 years, 6.10 on 2 to 3 years FDs %, 6.10% on FDs of 3 to 4 years, 6.10% on FDs from 4 to 5 years and 6.10% on FDs from 5 to 10 years Kotak Mahindra Bank is offering customers.

Extra Benefit for Senior Citizen Kotak Mahindra Bank is offering 0.50% higher interest rate to its Senior Citizen (Kotak Mahindra Bank FD Rates for Senior Citizen) customers. The bank offers senior citizens the highest rate of interest on fixed deposits ranging from 23 months to 10 years. Where the bank offers 6.10% interest to the general citizens. At the same time, the bank is offering 6.60% interest to senior citizens.

RBI is continuously increasing the repo rate –

To control the rising inflation in the country, the Reserve Bank is continuously increasing the repo rate. The bank has increased the repo rate from 4.00% to 5.40% in the month of May, June and August. Due to this, FD rates, savings accounts and RD rates are increasing continuously. In the recent times, many banks in the country like Bank of Baroda, Axis Bank, Indian Overseas Bank etc. have increased their FD rates.

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