Axis Bank and Kotak Mahindra Bank hiked FD (fixed deposit) interest rates in compliance with the benchmark rate set by the RBI. The new rates are effective from December 15, 2022.
Due to the cause and effect of the RBI’s declaration on the rise in repo rate by 35 basis points, fixed deposits rate and lending rates contrived to increase in tandem. One week after the SBI made its announcement, the commercial banks began to announce the increase in FD interest rates.
SBI offers the highest FD rate of 6.75% for regular citizens and 7.25% for senior citizens by raising the rates to 65 basis points. HDFC made a declaration on hiking the FD interest rate by 75 bps, offering interest rates ranging from 3% to 7% for the general public and 3.50% to 7.50% for senior citizens for tenure between 7 days to 10 years.
Axis Bank revised FD interest rates
When the deposit amount is below 2 crores for tenure between 6 months to 9 months, then the FD rates will be offered at 5.75% for normal citizens. Deposits maturing in 9 months to less than 1 year will now earn an interest rate of 6%. If the tenure ranges from 1 year to less than 2 years, the interest rate is available at 6.75%. For deposits maturing in 2 years to less than 10 years, the bank is offering an interest rate of 7%.
Senior citizen FD rates
Fixed deposit interest rates are offered between 3.50% and 7.75% for tenures ranging from 7 days to 10 years for those who come under the senior citizen category.
Kotak Mahindra Bank revised FD rates
One of the leading private banks, Kotak Mahindra has hiked the FD interest rates for the third time in a week. The revised interest rates on FD are aligned to apply from December 15, 2022. Those who come under regular citizenship will avail the benefit of receiving interest rates at 2.75% if tenure ranges from 7 to 14 days and for the same tenure period, the senior citizens are offered an interest rate of 3.25%.
When the deposit amount is below 2 crores for tenure between 15 days to 30 days, the interest rate will be offered at 3.00% for regular citizens and 3.50% for senior citizens. The bank offers an interest rate of 3.25% for tenure ranging from 31 days to 45 days for regular citizens and senior citizens provided with interest rates of 3.75%.
If tenure is between 46 days to 90 days, the bank offers an interest rate of 3.50% for regular citizens and 4.00% for senior citizens. Deposits maturing from 91 days to 120 days will now earn an interest rate of 4.00% by normal citizens and senior citizens will yield an interest rate of 4.50%.
The interest rate is available at 4.25% for regular citizens as the tenure ranges between 121 days to 179 days and for this same tenure, the senior citizens will earn an interest rate of 4.50%. The bank now offers a 5.75% interest rate to regular citizens if the tenure is 180 days and for tenure ranging between 181 days to 270 days. The bank will offer an interest rate of 6.75% on the tenure of 365 days to 389 days to regular citizens. The senior citizen will be offered an interest rate of 6.25% if the tenure is 180 days and for the tenure is between 180 days to 363 days.