Latest Bank FD Rates Adjustment Details
In the ever-evolving landscape of banking, Fixed Deposits (FDs) have taken center stage in 2023, drawing the attention of investors far and wide. The allure of over 7% interest rates offered by several banks has become impossible to ignore. This financial upswing comes in the wake of the Reserve Bank of India’s (RBI) decision to put a temporary halt on repo rate hikes, causing banks to recalibrate their strategies for Fixed Deposit rates. After a relentless series of six consecutive rate hikes that amounted to a substantial 250 basis points (bps) increase since May 2022, the central bank pressed the pause button on this rate adjustment cycle in April.
Now, in September 2023, three prominent banks—Kotak Mahindra Bank, Axis Bank, and IDBI Bank—are making headlines by revising their FD rates, offering more appealing opportunities for investors.
Kotak Mahindra Bank Latest Fixed Deposit Rates (Effective from 13th September 2023):
Kotak Mahindra Bank has announced a significant revision to its Fixed Deposit interest rates. Following this update, the bank is now offering a competitive interest rate range of 2.75% to 7.25% for general customers on deposits with maturity periods ranging from seven days to ten years. Meanwhile, senior citizens are set to enjoy even more lucrative returns, with interest rates ranging from 3.25% to 7.75% on these Fixed Deposits. These revised rates came into effect on the 13th of September 2023.
Axis Bank Latest Fixed Deposit Rates (Effective from 18th September 2023):
Axis Bank has also taken steps to enhance its Fixed Deposit offerings. As per the information available on the bank’s website, these revised rates became effective on the 18th of September 2023. General citizens can now avail themselves of Fixed Deposit interest rates ranging from 3% to 7.10%, while elderly citizens are entitled to interest rates varying from 3% to 7.75%.
IDBI Bank Latest Fixed Deposit Rates (Effective from 15th September 2023):
IDBI Bank, too, has reevaluated its Fixed Deposit interest rates, with the new rates taking effect from the 15th of September 2023. For general customers, IDBI Bank is offering interest rates in the range of 3% to 6.8% on Fixed Deposits maturing in durations spanning from seven days to five years. Elderly individuals will be pleased to discover that they can earn interest at rates ranging from 3.5% to 7.3% on these Fixed Deposits.
It is important to note that banks regularly adjust their interest rates in accordance with various deposit schemes, and these adjustments are transparently communicated to the public. These revised interest rates exclusively apply to renewals and fresh deposits, while existing deposits will continue to earn interest at the initially agreed-upon rates.
About Interest Rates:
An interest rate represents the portion of interest owed for a specific time period, relative to the sum of money that has been loaned, deposited, or borrowed. The overall interest accrued on a given loan or deposit is determined by the initial principal amount, the interest rate, the frequency of compounding, and the duration for which the funds remain invested, deposited, or borrowed.
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