According to Paisabazaar, FD interest rates at scheduled banks currently fluctuate between 2.5% and 9% per annum for regular depositors with tenures ranging from 7 days to 10 years. Recently, several banks, including IndusInd Bank, Punjab National Bank and Kotak Mahindra Bank, among others, have revised their FD interest rates.
The FD interest rate revisions come after the recent repo rate cut by the Reserve Bank of India (RBI). Here’s a look at the revised FD rates from these banks.
Punjab National Bank
Just days after making similar changes in April, Punjab National Bank (PNB) has updated its fixed deposit (FD) interest rates for retail deposits less than ₹3 crore. In the latest update, the bank has decreased interest rates by up to 25 basis points (bps) on some short- and medium-term maturities, which was made effective from May 1. Following the adjustment, the bank now offers FD interest rates ranging from 3.50% to 7.10% for terms ranging from 7 days to 10 years to general citizens. The highest interest rate is 7.10%, which is given for a 390-day term.
The State Bank of India (SBI) has also announced a revision in its FD interest rates. Following the revision, it has now cut the rates by 10 basis points for FDs with tenures between one and three years. For a tenure between one year and two years, the bank has reduced the rates from 6.8 to 6.7% for general customers and from 7.3 to 7.2% for senior citizens. The interest rates for deposits, with a duration of two to three years, have been reduced to 6.9% from 7% for the general citizens and from 7.5% to 7.4% for the senior citizens.
IDFC FIRST Bank
Following the change, IDFC FIRST Bank currently offers interest rates ranging from 3% to 7.50% on FDs of less than ₹3 crore for the general public for terms ranging from 7 days to 10 years. For the senior customers, it is now offering interest rates ranging from 3.5% to 8%. The highest interest rate of 7.5% and 8% (for elderly persons) is available for a 400-500-day period.
IndusInd Bank
IndusInd Bank recently revised its fixed deposit (FD) interest rates for various tenures after the central bank cut the repo rate by 25 basis points. The bank has raised rates for certain longer-term deposits while lowering them for shorter ones. It now offers FD rates ranging from 3.5% to 7.75% per year and 4% to 8.25% for senior persons. As per the latest revision, the highest annual interest rate given is 7.75% for general citizens and 8.25% for senior citizens over a 15- to 16-month period.
Kotak Mahindra Bank
Kotak Mahindra Bank has revised its interest rates on fixed deposits by lowering them. After the revision, the bank is now offering FD interest rates ranging between 2.75% and 7.15% for the general customers on deposits below ₹3 crore. Meanwhile, the rates range from 3.25% to 7.65% for senior citizens for the same amount.
Bandhan Bank
On the other hand, Bandhan Bank has raised FD interest rates for amounts less than ₹3 crore. After the latest revision, the bank is now offering FD interest rates ranging from 3% to 7.75% for terms ranging from 7 days to 10 years to regular citizens. Additionally, it now offers FD interest rates ranging from 3.75% to 8.25% for senior citizens. The highest interest rates of 7.75% and 8.25% are available for a one-year term.
AU Small Finance Bank
AU Small Finance Bank is offering FD interest rates ranging from 3.75% to 7.75% on amounts less than ₹3 crore for the general public for a tenure ranging between 7 days and 10 years. As a part of the revision, the bank now offers interest rates between 4.25% and 8.05% for senior citizens.
