Fixed Deposits are the calmest investment schemes, which are reliable and low-risk. Imagine them as a fixed-interest cocoon for your money, promising stability over a set period. Some FDs, especially those with a 5-year or longer term, even come with a bonus: they can save you some taxes. Banks revised FD interest rates regularly, so when you renew or add a new deposit, you ride the wave of these changes. But fear not, your existing deposits keep grooving to the beat of the initial contracted interest rate. Smooth, right?
Fixed Deposits- The Best Investment Products
In 2023, Bank Fixed Deposits are catching eyes with interest rates topping 7 percent for regular customers. The good news? The rates stopped climbing because the Reserve Bank of India hit the pause button on repo rate hikes. This break came in April this year, ending a cycle of six back-to-back rate hikes that added up to 250 basis points since May 2022.
Check the Revised FD Interest Rates of Axis Bank, IDBI Bank and Kotak Mahindra Bank:
The interest rates on Axis Bank’s term deposits got a makeover, starting from September 18. For regular folks, the rates now dance between 3 percent and 7.10 percent, while seniors enjoy a range of 3 percent to 7.75 percent, as per the info on the bank’s official website.
IDBI Bank shook things up with its term deposit interest rates, and it’s been in effect since September 15. For regular customers, the interest rates now range from 3 percent to 6.8 percent on Fixed Deposits maturing in seven days to five years. If you’re looking at a similar timeframe but want a bit more, there’s another option with rates ranging from 3.5 percent to 7.3 percent. Check out their official portal for all the details!
Kotak Mahindra Bank
Kotak Mahindra Bank turned up the interest on Fixed Deposits (FDs) in September. For regular customers, the rates now go from 2.75 percent to 7.25 percent on FDs maturing in seven days to ten years. If you’re a senior citizen, your rates range from 3.25 percent to 7.75 percent. And just so you know, these new rates kicked in from September 13.