4 Private Sector Banks That Revised Their Interest Rates On FD In September 2021
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IDFC First Bank
With effect from 15th September 2021, IDFC First Bank has revised interest rates on its fixed deposit scheme. Following the most recent revision on the fixed deposit interest rate of the bank, the general public will now get an interest rate ranging from 2.50% to 5.25% on their deposits of less than Rs 2 Cr, whereas senior citizens will get an interest rate ranging from 3.00% to 5.75% on their deposits. Check out the latest interest rates on fixed deposits of IDFC First Bank below.
| Period | Rate of Interest (%p.a.) w.e.f. September 15, 2021 | For senior citizens |
|---|---|---|
| 7 – 14 days | 2.50% | 3.00% |
| 15 – 29 days | 2.50% | 3.00% |
| 30 – 45 days | 2.75% | 3.25% |
| 46 – 90 days | 2.75% | 3.25% |
| 91 – 180 days | 3.25% | 3.75% |
| 181 days – less than 1 year | 4.50% | 5.00% |
| 1 year – 2 years | 4.75% | 5.25% |
| 2 years 1 day – 3 years | 5.00% | 5.50% |
| 3 years 1 day – 5 years | 5.20% | 5.70% |
| 5 years 1 day – 10 years | 5.25% | 5.75% |
| 5 Years Tax Saver Deposit (Only for Domestic Deposits) | 5.25% | 5.75% |
| Source: Bank Website |
Axis Bank
Axis Bank, a leading private sector lender has interest rates on its fixed deposit with effect from 09.09.2021. After the revision, the bank is now offering an interest rate of 2.50% to 5.75% to the general public on their deposits of less than Rs 2 Cr, and senior citizens will get an interest rate of 2.50% to 6.50% on their deposits maturing in 7 days to less than 10 years. Axis Bank’s interest rates on fixed deposits for both regular and senior citizens are as follows.
| Period | Regular Interest Rates (in % p.a.) | Senior citizens interest rates ( in % p.a.) |
|---|---|---|
| 7 days to 14 days | 2.5 | 2.5 |
| 15 days to 29 days | 2.5 | 2.5 |
| 30 days to 45 days | 3 | 3 |
| 46 days to 60 days | 3 | 3 |
| 61 days | 3 | 3 |
| 3 months | 3.5 | 3.5 |
| 4 months | 3.5 | 3.5 |
| 5 months | 3.5 | 3.5 |
| 6 months | 4.4 | 4.65 |
| 7 months | 4.4 | 4.65 |
| 8 months | 4.4 | 4.65 |
| 9 months | 4.4 | 4.65 |
| 10 months | 4.4 | 4.65 |
| 11 months | 4.4 | 4.65 |
| 11 months 25 days | 4.4 | 4.65 |
| 1 year | 5.1 | 5.75 |
| 1 year 5 days | 5.15 | 5.8 |
| 1 year 11days | 5.1 | 5.75 |
| 1 year 25 days | 5.1 | 5.75 |
| 13 months | 5.1 | 5.75 |
| 14 months | 5.1 | 5.75 |
| 15 months | 5.1 | 5.75 |
| 16 months | 5.1 | 5.75 |
| 17 months | 5.1 | 5.75 |
| 18 months | 5.25 | 5.9 |
| 2 years | 5.4 | 6.05 |
| 30 months | 5.4 | 6.05 |
| 3 years | 5.4 | 6.05 |
| 5 years to 10 years | 5.75 | 6.5 |
| Source: Bank Website, W.E.F. 09/09/2021 |
Kotak Mahindra Bank
Kotak Mahindra Bank has recently revised interest rates on its fixed deposit which are in force from 8th September 2021. For a deposit amount of less than Rs 2 Cr, regular customers will now get an interest rate of 2.50% to 5.25%, whereas senior citizens will get an interest rate of 3.00% to 5.75% on their deposits maturing in 7 days to less than 10 years. For both regular and senior citizens, interest rates on fixed deposits of Kotak Mahindra Bank are listed below.
| Maturity Periods – Premature Withdrawal Allowed | Regular | Senior Citizen |
|---|---|---|
| 7 – 14 Days | 2.50% | 3.00% |
| 15 – 30 Days | 2.50% | 3.00% |
| 31 – 45 Days | 2.75% | 3.25% |
| 46 – 90 Days | 2.75% | 3.25% |
| 91 – 120 Days | 3.00% | 3.50% |
| 121 – 179 days | 3.25% | 3.75% |
| 180 Days | 4.25% | 4.75% |
| 181 Days to 269 Days | 4.25% | 4.75% |
| 270 Days | 4.40% | 4.90% |
| 271 Days to 363 Days | 4.40% | 4.90% |
| 364 Days | 4.40% | 4.90% |
| 365 Days to 389 Days | 4.50% | 5.00% |
| 390 Days (12 months 25 days) | 4.75% | 5.25% |
| 391 Days – Less than 23 Months | 4.75% | 5.25% |
| 23 Months | 4.90% | 5.40% |
| 23 months 1 Day- less than 2 years | 4.90% | 5.40% |
| 2 years- less than 3 years | 5.00% | 5.50% |
| 3 years and above but less than 4 years | 5.10% | 5.60% |
| 4 years and above but less than 5 years | 5.20% | 5.70% |
| 5 years and above upto and inclusive of 10 years | 5.25% | 5.75% |
| Source: Bank Website, W.e.f. 8th September 2021 |
RBL Bank
Starting from the month i.e. 1st September 2021, RBL Bank has revised interest rates on its fixed deposit. The bank is now offering a pretty good interest rate of fixed deposit if we compare it with the above said private sector banks. The reason behind the saying is, for a deposit amount of less than Rs 3 Cr, regular customers will now get an interest rate of 3.25% to 6.30% on deposits maturing in 7 days to 240 months, whereas for the same maturity period senior citizens will now get an interest rate of 3.75% to 6.80% on their deposits. The latest rates on fixed deposits of the bank are as follows.
| Period of deposit | Interest Rates p.a. | Senior Citizen Interest Rates p.a. |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.75% | 4.25% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 240 days | 5.00% | 5.50% |
| 241 days to 364 days | 5.25% | 5.75% |
| 12 months to less than 24 months | 6.00% | 6.50% |
| 24 months to less than 36 months | 6.00% | 6.50% |
| 36 months to less than 60 months | 6.30% | 6.80% |
| 60 months to 60 months 1 day | 6.30% | 6.80% |
| 60 months 2 days to less than 120 months | 5.75% | 6.25% |
| 120 months to 240 months | 5.75% | 6.25% |
| Tax Savings Fixed Deposit (60 months) | 6.30% | 6.80% |
| Source: Bank Website, w.e.f. September 01, 2021 |
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