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HDFC Bank Q3 net rises 18% y-o-y

January 16, 2021 root Banking & Finance

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The bank’s pro forma net NPA ratio would have been 0.4%. Its reported gross NPA ratio in Q3 was 0.81% and net NPA ratio was 0.09%.

HDFC Bank on Saturday reported an 18% year-on-year (y-o-y) growth in net profit for the quarter ended December to Rs 8,578 crore on the back of a 15% y-o-y rise in net interest income (NII) to Rs 16,317.6 crore, with non-interest income growing 11.6% y-o-y. The bank’s non-bank subsidiary posted a loss during the quarter.

The bank’s provisions rose 12% y-o-y to Rs 3,414 crore. In a statement, HDFC Bank said total provisions for the current quarter includes contingent provisions of approximately Rs 2,400 crore for proforma non-performing assets (NPA).

It said if it had recognised as bad the accounts which were not declared NPA till August 31, 2020, under the Supreme Court’s orders, the pro forma gross NPA ratio would have been 1.38% as on December 31, 2020.

It would have been 1.37% as on September 30, 2020 and 1.42% as on December 31, 2019.

The bank’s pro forma net NPA ratio would have been 0.4%. Its reported gross NPA ratio in Q3 was 0.81% and net NPA ratio was 0.09%. The restructuring under the Reserve Bank of India’s (RBI) resolution framework for Covid-19 was approximately 0.5% of advances.

“Pending disposal of the case, the bank, as a matter of prudence, has made a contingent provision in respect of these accounts,” the lender said. It also continues to hold provisions as on December 31, 2020 against the potential impact of Covid-19 based on the information available at this point in time and in excess of prescribed norms. The bank held floating provisions of Rs 1,451 crore and contingent provisions of `8,656 crore as on December 31, 2020. Total provisions (comprising specific, floating, contingent and general provisions) were 260% of the reported gross NPAs or 148% of pro forma gross NPAs as on December 31, 2020.

Core net interest margin (NIM) in Q3 rose to 4.2% from 4.1% at the end of September.

Total advances as on December 31, 2020 were Rs 10.82 lakh crore, up 15.6% over December 31, 2019. Domestic advances grew by 14.9% y-o-y. Domestic retail loans grew by 5.2% and domestic wholesale loans grew by 25.5%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 48:52.

Total deposits as on December 31 were Rs 12.71 lakh crore, an increase of 19% over December 31, 2019. Current account savings account (CASA) deposits grew 29.6% y-o-y, with SA deposits at Rs 3.75 lakh crore and CA deposits at Rs 1.72 lakh crore. Time deposits stood at Rs 7.24 lakh crore, an increase of 12.2% over the previous year. The CASA ratio stood at 43%, up from 42.2% a quarter ago.

The Bank’s total capital adequacy ratio (CAR) as per Basel III guidelines was at 18.9% as on December 31, 2020 (18.5% as on December 31, 2019) as against a regulatory requirement of 11.075% which includes capital conservation buffer of 1.875%, and an additional requirement of 0.20% on account of the bank being identified as a domestic systemically important bank (D-SIB). Tier 1 CAR was at 17.6% as of December 31, 2020 compared to 17.1% as of December 31, 2019. Common equity tier 1 capital ratio was at 16.8% as of December 31, 2020. Risk weighted assets were at Rs 10.92 lakh crore, as against Rs 9.51 lakh crore as on December 31, 2019.

The bank’s NBFC subsidiary HDB Financial Services posted a net loss of Rs 44.3 crore in Q3. The company’s total provisions for the quarter at Rs 818.8 crore exceeded its operating profit of Rs 748.7 crore The total loan book grew by 1.7% y-o-y to `57,710 crore as on December 31, 2020. The gross and net NPA were 2.7% of gross advances and 1.7% of net advances respectively. “However, if the Company had classified borrower accounts as NPA after August 31, 2020 along with the NBFC recognition methodology for NPAs (proforma approach), the proforma Gross NPA ratio would have been 5.9% as on December 31, 2020, as against 5.1% as on September 30, 2020 and 2.9% as on December 31, 2019,” HDFC Bank said.

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HDFC Bank Q3: Continued growth momentum, provisioning buffer lend comfort

January 16, 2021 root Banking & Finance

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HDFC Bank’s business update that was released over a week ago, reporting 16 per cent YoY growth in loans—way above the industry growth of 6.7 per cent, and strong traction in low cost CASA deposits, had suggested continued growth momentum for the private lender in the December quarter. In line with market expectations, HDFC Bank has delivered a healthy financial performance, reporting 18 per cent YoY growth in profit in December quarter, aided by healthy traction in corporate loans and trading gains, even as excess liquidity continued to weigh on the bank’s core net interest margin (NIMs).

But there were other key trends and management commentary that were keenly awaited. Post the RBI temporarily halting the bank’s acquisition of new credit card customers and all launches under its Digital 2.0 initiative in December, there have been concerns over the directive’s impact on the bank’s growth outlook and market share. The management post the Q3 results, stated that it is in the process of taking necessary remedial measures to strengthen its digital infrastructure and will update on the progress going ahead. Given that the credit card business has been a key driver of retail loan growth for the bank in recent years, near term growth and valuations could come under pressure, until there is more clarity on this front.

Recent management churn also adds an element of uncertainty. The key to the bank’s premium valuations will lie in tiding over these near term challenges.

That said, HDFC Bank continues to score over other players on its digital and technological drive, overall business momentum, strong operational metrics and higher provisioning buffer.

Impact of credit card business

Over the past few years, HDFC Bank has been gaining market share, amid lacklustre industry growth and challenges, thanks to its diversified loan mix. Hence, even as retail loan growth slowed in FY19 and FY20, strong growth in corporate loans, held the bank’s overall growth momentum. In the first half of the current fiscal too, even as the pandemic impacted retail credit growth, HDFC Bank’s corporate segment continued to deliver strong growth, aiding earnings.

In the latest December quarter, the management stated that retail disbursements have surpassed pre-Covid levels, thanks to the festive season. Corporate loans continued to register strong growth of 25.5 per cent in the December quarter (26.5 per cent in the September quarter).

While retail loan growth picking up is a positive, headwinds in the bank’s credit card business can impact growth in the near term. Since FY18, HDFC Bank’s growth in credit cards has been outpacing that of industry. Even in the first nine months of the current fiscal, HDFC Bank’s credit card has grown at a higher pace than the overall industry growth within the segment.

That said, in the December quarter HDFC Bank delivered a resilient performance, with strong traction in deposits alongside healthy growth in corporate loans aiding earnings. Low cost CASA deposits grew by a strong 29.6 per cent, offering cushion to NIMs. Importantly, the bank’s structurally low cost-to-income ratio is a key positive. In the December quarter cost-to-income ratio stood at 36.1 per cent as against 37.9 per cent for the corresponding quarter last year.

Prudent provisioning

While the bank’s reported GNPA ratio stood at 0.81 per cent, on a proforma basis (if the bank had classified borrower accounts as NPA after August 31, 2020 had it not been for the Supreme Court asset classification standstill), GNPA ratio would have been 1.38 per cent.

However, HDFC Bank has made contingent provisions on such accounts alongside Covid-related provisions. This should provide cushion to earnings if asset quality deteriorates here on. The bank holds floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 8,656 crore as on December.

The bank’s NBFC subsidiary, HDB Financial Services, remains a weak link, which has witnessed uptick in bad loans—GNPA ratio at 5.9 per cent (proforma basis) up from 2.9 per cent last year.

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HDFC Bank reports 18% rise in Q3 net profit

January 16, 2021 root Banking & Finance

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Private sector lender HDFC Bank reported an 18.1 per cent increase in its net profit for the third quarter this fiscal at Rs 8,758.29 crore.

The bank had a standalone net profit of Rs 7,416.48 crore in the same period last fiscal.

For the quarter ended December 31, 2020, HDFC Bank’s net revenues (net interest income plus other income) grew to ₹ 23,760.8 crore from ₹ 20,842.2 crore a year ago.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2020 grew by 15.1per cent to ₹ 16,317.6 crore from ₹ 14,172.9 crore for the same period last fiscal.

In a statement on Saturday, the bank said this was “driven by advances growth of 15.6 per cent, and a core net interest margin for the quarter of 4.2 per cent”.

Provisions and contingencies for the third quarter this fiscal rose to ₹ 3,414.1 crore as against ₹ 3,043.6 crore for the quarter ended December 31, 2019. “Total provisions for the current quarter include contingent provisions of approximately ₹ 2,400 crore for proforma NPA as described in the asset quality section below,”it said.

The Gross and Net non-performing assets were at 0.81 per cent of gross advances and 0.09 per cent of net advances as on December 31, 2020 respectively. The restructuring under RBI resolution framework for Covid-19 was approximately 0.5 per cent of advances.

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HDFC Bank reports 18% jump in net profit to Rs 8,758 crore; gross NPA ratio at 0.81%

January 16, 2021 root Banking & Finance

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In terms of asset quality, HDFC Bank noted that gross and net non-performing assets were at 0.81% of gross advances and 0.09% of net advances.

India’s largest private sector lender HDFC Bank, today reported an 18.1% on-year rise in net profit during the fiscal third quarter. HDFC Bank’s standalone net profit stood at Rs 8,758 crore in the October-December quarter against Rs 7,416 crore in the same period last year. The bank’s net revenue was recorded at Rs 23,760 crore against Rs 20,842 crore from the year-ago period. On a consolidated basis, HDFC Bank’s net profit for the period under review was Rs 8,769 crore, against Rs 7,659 crore in the previous year.

HDFC Bank’s net interest income for the previous quarter grew 15.1% to Rs 16,317 crore helped by growth in advances, which was at 15.6%. The liquidity coverage ration of HDFC Bank was reported to be at 146%, well above the regulatory limit. Other income in the said period was at Rs 7,443 crore, 31.3% of the net revenue.

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RBI open to examining bad bank proposal, says Shaktikanta Das; wants lenders to identify risks early

January 16, 2021 root Banking & Finance

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The RBI Governor said that the idea of a bad bank has been under discussion for a long time.

Reserve Bank of India Governor Shaktikanta Das today said that the central bank is open to looking at a proposal around setting up a bad bank. “Bad bank under discussion for a long time. We at RBI have regulatory guidelines for Asset reconstruction companies and are open to looking at any proposal to set up a bad bank,” Shaktikanta Das said while delivering the 39th Nani Palkhivala Memorial Lecture on Saturday. Das touched up on a range of issue during the event as he lauded the role played by the RBI during a pandemic.

Bad Bank for India?

The RBI Governor said that the idea of a bad bank has been under discussion for a long time now but added that the RBI tries to keep its regulatory framework in sync with the requirement of the times. “We are open (to look at bad bank proposal) in the sense, if any proposal comes we will examining it and issuing the regulatory guidelines. But, then it is for the government and the private players to plan for it,” Das said. He added that RBI will only take a view on any proposal only after examining it.

Also Read: Rakesh Jhunjhunwala on selling spree; big bull cuts stake in Titan among other stocks

The Idea of setting up a bad bank to help the banking system of the country has picked up after Economic Affairs Secretary, Tarun Bajaj earlier last month, said that the government is exploring all options, including a bad bad, to help the health of the lenders in the country. However, earlier in June last year, Chief Economic Advisor Krishnamurthy Subramanian had opined that setting up a bad bank may not be a potent option to address the NPA woes in the banking sector.

Discussion the idea of bad banks, domestic brokerage and research firm Kotak Securities this week said that it may be an idea whose time has passed. “Today, the banking system is relatively more solid with slippages declining in the corporate segment for the past two years and high NPL coverage ratios, which enable faster resolution. Establishing a bad bank today would aggregate but not serve the purpose that we have observed in other markets,” a recent report by Kotak Securities said.

Banks, NBFCs need to identify risks early

Looking ahead, Shaktikanta Das said that integrity and quality of governance are key to good health and robustness of banks and NBFCs. “Some of the integral elements of the risk management framework of banks would include effective early warning systems and a forward-looking stress testing framework. Banks and NBFCs need to identify risks early, monitor them closely and manage them effectively,” he added.

Talking about recapitalising banks, the RBI governor said that financial institutions in India have to walk on a tight rope. The RBI has advised all lenders, to assess the impact of the pandemic on their balance sheets and work out possible mitigation measures including capital planning, capital raising, and contingency liquidity planning, among others. “Preliminary estimates suggest that potential recapitalisation requirements for meeting regulatory norms as well as for supporting growth capital may be to the extent of 150 bps of Common Equity Tier-I 10 capital ratio for the banking system,” Shaktikanta Das said.

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Here is the latest FD Interest rates of banks, BFSI News, ET BFSI

January 11, 2021 root Personal Finance

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Fixed deposits (FDs) are financial instruments provided by banks or NBFCs that offer investors better interest rates than the regular savings accounts. FDs are considered one of the safest investment options and are also called term deposits as they are booked for a fixed term that may range from 7 days to up to 10 years.

Latest rates being offered by some of the top Financial Institutions:

Banks FD Interest Rates

HDFC Bank	2.5% to 5.5%
ICICI Bank	2.5 to 5.5%
Axis Bank	2.5% to 5.5%
Kotak Mahindra Bank	2.5% to 4.5%%
SBI	2.9% to 5.4%
Bank of Baroda	2.8% to 5.1%
Bajaj Finace	6.1% to 6.7%
HDFC	5.85% to 6.25%
PNB Housing Finance	5.9% to 6.7%

State Bank of India
On FDs between 7 days and 45 days, SBI gives 2.9% interest. Between 46 days and 179 days, the interest is 3.9%. FDs of 180 days to less than one year will get you an interest of 4.4%. For deposits with maturity between 1 year and up to 2 years fetch 5% interest. FDs with tenor 3 years to less than 5 years give 5.3%, while those maturing in 5 years and up to 10 years give 5.4 percent.

HDFC Bank
On FDs between 7 and 29 days, HDFC Bank gives 2.50% interest. For 30 to 90 days, it is 3.00%. For 91 days to 6 months, the interest rate will be 3.50%. For FDs of 6 months 1 days to 1 day less than a year, the interest is 4.40%. For 1 year it is 4.90%. For 1 year 1 day to 2 years, you can get an interest of 4.90%. For 2 years 1 day to 3 years, the rate is 5.15%. On FDs between 3 year 1 day and 5 years, you can enjoy an interest rate of 5.30%. And FDs maturing between 5 years 1 day and 10 years will fetch you 5.50%.

ICICI Bank
On FDs between 7 and 29 days, ICICI Bank gives 2.50% interest. From 30 to 90 days, it is 3.00%. From 91 days to 184 days, the interest rate will be 3.50%. For FDs of 185 to 290 days to less than 1 year, you can get interest of 4.40%. For 1 year to 389 days to 390 days upto 18 months, the rate is 4.90%. On FDs between 18 months upto 2 years, you can enjoy interest rate of 5%. From 2 years 1 day upto 3 years, the interest rate is 5.15%, whereas for 3 years 1 day upto 5 years it is 5.35%. For 5 years 1 day to 10 years, the interest rate is 5.50%.

Axis Bank
For Axis Bank, the FDs between 7 and 29 days is 2.50%, and from 30 days to 3 months it is 3.00%. From 3 months to 4 months interest rate is 3.50%, 4 months to 6 months interest rate will be 3.75%, and from 6 months upto 11 months and 25 days it will be 4.40%. For FDs from 11 months and 25 days upto 1 year 5 days it is 5.15%. On FDs between 1 year 5 days and upto 18 months the interest rate will be 5.10% whereas from 18 months upto 2 years it will be 5.25%. From 2 years upto 5 years the interest rate on FDs is 5.40% and 5.50% from FDs for 5 to 10 years.

Kotak Bank
For Kotak Bank, the FDs between 7 to 30 days is 2.50%, and from 31 to 90 days it is 2.75%. From 91 to 179 days the FD interest rate is 3.25% and from 180 to 364 days it is 4.40%. For FDs between 365 to 389 days the rate is 4.50%. From 390 to 391 days it is 4.75% whereas it is 4.75% from 23 months to 23 months and 1 day less than 2 years also. From 3 to 5 years it is again 4.75%. From 5 to 10 years it is 4.50%.

Senior citizen FD rates
FD interest rates vary from bank to bank depending on their tenure, amount, and type of depositor. Senior citizens, who are above 60 years, get special interest rates on their fixed deposits, which are often 0.5% above the prevailing interest rates.

Timely closure
Timely closure refers to closing the fixed deposit account at the time of its maturity only. When closed upon maturity date, the bank pays back the principal amount with the interest accrued over the tenure chosen.

Premature withdrawal
Premature withdrawal or breaking of FD is usually discouraged by lenders, and in such a case they levy a penalty along with paying back the principal amount and interest at a lower rate. However, in case of emergencies, certain banks do waive off the penalty.

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Private lenders report healthy loan growth in Q3

January 6, 2021 root Banking & Finance

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The margin trajectory will remain moderately under pressure, given the continued monetary easing, low lending rates and relatively higher liquidity on bank balance sheets.

Private lenders have reported a sequential improvement in the net advances during the December quarter, according to provisional data released by the banks. While the largest private lender HDFC Bank has shown a 3% growth in the loan book, IndusInd Bank and IDFC First Bank reported over 3% quarter-on-quarter (q-o-q) growth in the advances. Similarly, Yes Bank has shown a 1.3% increase in the net advances during the quarter compared to the September quarter.

An analyst from Emkay Global Financial Services said that banks have reported q-o-q credit growth mainly due to festive pick-up as economic unlocking began. Many lenders reported improvement in the retail loan book during the quarter. IDFC First reported a 11.3% q-o-q increase in its retail loan book during the quarter. Similarly, showing a sign of improvement after its reconstruction, Yes Bank’s gross retail disbursements more than doubled in the December quarter at Rs 7,563 crore (q-o-q).

In a note to its clients, Kotak Institutional Equities has however, said that loan growth recovery of banks will be slower than expectations. “While credit demand is recovering from post-lockdown lows along with approval rates and share of NTC (new-to-credit) originations, we expect loan growth recovery to be slower than expectations of market participants, “ Kotak Institutional Equities said.

Private lenders have also reported strong deposit growth during the December quarter. While HDFC Bank has shown a 19% y-o-y growth in deposits during the December quarter, IndusInd Bank has registered 10.56% y-o-y growth in deposits. Similarly, Federal bank has registered a 12% y-o-y growth in the deposit numbers. Sequentially, While HDFC Bank has registered a 3% deposit growth, IDFC First Bank reported 11% increase in its deposits during the December quarter. Similarly, Yes Bank and IndusInd Bank reported a 7.7% and 5% deposit growth in the December quarter, as compared to September quarter.

Lalitabh Srivastava, assistant vice-president (AVP), research, Sharekhan, said that the low-cost deposit share of private banks is increasing as per provisional data. “So, maybe they are gaining market share, either from public sector banks or cooperative banks. Gaining deposit share was the next goal to achieve for private banks, because they were already doing better on the advances side, ” he added.

Shailendra Kumar, chief investment officer, Narnolia Financial Advisors said that although provisional numbers released by the private lenders were on expected lines, but it will be important to know what happens in the moratorium accounts and the final figures of restructuring.

Kotak Institutional Equities also said that headline asset quality is expected to worsen if the Supreme Court lifts its order that banned banks from marking defaulted loans as non-performing assets (NPAs). The slippages could be meaningfully high in our view, it said. The apex court had earlier directed banks not to recognise fresh NPAs, till further orders in the interest on interest case. A public interest litigation (PIL) was earlier filed in the Supreme Court to waive off interest on interest for borrowers during the moratorium period between March to August 2020.

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Nifty Bank & financials trade in green; ICICI, Kotak Mahindra Bank top gainers, BFSI News, ET BFSI

January 6, 2021 root Personal Finance

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Nifty bank index traded at Rs 31,797 adding 0.24%, while BSE Bankex ended at 36,396 adding 0.34%. Shares that contributed the most were – RBL Bank at Rs 284 adding 5.40% followed by ICICI Bank at Rs 546 (1.80%), SBI at Rs 284 (1.12%), Kotak Mahindra Bank at Rs 1,970 (0.55%), federal Bank at Rs 72 (0.55%). While all the other major indices remained green, Axis Bank at Rs 654 (-1.48%) and HDFC Bank traded lower at Rs 1,420 (-0.43%).

Nifty Financial Services ended at 15,393 adding 0.09%. Indiabulls HSG was the top gainer at Rs 220 adding 0.32% followed by Power Finance at Rs 118 (0.13%). Shares that traded lower were- Bajaj Finance at Rs 5,030 (-1.73%), Cholamandalam at Rs 434 (-0.55%) and HDFC at Rs 2,638 (-0.49%).

Other key takeaways

India receives highest FII inflows in 2020
Indian equities received more than Rs 1.6 lakh crore ($23 billion) from foreign institutional investors in 2020, the highest among emerging markets. In fact, most Asian and emerging markets witnessed outflows in the year gone by. This was the second year in a row when FII inflows into Indian equities were highest among emerging markets. In 2019, the inflow was $14.2 billion.

Bitcoin breaks above $35,000 to touch new high
Bitcoin traded above $35,000 for the first time in Asia on Wednesday, rising to a high of $35,879 and extending a rally that has seen the digital currency rise more than 800% since mid-March.The world’s most popular cryptocurrency crossed $20,000 for the first time ever on December 16.

Rupee trades flat
Indian rupee erased the gains and trading flat at 73.18 per dollar, amid selling seen in the domestic equity market. It opened flat at 73.17 per dollar against Tuesday’s close of 73.17.

Gold Updates
On the Multi-Commodity Exchange (MCX), February gold contracts were trading lower by 0.31 percent at Rs 51,561 per 10 gram at 0920 hours. March silver was trading 0.72 percent lower at Rs 70,346 a kilogram.

Gold has support at 51440-51200 and resistance is placed at 52000-52200 levels. Silver has support at 70200-69500 while resistance is placed at 71500-72200 levels. Gold and silver extend gain on Tuesday amid weakness in the dollar index and 7-weeks lockdown in the UK. Both the precious metals were settled on a positive note.

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HDFC Bank records loan growth of 16% in Dec quarter, BFSI News, ET BFSI

January 6, 2021 root Banking & Finance

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The country’s largest private sector lender HDFC Bank on Tuesday said the bank has witnessed a loan growth of 19 per cent to Rs 10,82,000 crore during the third quarter ended December 2020. The bank had an outstanding loan of Rs 9,36,000 crore as of December 31, 2019, and a growth of around 4 per cent, HDFC Bank said in a regulatory filing. It stood at Rs 10,38,300 crore as of September 30, 2020.

“The bank’s deposits aggregated to about Rs 12,710 billion (Rs 12,71,000 crore) as of December 31, 2020, a growth of around 19 per cent as compared to Rs 10,674 billion (Rs 10,67,400 crore) as of December 31, 2019 and a growth of around 3 per cent as compared to Rs 12,293 billion (Rs 12,29,300 crore) as of September 30, 2020,” it said.

During the quarter, the bank’s CASA (current account savings account) ratio rose to around 43 per cent, compared with 39.5 per cent as of December 31, 2019.

The bank purchased loans aggregating Rs 7,076 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited during the quarter, it added.

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Here are the latest FD Interest rates offered by top banks, BFSI News, ET BFSI

December 15, 2020 root Personal Finance

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Given below are the latest interest rates offered by top banks for tenures ranging from 7 days to 10 years as of December 2020.

State Bank Of India
On FDs between 7 days and 45 days, SBI gives 2.9% interest. Between 46 days and 179 days, the interest is 3.9%. FDs of 180 days to less than one year will get you an interest of 4.4%. For deposits with maturity between 1 year and up to 2 years fetch 4.9% interest. FDs with tenor 3 years to less than 5 years give 5.3%, while those maturing in 5 years and up to 10 years give 5.4 percent.

HDFC Bank
On FDs between 7 and 29 days, HDFC Bank gives 2.50% interest. For 30 to 90 days, it is 3.00%. For 91 days to 6 months, the interest rate will be 3.50%. For FDs of 6 months 1 days to 1 day less than a year, the interest is 4.40%. For 1 year it is 4.90%. For 1 year 1 day to 2 years, you can get an interest of 4.90%. For 2 years 1 day to 3 years, the rate is 5.15%. On FDs between 3 year 1 day and 5 years, you can enjoy an interest rate of 5.30%. And FDs maturing between 5 years 1 day and 10 years will fetch you 5.50%.

ICICI Bank
On FDs between 7 and 29 days, ICICI Bank gives 2.50% interest. From 30 to 90 days, it is 3.00%. From 91 days to 184 days, the interest rate will be 3.50%. For FDs of 185 to 290 days to less than 1 year, you can get interest of 4.40%. For 1 year to 389 days to 390 days upto 18 months, the rate is 4.90%. On FDs between 18 months upto 2 years, you can enjoy interest rate of 5%. From 2 years 1 day upto 3 years, the interest rate is 5.15%, whereas for 3 years 1 day upto 5 years it is 5.35%. For 5 years 1 day to 10 years, the interest rate is 5.50%.

Axis Bank
For Axis Bank, the FDs between 7 and 29 days is 2.50% and 30 days to 3 months is 3.0%. From 3 months upto 6 months, the interest rate will be 3.50%, and from 6 months upto 11 months and 25 days it will be 4.40%. For FDs from 11 months and 25 days upto 1 year 5 days it is 5.15%. On FDs between 1 year 5 days and upto 18 months the interest rate will be 5.10% whereas from 18 months upto 2 years it will be 5.25%.

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