FD rates: SBI vs Axis Bank vs IDFC First vs Kotak Mahindra Bank

FD rates: A Fixed Deposit secures an amount of money for the duration of the deposit. Banks offer depositors the option of investing their money for periods ranging from seven days to ten years against which the concerned bank credits the depositor with the principal and interest amount on the maturity date. It is a financial investment instrument provided by banks and non-banking financial companies (NBFCs), corporates and small finance banks in which investors can deposit money according to their financial goal and earn a higher rate of interest than a savings account against their deposit. Before parking your money in any FD account, Let’s take a look at what the India’s leading banks are currently offering on their FDs after the most recent revision.

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SBI latest FD interest rates (below ₹2 crore) for the general public

SBI FDs between 7 days to 45 days will fetch 2.9%. Term deposits between 46 days to 179 days will give 3.9%. FDs of 180 days to less than one year will fetch 4.4%. Deposits with maturity between 1 year and up to less than 2 years will give 10 bps more now. These deposits will fetch an interest rate of 5% instead of 4.9%. FDs maturing in 2 years to less than 3 years will give 5.1%. FDs with 3 years to less than 5 years will offer 5.3% and term deposits maturing in 5 years and up to 10 years will continue giving 5.4%. These rates are applicable with effect from 8 January 2021. SBI offers senior citizens’ an additional 50 bps interest rate across all tenors. After the latest revision, senior citizens will get 3.4% to 6.2% on FDs maturing in 7 days to 10 years. These rates are applicable from 8 January 2021.

7 days to 45 days – 2.9%

46 days to 179 days – 3.9%

180 days to 210 days – 4.4%

211 days to less than 1 year – 4.4%

1 year to less than 2 years – 5%

2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%2 years to less than 3 years – 5.1%

3 years to less than 5 years – 5.3%

5 years and up to 10 years – 5.4%

Axis Bank latest FD interest rates (below ₹2 crore) for the general public

Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years. The bank has revised the interest rate on FDs on 4 January 2021. For general customers, the bank gives interest on FDs ranging from 2.5% to 5.50%. Axis Bank offers a higher interest rate to senior citizens on select maturities.

7 days to 14 days 2.50%

15 days to 29 days 2.50%

30 days to 45 days 3%

46 days to 60 days 3%

61 days < 3 months 3%

3 months < 4 months 3.5%

4 months < 5 months 3.5%

5 months < 6 months 3.5%

6 months < 7 months 4.40%

7 months < 8 months 4.40%

8 months < 9 months 4.40%

9 months < 10 months 4.40%

10 months < 11 months 4.40%

11 months < 11 months 25 days 4.40%

11 months 25 days < 1 year 4.40%

1 year < 1 year 5 days 5.10%

1 year 5 days < 1 year 11 days 5.15%

1 year 11 days < 1 year 25 days 5.10%

1 year 25 days < 13 months 5.10%

13 months < 14 months 5.10%

14 months < 15 months 5.10%

15 months < 16 months 5.20%

16 months < 17 months 5.20%

17 months < 18 months 5.20%

18 Months < 2 years 5.25%

2 years < 30 months 5.40%

30 months < 3 years 5.40%

3 years < 5 years 5.40%

5 years to 10 years 5.75%

IDFC First Bank latest FD interest rates (below ₹2 crore) for the general public

IDFC First Bank offers short-term FDs ranging from seven days to one year and long-term FDs ranging from one to ten years. FD interest rates in IDFC First Bank range from 2.75%p.a. to 6% p.a. for deposits with a tenure of 7 days to ten years. These rates are effective from 1 May 2021