Axis Bank, and Canara Bank have revised interest rates on fixed deposits for amounts less than ₹2 crore. This comes after the Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 6.5 per cent for the third time in a row. The decision to keep policy interest rate unchanged was announced by RBI Governor Shaktikanta Das on 10 August. The repo rate is the interest rate at which the RBI lends money to commercial banks.
Axis Bank’s latest FD rates
According to the bank’s website, the new rates are effective from August 14, 2023. Following the revision, the bank will offer interest rates ranging from 3.5% to 7.3% on deposits maturing in seven days to ten years for the general public. Senior citizens will get an interest rate in the range of 3.50% to 8.05% on these deposits. These rates are for callable term deposits where premature withdrawal is permitted.
7 days to 14 days 3.50
15 days to 29 days 3.50
30 days to 45 days 3.50
46 days to 60 days 4.00
. 61 days < 3 months 4.50
3 months < 4 months 4.75
4 months < 5 months 4.75
5 months < 6 months 4.75
6 months < 7 months 5.75
7 months < 8 months 5.75
8 months < 9 months 5.75
9 months < 10 months 6.00
10 months < 11 months 6.00
11 months to 11 months 24 days 6.00
11 months 25 days < 1 year 6.00
1 year to 1 year 4 days 6.75
1 year 5 days to 1 year 10 days 6.80
1 year 11 days to 1 year 24 days 6.80
1 year 25 days < 13 months 6.80
13 months < 14 months 7.10
14 months < 15 months 7.10
15 months < 16 months 7.10
16 months < 17 months 7.30
17 months < 18 months 7.10
18 Months < 2 years 7.10
2 years < 30 months 7.20
30 months < 3 years 7.00
3 years < 5 years 7.00
5 years to 10 years 7.00
Canara Bank’s latest FD rates
According to the bank’s website, the new rates are effective from August 12, 2023. Following the revision, the bank will offer interest rates ranging from 4% to 7.25% on deposits maturing in seven days to ten years for the general public. Senior citizens will get an interest rate in the range of 4% to 7.75% on these deposits.
7 Days to 45 Days 4.00
46 Days to 90 Days 5.25
91 Days to 179 Days 5.50
180 Days to 269 Days 6.25
270 Days to less than 1 Year 6.50
1 Year Only 6.90
444 Days 7.25
Above 1 Year to less than 2 Years 6.90
2 Years & above to less than 3 Years 6.85
3 Years & above to less than 5 Years 6.80
5 Years & above to 10 Years 6.70
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Updated: 16 Aug 2023, 08:33 AM IST
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