Fixed Deposits or FDs have remained one of the most popular and safest financial instruments in India. Both long-term and short-term investors who are seeking a regular income and guaranteed returns rely on FDs for this purpose. An eligible individual can open an FD account in any of the public sector banks, private banks, small finance banks NBFCs, and post offices. However, the FD interest rates vary from lender to lender and depend on the principal amount and maturity period.
The private sector and small finance banks are now offering higher FD interest rates. As a result, many private banks have revised the interest rates on fixed deposit schemes. Let us take a look at the details of these revised FD interest rates of some of the top private banks.
- IDFC First Bank
IDFC First Bank revised their FD interest rates, effective from 16th August 2022. After the recent revision, an FD in the IDFC First Bank will garner an interest rate ranging from 3.50% to 6.50% on their deposits of less than ₹2 Crore for regular citizens. Whereas the senior citizens are offered an FD interest rate of 4.00% to 7.00% on their deposits.
Here are the latest interest rates on FDs of IDFC First Bank for the general public.
| Period | Rate of Interest (%p.a.) w.e.f. August 16, 2022 (Less than ₹2 Crores) |
| 7 to 14 days | 3.50% |
| 15 to 29 days | 3.50% |
| 30 to 45 days | 4.00% |
| 46 to 90 days | 4.00% |
| 91 to 180 days | 4.50% |
| 181 days to 1 year | 5.75% |
| 1 year 1 day to 499 days | 6.25% |
| 500 days to 2 years | 6.50% |
| 2 years 1 day to 749 days | 6.50% |
| 750 days | 6.90% |
| 751 days to 3 years | 6.50% |
| 3 years 1 day to 5 years | 6.50% |
| 5 years 1 day to 10 years | 6.00% |
Source: https://www.idfcfirstbank.com/content/dam/idfcfirstbank/interest-rate/Interest-Rate-Retail.pdf
- Axis Bank
One of the leading private sector banks in India, Axis Bank, has revised the FD interest rates with effect from 18th August 2022. Following this revision, Axis Bank now offers an interest rate of 2.50% to 5.75% for regular citizens on deposits less than ₹2 Crore. While the senior citizens are offered an FD interest rate of 2.50% to 6.50%.
Here are Axis Bank’s interest rates on fixed deposits for non-senior citizens.
| Period | Rate of Interest (%p.a.) w.e.f. August 18, 2022 (Less than ₹2 Crores) |
| 7 to 14 days | 2.50% |
| 15 to 29 days | 2.50% |
| 30 to 45 days | 3.00% |
| 46 to 90 days | 3.50% |
| 6 months to 7 months | 4.65% |
| 7 months to 8 months | 4.40% |
| 8 months to 9 months | 4.65% |
| 9 months 1 day to 1 year | 4.75% |
| 1 year 1 day to 1 year 11 days | 5.45% |
| 1 year 1 day to 1 year 25 days | 5.75% |
| 1 year 25 days to 13 months | 5.60% |
| 13 months to 2 years | 5.60% |
| 2 years to 30 months | 5.70% |
| 30 months to 3 years | 5.70% |
| 3 years 1 day to 5 years | 5.70% |
| 5 years 1 day to 10 years | 5.75% |
Source: https://www.axisbank.com/docs/default-source/interest-rates/fixed-deposit-wef-18-08-2022.pdf
- Kotak Mahindra Bank
Kotak Mahindra Bank has recently revised its FD interest rates which have been in force from 17th August 2022. For a deposit amount of less than ₹2 Crores, regular citizens are offered an interest rate of 2.50% to 5.90%, whereas an interest rate of 3.00% to 6.40% on their FDs is offered to senior citizens.
Here are the interest rates on fixed deposits of Kotak Mahindra Bank for the general public.
| Period | Rate of Interest (%p.a.) w.e.f. August 17, 2022 (Less than ₹2 Crores) |
| 7 to 14 days | 2.50% |
| 15 to 30 days | 2.65% |
| 31 to 45 days | 3.25% |
| 46 to 90 days | 3.25% |
| 91 to 179 days | 3.75% |
| 181 days to 363 days | 5.00% |
| 364 Days | 5.25% |
| 365 days to 389 days | 5.75% |
| 390 days (12 months 25 days) | 5.90% |
| 391 days – Less than 23 Months | 5.90% |
| 23 Months | 5.90% |
| 23 months 1 day to 10 years | 5.90% |
Source: https://www.kotak.com/en/rates/interest-rates.html
- RBL Bank
Starting from the 21st of July 2022, RBL Bank has revised the FD interest rates. The bank now offers attractive interest rates on fixed deposits in comparison to other private banks. For a deposit amount less than ₹2 Crores, the general public is now offered an interest rate of 3.25% to 5.75% on FDs. For the same maturity period, senior citizens will now get an interest rate of 3.75% to 6.25% on their FDs.
Check out the latest FD interest rates of the RBL bank given below.
| Period | Rate of Interest (%p.a.) w.e.f. July 21, 2022 (Less than ₹2 Crores) |
| 7 days to 14 days | 3.25% |
| 15 days to 45 days | 3.75% |
| 46 days to 90 days | 4.00% |
| 91 days to 180 days | 4.50% |
| 181 days to 240 days | 5.00% |
| 241 days to 364 days | 5.25% |
| 12 months to less than 15 months | 6.50% |
| 15 months | 7.00% |
| 15 months 1 day to less than 24 months | 6.50% |
| 24 months to less than 36 months | 6.75% |
| 36 months to less than 60 months | 6.55% |
| 60 months to 60 months 1 day | 6.55% |
| 60 months 2 days to less than 120 months | 5.75% |
| 120 months to 240 months | 5.75% |
Source: https://www.rblbank.com/interest-rates/fd-rates
Conclusion
Now that you have learnt how the FD interest rates are revised you can select a bank of your choice to open a fixed deposit account. Make sure you read the terms and conditions of the fixed deposits prior to investing in order to be on the safer side.