Attention bank customers, two major banks this week have revised the interest rate of fixed deposits. Axis Bank and Canara Bank have revised the interest rates on their fixed deposits for amounts less than Rs 2 crore. The announcement from these two banks 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 policy interest rate was announced by RBI Governor Shaktikanta Das on 10 August 2023.
Axis Bank Revises FD Interest Rates
Axis Bank on its official website said the new rates are effective from August 14, 2023. After making the revision in the interest rate, the bank said it will now offer interest rates ranging from 3.5% to 7.3% on deposits maturing in seven days to ten years for the general public.
The bank also stated that senior citizens will get an interest rate in the range of 3.50% to 8.05% on these deposits.
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 Revises FD Interest Rates
The Canara Bank on its official website stated that the new interest rates are effective from August 12, 2023. After the latest revision, the bank said it will now offer interest rates ranging from 4% to 7.25% on deposits maturing in seven days to ten years for the general public. The bank also added that the senior citizens will get an interest rate in the range of 4% to 7.75% on these deposits.
Check FD Interest Rate Details Here
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
(With inputs from agencies)