Axis vs Kotak vs IDBI Bank: Revised Interest Rates On FD Compared

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Investment

oi-Vipul Das

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A fixed deposit, also known as an FD, is a form of investment option provided by banks and non-banking financial companies (NBFCs). In a fixed deposit scheme you invest a lump sum amount for a fixed period of time which generally varies from 7 days to 10 years to get fixed interest on it. With an option of choosing regular payout of interest you can also calculate the returns that you will get at the time of maturity. You will get the returns that are fixed for the chosen tenure, regardless of how the market or economy behave. Last week three leading private sector banks of India i.e. Axis, Kotak Mahindra and IDBI Bank revised interest rates on their fixed deposits. Here are the latest interest rates of these three banks for both regular customers and senior citizens.

Axis vs Kotak vs IDBI Bank: Revised Interest Rates On FD Compared

Axis Bank Fixed Deposit

With effect from March 18, Axis Bank has updated its fixed deposit interest rates (FDs). Axis Bank provides FDs in terms ranging from seven days to ten years. Axis Bank is providing a 2.50 percent interest rate on FDs for a maturity period of 7 to 29 days. The bank provides 3% on FDs with a maturity period of 30 days to less than 3 months. 3.5 percent for FDs with a maturity period of 3 to 6 months. For FDs maturing in six months to less than 11 months 25 days, Axis Bank offers a 4.40 percent interest rate. 5.15 percent from 11 months and 25 days to less than one year and five days. For term deposits maturing in 18 months or less than two years, Axis Bank currently provides 5.25 percent interest rate. Long-term deposits maturing in 2 to 5 years offer a 5.40 percent interest rate, while deposits maturing in 5 to 10 years earn a 5.75 percent interest rate. On select maturities, Axis Bank provides senior citizens a higher interest rate compared to the general public. On deposits maturing in 7 days to 10 years, senior citizens can get interest rates ranging from 2.5 percent to 6.50 percent. The current Axis Bank FD interest rates, effective March 18, for both non-senior citizens and senior citizens on deposits of below Rs 2 Cr, are listed below.

Tenure ROI in % for general public ROI in % for senior citizens
7 days to 14 days 2.5 2.5
15 days to 29 days 2.5 2.5
30 days to 45 days 3 3
46 days to 60 days 3 3
61 days < 3 months 3 3
3 months < 4 months 3.5 3.5
4 months < 5 months 3.5 3.5
5 months < 6 months 3.5 3.5
6 months < 7 months 4.4 4.65
7 months < 8 months 4.4 4.65
8 months < 9 months 4.4 4.65
9 months < 10 months 4.4 4.65
10 months < 11 months 4.4 4.65
11 months < 11 months 25 days 4.4 4.65
11 months 25 days < 1 year 5.15 5.4
1 year < 1 year 5 days 5.15 5.8
1 year 5 days < 1 year 11 days 5.1 5.75
1 year 11 days < 1 year 25 days 5.1 5.75
1 year 25 days < 13 months 5.1 5.75
13 months < 14 months 5.1 5.75
14 months < 15 months 5.1 5.75
15 months < 16 months 5.1 5.75
16 months < 17 months 5.1 5.75
17 months < 18 months 5.1 5.75
18 Months < 2 years 5.25 5.9
2 years < 30 months 5.4 6.05
30 months < 3 years 5.4 5.9
3 years < 5 years 5.4 5.9
5 years to 10 years 5.75 6.5

Kotak Mahindra Bank Fixed Deposit

The interest rate on fixed deposits (FDs) has been updated by Kotak Mahindra Bank, with effect from March 25, 2021. On FDs maturing in 7 to 30 days, 31 to 90 days, and 91 to 179 days, Kotak Mahindra Bank provides interest rates of 2.5 percent, 2.75 percent, and 3.25 percent, respectively. For term deposits maturing in 180 days or less than a year, Kotak Mahindra Bank offers 4.40 percent interest. For deposits maturing in one year to 389 days, the bank offers 4.50 percent interest rate. For FDs maturing in 390 days to less than 23 months, the bank will now offer 4.90 percent interest rate. For deposits maturing in 23 months to less than 3 years, Kotak Mahindra Bank will provide a 5% interest rate. For term deposits with a maturity period of three years or more but less than four years, the bank will pay 5.10 percent. For deposits maturing in 4 years or more but less than 5 years, Kotak Mahindra Bank offers a 5.25 percent interest rate. For FDs maturing in 5 years or more, up to and including 10 years, the bank offers 5.30 percent. Senior citizens will get interest rates that are 50 basis points higher than the general public. On FDs maturing in 7 days to 10 years, the bank provides interest rates ranging from 3% to 5.8% respectively. On deposits of below Rs 2 Cr the current interest rates on FD of Kotak Mahindra Bank for both the general public and senior citizens are listed below:

Tenure ROI for general public ROI for senior citizens
7 – 14 Days 2.50% 3.00%
15 – 30 Days 2.50% 3.00%
31 – 45 Days 2.75% 3.25%
46 – 90 Days 2.75% 3.25%
91 – 120 Days 3.25% 3.75%
121 – 179 days 3.25% 3.75%
180 Days 4.40% 4.90%
181 Days to 269 Days 4.40% 4.90%
270 Days 4.40% 4.90%
271 Days to 363 Days 4.40% 4.90%
364 Days 4.40% 4.90%
365 Days to 389 Days 4.50% 5.00%
390 Days (12 months 25 days) 4.90% 5.40%
391 Days – Less than 23 Months 4.90% 5.40%
23 Months 5.00% 5.50%
23 months 1 Day- less than 2 years 5.00% 5.50%
2 years- less than 3 years 5.00% 5.50%
3 years and above but less than 4 years 5.10% 5.60%
4 years and above but less than 5 years 5.25% 5.75%
5 years and above up to and inclusive of 10 years 5.30% 5.80%

IDBI Bank Fixed Deposit

The interest rates on IDBI Bank’s multiple fixed deposit schemes have also been updated. Since March 18, the updated IDBI FD rates are in force. After the new adjustment, IDBI FDs maturing in 7 days to 20 years will provide interest rates ranging from 2.9 percent to 5.1 percent. For senior citizens, the IDBI Bank FD rate varies from 3.4 percent to 5.6 percent. IDBI Bank provides 2.9 percent on deposits for a maturity period of up to 30 days. It provides 3% interest for 31 to 45 days, 3.25 percent interest for 46-90 days, and 3.6 percent interest for 91 days to 6 months. The interest rate on FDs with a maturity period of six months to one year is 4.3 percent, while the rate on deposits with a maturity period of one year to ten years is 5.1 percent. For 10- to 20-year FDs, the bank will bid 4.8 percent. Term deposits with a 5-year maturity period will provide 5.1 percent interest. On deposits of below Rs 2 Cr the current interest rates on FD of IDBI Bank are as follows:

Tenure ROI in % for general public ROI in % for senior citizens
07-14 days 2.9 3.4
15-30 days 2.9 3.4
31-45 days 3 3.5
46- 60 days 3.25 3.75
61-90 days 3.25 3.75
91-6 months 3.6 4.1
6 months 1 day to 270 days 4.3 4.8
271 days up to< 1 year 4.3 4.8
1 year 5 5.5
> 1 year – 2 years 5.1 5.6
>2 years to < 3 years 5.1 5.6
3 years to < 5years 5.1 5.6
5 years 5.1 5.6
> 5 years – 7 years 5.1 5.6
>7 years – 10 years 5.1 5.6
>10 years – 20 years 4.8 5.3





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