Major banks have announced revisions in their fixed deposit (FD) interest rates this February, aiming to provide investors with better options. Axis Bank, Punjab National Bank (PNB), HDFC Bank, and IndusInd Bank have all adjusted their FD rates.
This revision in FD rates occurs despite the Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee (MPC) keeping repo rate unchanged at 6.5%.
Here's a look at recent interest rates offered by these banks on their FDs:
Axis Bank
The lender adjusted its FD rates, effective from February 5, 2024.
The bank now offers FD rates in the range of 3.50% to 7.20% per annum for general customers on fixed deposits maturing over seven days to ten years.
An increase of 10 basis points is observed in the rates for tenors from 17 months to less than 18 months, reaching 7.20%.
Here are the revised interest rates of the bank on deposits below ₹2 crore:
| Maturity period | Interest rate (per annum) | Senior citizen rates (per annum) |
|---|
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.25% | 4.75% |
| 61 days < 3 months | 4.50% | 5.00% |
| 3 months – 3 months 24 days | 4.75% | 5.25% |
| 3 months 25 days < 4 months | 4.75% | 5.25% |
| 4 months < 5 months | 4.75% | 5.25% |
| 5 months < 6 months | 4.75% | 5.25% |
| 6 months < 7 months | 5.75% | 6.25% |
| 7 months < 8 months | 5.75% | 6.25% |
| 8 months < 9 months | 5.75% | 6.25% |
| 9 months < 10 months | 6.00% | 6.50% |
| 10 months < 11 months | 6.00% | 6.50% |
| 11 months – 11 months 24 days | 6.00% | 6.50% |
| 11 months 25 days < 1 year | 6.00% | 6.50% |
| 1 year – 1 year 4 days | 6.70% | 7.20% |
| 1 year 5 days – 1 year 10 days | 6.70% | 7.20% |
| 1 year 11 days – 1 year 24 days | 6.70% | 7.20% |
| 1 year 25 days < 13 months | 6.70% | 7.20% |
| 13 months < 14 months | 6.70% | 7.20% |
| 14 months < 15 months | 6.70% | 7.20% |
| 15 months < 16 months | 7.10% | 7.60% |
| 16 months < 17 months | 7.10% | 7.60% |
| 17 months < 18 months | 7.20% | 7.85% |
| 18 Months < 2 years | 7.10% | 7.60% |
| 2 years < 30 months | 7.10% | 7.60% |
| 30 months < 3 years | 7.10% | 7.60% |
| 3 years < 5 years | 7.10% | 7.60% |
| 5 years to 10 years | 7.00% | 7.75% |
(Source: Axis Bank)
Punjab National Bank (PNB)
After the revision, Punjab National Bank (PNB) provides FD rates in the range 3.50% to 7.25% per annum for the general public and 4.00% to 7.75% per annum for senior citizens.
These revised rates, effective from February 1, 2024, span tenures ranging from 7 days to 10 years.
Here are the revised interest rates of the bank on deposits below ₹2 crore:
| Maturity period | Interest rate (per annum) | Senior citizen rates (per annum) |
| 7 to 14 Days | 3.5% | 4% |
| 15 to 29 Days | 3.5% | 4% |
| 30 to 45 Days | 3.5% | 4% |
| 46 to 60 Days | 4.5% | 5% |
| 61 to 90 Days | 4.5% | 5% |
| 91 to 179 Days | 4.5% | 5% |
| 180 to 270 Days | 6% | 6.5% |
| 271 Days to 299 Days | 6.25% | 6.75% |
| 300 Days | 7.05% | 7.55% |
| 301 Days to < 1 Year | 6.25% | 6.75% |
| 1 Year | 6.75% | 7.25% |
| >1 Year to 399 days | 6.8% | 7.3% |
| 400 Days | 7.25% | 7.75% |
| 401 Days to 2 Years | 6.8% | 7.3% |
| above 2 years & up to 3 years | 7% | 7.5% |
| above 3 years & up to 5 years | 6.5% | 7% |
| above 5 years & up to 10 years | 6.5% | 7.3% |
(Source: PNB)
HDFC Bank
HDFC Bank has revised its bulk fixed deposit (FD) interest rates for amounts above ₹2 crore to ₹5 crore. Effective from February 3, 2024, the rates for regular citizens range from 4.75% to 7.40%, while senior citizens get an additional 0.50% interest.
The highest rates, reaching up to 7.90%, are available for terms ranging from one year to less than 15 months.
Here are the revised interest rates of the bank on deposits ranging between ₹2 crore and ₹5 crore:
| Maturity period | Interest rate (per annum) | Senior citizen rates (per annum) |
| 7 - 14 days | 4.75% | 5.25% |
| 15 - 29 days | 4.75% | 5.25% |
| 30 - 45 days | 5.50% | 6.00% |
| 46 - 60 days | 5.75% | 6.25% |
| 61 - 89 days | 6.00% | 6.50% |
| 90 days <= 6 months | 6.50% | 7.00% |
| 6 months 1 day <= 9 months | 6.65% | 7.15% |
| 9 months 1 day to < 1 Year | 6.75% | 7.25% |
| 1 Year to < 15 months | 7.40% | 7.90% |
| 15 months to < 18 months | 7.05% | 7.55% |
| 18 months to < 21 months | 7.05% | 7.55% |
| 21 months to 2 years | 7.05% | 7.55% |
| 2 years 1 day to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 5 years | 7.00% | 7.50% |
| 5 years 1 day to 10 years | 7.00% | 7.75% |
(Source: HDFC Bank)
IndusInd Bank
IndusInd Bank has announced revised FD rates, effective from February 6, 2024. The rates for general customers range from 3.50% to 7.75% per annum.
Senior citizens, too, can benefit from rates ranging from 4.00% to 8.25% per annum.
Here are the revised interest rates of the bank on deposits below ₹2 crore:
| Maturity period | Interest rate (per annum) | Senior citizen rates (per annum) |
| 7 days to 14 days | 3.5% | 4% |
| 15 days to 30 days | 3.5% | 4% |
| 31 days to 45 days | 3.75% | 4.25% |
| 46 days to 60 days | 4.75% | 5.25% |
| 61 days to 90 days | 4.75% | 5.25% |
| 91 days to 120 days | 4.75% | 5.25% |
| 121 days to 180 days | 5% | 5.5% |
| 181 days to 210 days | 5.85% | 6.35% |
| 211 days to 269 days | 6.1% | 6.6% |
| 270 days to 354 days | 6.35% | 6.85% |
| 355 days or 364 days | 6.5% | 7% |
| 1 Year to below 1 Year 6 Months | 7.75% | 8.25% |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75% | 8.25% |
| 1 Year 7 Months up to 2 Years | 7.75% | 8.25% |
| Above 2 Years up to 2 Years 1 Month | 7.25% | 7.75% |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.25% | 7.75% |
| 2 years 6 Months to below 2 years 9 Months | 7.25% | 7.75% |
| 2 years 9 Months to 3 years 3 months | 7.25% | 7.75% |
| Above 3 years 3 months to below 61 month | 7.25% | 7.75% |
| 61 month and above | 7% | 7.5% |
| Indus Tax Saver Scheme (5 years) | 7.25% | 7.75% |
(Source: IndusInd Bank)
First Published: Feb 8, 2024 11:23 AM IST
