Axis Bank and IDFC First Bank have changed the interest rates of fixed deposits this month.
Fixed deposit interest rate
Fixed Deposit is the most popular investment option. State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank and IDFC First Bank offer Fixed Deposit (FD) for tenures ranging from 7 days to 10 years. Therefore, it is always important to compare the interest rates offered by various banks before any FD invests his money.
Explain that Axis Bank and IDFC First Bank have changed the interest rates on fixed deposits this month. Let’s know how much interest SBI, Axis Bank, IDFC First, Kotak Mahindra Bank are offering on FD.
Latest interest rates for SBI FDs (less than 2 crores) –
Between 7 days and 45 days, SBI will get 2.9% interest on fixed deposits (FD). The bank will pay 3.9 percent interest on term deposits between 46 days to 179 days. At the same time, the interest rate on FD of 180 days to 1 year will be 4.4 percent.
Deposits ranging from one year to 2 years will be 10 basis points higher. The interest rate on these deposits will be 5 percent instead of 4.9 percent. FD rates maturing in 2 years and less than 3 years will be 5.1 per cent, while FDs under 3 years and 5 years will be 5.3 per cent.
These rates are applicable from 8 January 2021. SBI offers an additional 50 bps interest rate to senior citizens in all tenures.
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