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After the Reserve Bank of India (RBI) rate cut in October, all the major banks are slashing interest rates on FD on a regular basis. State Bank of India (SBI), HDFC Bank, Axis Bank, Punjab National Bank (PNB), Yes Bank, Bank of Baroda (BoB), Kotak Mahindra Bank and IDBI Bank are some of the banks which tweaked FD interest rates for different tenure this month.
Country’s largest lender, State Bank of India (SBI), gives interest ranging from 4.5% to 6.25% to general customers. For FDs maturing in 7 days to 45 days and 46 days to 179 days, SBI gives 4.50% and 5.50% respectively. For FDs maturing in 180 days to 210 days and 211 days to less than 1 year, SBI will give an interest rate of 5.80%. Deposits maturing in 1 year to 10 years, SBI will give 6.25% interest. Senior citizens will get interest ranging from 5% to 6.75% depending upon the tenure they choose.
Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years. The bank has revised the interest rate on FDs on 5th November 2019. For general customers, the bank gives interest on FDs ranging from 3.5% to 6.85%. Axis Bank offers higher interest rate to senior citizens on select maturities. The bank offers interest ranging from 3.50% to 7.50% to senior citizens. Axis Bank offers FDs across different tenures, ranging from 7 days to 10 years. Axis Bank is offering 3.50% interest on FDs between 7 days to 14 days. On FDs between 15 days to 29 days and 30 days to 45 days, Axis Bank is offering 4.25% and 5.00% interest, respectively. For 46 days to less than 6 months, the interest rate is 5.65%.
On FDs maturing between 6 months to less than 9 months, the bank is giving an interest rate of 6.00%. FDs with maturities of 9 months to less than 11 months 25 days, Axis Bank gives 6.25% interest. For deposits maturing in 11 months 25 days to less than 1 year, Axis Bank will pay an interest rate of 6.55%. Axis Bank pays interest rate of 6.45% on FDs between 1 year to less than 1 year 25 days. Term deposits maturing in 1 year 25 days to less than 13 months will fetch you an interest rate of 6.55%. For FDs maturing in 13 months to less than 18 months, Axis Bank is giving 6.45%. FDs with maturity period 18 months to less than 2 years, Axis Bank is giving 6.80% interest. Axis Bank will give 6.85% interest on FDs maturing in 2 years and 3 years. For deposits with maturity period 3 and 10 years, the bank will now give 6.75% interest.
HDFC Bank offers 3.50% interest rate deposits between 7 days and 14 days. For 15 days to 29 days maturity FDs, HDFC Bank is offering 4.00%, 30 days to 45 days 4.90%, 46 days to 6 months 5.40%, six months one day to nine months 5.80% and nine months one day to less than 1 year 6.05%. FDs with maturity period 1 year and 2 years, the bank gives 6.30% interest. For deposits maturing in 2 years 1 day to 3 years, HDFC Bank gives 6.40% interest. For FDs maturing in 3 year 1 day to 10 years, the bank will offer an interest rate of 6.30%. HDFC Bank has revised interest rates on fixed deposit (FD) maturities with effect from 16th November. Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 4.00% to 7.35% on FDs maturing in 7 days to 10 years.
Punjab National Bank gives 4.50% interest for deposits maturing in 7 to 45 days. FDs maturing in 46 to 179 days, the bank gives 5.50% interest. FDs with tenures 180 days to less than one year, PNB gives 6.00% interest. Deposits with tenure 333 days, PNB gives 6.10% interest. For deposits maturing in one year to 555 days, PNB gives 6.40% interest. FDs maturing in 1 year and upto two years will fetch an interest rate of 6.30%. FDs maturing in 2 years and upto 5 years will fetch an interest rate of 6.25%. Deposits maturing above 5 years and upto 10 years will fetch an interest rate of 6.30%.
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