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Axis Bank Vs IndusInd Bank Vs Yes Bank Latest Fixed Deposit Rates Compared
For those who want a guaranteed income with little to no risk, bank fixed deposits (FDs) are the most widely used and attractive investment destination looking at the current interest rates. Due to higher FD rates, FDs have recently become more appealing to debt investors in current times. Banks have been adjusting their interest rates on FDs since May 2022 in response to the Reserve Bank of India's repeated increases in the repo rate. Following the Repo rate hike, three leading private sector banks namely Axis Bank, IndusInd Bank, and Yes Bank have announced new FD rates for their various schemes. Here's a close look:
Axis Bank
The bank has increased the interest rates of Fixed Deposits (FDs) on March 10, 2023, to below Rs 2 Crore. According to the current FD rates, the bank offers a minimum 3.50 per cent and a maximum 7.26 per cent to general customers, and minimum 3.50 per cent and maximum 8.01% to senior citizens. The rates are effective on the deposit period from 7 days to 10 years on deposits below Rs 2 crore.
Interest Rates On Domestic Deposits Below Rs. 2 Crore
| Period | Regular Interest (% p.a.) | Senior Citizens Interest (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 3.5 | 3.5 |
| 46 days to 60 days | 4 | 4 |
| 61 days | 4.5 | 4.5 |
| 3 months | 4.75 | 4.75 |
| 4 months | 4.75 | 4.75 |
| 5 months | 4.75 | 4.75 |
| 6 months | 5.75 | 6 |
| 7 months | 5.75 | 6 |
| 8 months | 5.75 | 6 |
| 9 months | 6 | 6.25 |
| 10 months | 6 | 6.25 |
| 11 months to 11 months 24 days | 6 | 6.25 |
| 11 months 25 days | 6 | 6.25 |
| 1 year to 1 year 4 days | 6.75 | 7.5 |
| 1 year 5 days to 1 year 10 days | 6.75 | 7.5 |
| 1 year 11 days to 1 year 24 days | 6.75 | 7.5 |
| 1 year 25 days | 7.1 | 7.85 |
| 13 months | 7.15 | 7.9 |
| 14 months | 7.15 | 7.9 |
| 15 months | 7.15 | 7.9 |
| 16 months | 7.15 | 7.9 |
| 17 months | 7.15 | 7.9 |
| 18 Months | 7.15 | 7.9 |
| 2 years | 7.26 | 8.01 |
| 30 months | 7 | 7.75 |
| 3 years | 7 | 7.75 |
| 5 years to 10 years | 7 | 7.75 |
Source - www.axisbank.com
IndusInd Bank
IndusInd Bank has recently hiked the interest rates on FDs below Rs 2 crore. According to the bank, the new FD rates are effective from 22 March 2023. After the hike, now the bank offers minimum 3.50 per cent and maximum 7.75 percent to the general public and minimum 4 per cent and maximum 8.25 per cent to senior citizens on deposits below Rs 2 Crore. The interest is compounded quarterly. Whereas simple interest will be paid on maturity for deposits whenever the tenure is up to 180 days. Investors should note that NRE deposit rates are applicable only for Tenure 1 year onwards.
Domestic /NRO/ NRE/Senior Citizen Fixed Deposit Rates w.e.f. March 22, 2023
| Period | Regular Interest (% p.a.) | Senior Citizens Interest (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 4 |
| 15 days to 30 days | 3.5 | 4 |
| 31 days to 45 days | 4 | 4.5 |
| 46 days to 60 days | 4.5 | 5 |
| 61 days to 90 days | 4.6 | 5.1 |
| 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 | 6.5 |
| 270 days to 354 days | 6.25 | 6.75 |
| 355 days to 364 days | 6.25 | 6.75 |
| 1 Year to below 1 Year 6 Months | 7.5 | 8 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.75 | 8.25 |
| 1 Year 7 Months to below 2 Years | 7.75 | 8.25 |
| 2 Years up to 2 Years 1 Month | 7.75 | 8.25 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.75 | 8.25 |
| 2 years 6 Months to below 2 years 9 Months | 7.75 | 8.25 |
| 2 years 9 Months to 3 years 3 months | 7.75 | 8.25 |
| 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 - www.IndusInd.com
Yes Bank
Yes Bank has launched the Special Tenure Fixed Deposits Scheme of 35 Months tenure, effective from 12 January 2023. Under this scheme, the bank will offer customers higher interest rates of up to 7.75 per cent for regular customers and 8.25 per cent for senior citizens.
Whereas, the bank on other tenure deposits is offering an interest rate of ranging between 3.25 per cent to 7.50 per cent for general customers. While, for senior citizens, the bank is offering an interest rate of 3.75 per cent to 8 per cent. These interest rates are applicable on deposits below Rs. 2 crore on deposit tenure ranging from 7 days to 120 months. The interest rates are effective from 21st February 2023.
Special Tenor Fixed Deposits Effective from 12 January 2023
| Period | Regular Interest Rates | Senior Citizens Interest Rates |
|---|---|---|
| "FD - 35 (Tenure : 35 months)" | 7.75% | 8.25% |
Fixed Deposit Interest Rates for
| Period | Regular Interest (% p.a.) | Senior Citizens Interest (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.75% |
| 15 days to 45 days | 3.70% | 4.20% |
| 46 days to 90 days | 4.10% | 4.60% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 271 days | 6.00% | 6.50% |
| 272 days to | 6.25% | 6.75% |
| 1 Year to | 7.25% | 7.75% |
| 15 months to | 7.50% | 8.00% |
| 35 months 1 day to | 7.50% | 8.00% |
| 36 months to | 7.00% | 7.75% |
Source - www.Yesbank.in
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