Axis Bank, Canara Bank Adjust Fixed Deposit Rates

In a notable development for bank customers, two prominent financial institutions, Axis Bank and Canara Bank, have undertaken substantial revisions to their fixed deposit interest rates within this week. These strategic moves to adjust interest rates for fixed deposit products valued at less than Rs 2 crore come in the wake of the Reserve Bank of India's (RBI) recent decision to maintain the repo rate at a consistent 6.5 per cent. This decision by the RBI Governor, Shaktikanta Das, was formally communicated on 10 August 2023, marking the third consecutive instance of this policy.

Axis Bank Adjusts Fixed Deposit Interest Rates 

As per the communication on its official website, Axis Bank has implemented the revised rates starting 14 August 2023. Following this adjustment, the bank now provides interest rates spanning from 3.5 per cent to 7.3 per cent for deposits maturing over durations of seven days to ten years, targeting the general public.

The bank's announcement further specifies that senior citizens will now benefit from an interest rate ranging between 3.50 per cent and 8.05 per cent for deposits within the same maturity spectrum.

Check FD Interest Rate Details Here

• 7 days to 14 days 3.50
• 15 days to 29 days 3.50
• 30 days to 45 days 3.50
• 46 days to 60 days 4.00
• 61 days < 3 months 4.50
• 3 months < 4 months 4.75
• 4 months < 5 months 4.75
• 5 months < 6 months 4.75
• 6 months < 7 months 5.75
• 7 months < 8 months 5.75
• 8 months < 9 months 5.75
• 9 months < 10 months 6.00
• 10 months < 11 months 6.00
• 11 months to 11 months 24 days 6.00
• 11 months 25 days < 1 year 6.00
• 1 year to 1 year 4 days 6.75
• 1 year 5 days to 1 year 10 days 6.80
• 1 year 11 days to 1 year 24 days 6.80
• 1 year 25 days < 13 months 6.80
• 13 months < 14 months 7.10
• 14 months < 15 months 7.10
• 15 months < 16 months 7.10
• 16 months < 17 months 7.30
• 17 months < 18 months 7.10
• 18 Months < 2 years 7.10
• 2 years < 30 months 7.20
• 30 months < 3 years 7.00
• 3 years < 5 years 7.00
• 5 years to 10 years 7.00

Canara Bank Revises FD Interest Rates

Canara Bank, through its official website, has announced that the updated interest rates will come into effect from 12 August 2023. Following this recent adjustment, the bank has communicated its intention to provide interest rates that span from 4 per cent to 7.25 per cent for deposits maturing within a period of seven days to ten years, catering to the general public. Additionally, the bank has specified that senior citizens will now enjoy an interest rate range between 4 per cent and 7.75 per cent for deposits within the same maturity range.

Check FD Interest Rate Details Here

• 7 Days to 45 Days 4.00
• 46 Days to 90 Days 5.25
• 91 Days to 179 Days 5.50
• 180 Days to 269 Days 6.25
• 270 Days to less than 1 Year 6.50
• 1 Year Only 6.90
• 444 Days 7.25
• Above 1 Year to less than 2 Years 6.90
• 2 Years & above to less than 3 Years 6.85
• 3 Years & above to less than 5 Years 6.80
• 5 Years & above to 10 Years 6.70