Senior citizens can avail of interest rates of up to 7.75 per cent on fixed deposits (FD) with Axis Bank and Kotak Mahindra Bank. With the second quarter of financial year FY2023-24 coming to an end this month, this is also the time when the government will review the rate of interest on small savings. As such, seniors may keep a check on the deposit rates for the best rate available.
Here’s what these two banks are offering to depositors across tenures
Axis Bank Deposit Rate For Senior Citizens
Axis Bank has been revising its deposit rates quite frequently, of late. On September 15, 2023, the bank revised its rates for one more time. For senior citizens, the highest rate available is 7.75 per cent for tenures of 5-10 years. So, if is apprehensive that the rates could fall in future, one might lock their deposits at the prevailing rates for their long-term FDs.
The deposit rate is in the range of 3.50-7.75 per cent for tenures starting from seven days to up to 10 years, and for amount less than Rs. 2 crore. For tenures from six months to less than nine months, the deposit rate is 6.25 per cent, while from nine months to less than a year, it is 6.50 per cent.
The bank is offering a deposit rate of 7.20 per cent for tenures from one year to less than 15 months, and 7.60 per cent for tenures beyond 15 months to less than five years. For the general public, the rate is 3-7.10 per cent, where 7.10 per cent is the highest deposit rate available for various tenures between 15 months and five years.
Kotak Mahindra Bank Deposit Rate For Senior Citizens
Kotak Mahindra Bank revised its rates on September 13, 2023. Seniors can avail a maximum of 7.75 per cent with the bank on FD tenure of 23 months. It amounts to an annualised yield of 7.98 per cent, according to the bank’s website.
For 180 days, the bank is offering a deposit rate of 7.50 per cent, whereas the rate is lower for tenures from 181 days to 363 days at 6.50 per cent.
For other tenures, the rates are 7 per cent for 364 days, 7.60 per cent for 365-389 Days, 7.65 per cent for 390 Days, 7.70 per cent for 391 days to less than 23 months, and 7.75 per cent for 23 months.
From 23 months one day to less than two years, the deposit rate is 7.70 per cent, for two years to less than three years it is 7.50 per cent, for three years to less than four years it is 7 per cent, while for four years to less than five years it is 6.75 per cent, and for tenures of five years and above to up to and inclusive of 10 years, it is 6.70 per cent.
For others, the highest deposit rate is 7.15 per cent for a tenure of 390 days.