Axis Bank, South Indian Bank, and Suryodaya Small Finance Bank (SFB) have revised their fixed deposit (FD) interest rates this week, making the upcoming Christmas and New Year holidays more memorable. Ahead of Christmas, these three banks have revised their fixed deposit rates, so now customers can book FDs at over 7-9%. Banks adjust their lending rates in line with the Reserve Bank of India’s repo rates, which are reviewed every alternate month based on the economic situation.
Lenders take cues from RBI’s monetary policy to adjust their liquidity. RBI left its repo rate untouched for the fifth time in December at 6.5 percent after raising it by 25 bps in February.
Book FDs At Over 7-9% revised from the following banks for deposits of less than Rs 2 two crore for various tenures for the week ended December 23, 2023.

AXIS Bank: AXIS Bank revised the FD rates on December 21, 2023, and offers the highest 7.75 percent to senior citizens (60 years and older). It provides at least 6.00 percent for tenures of more than six months and 7.00 percent or more for over a year.

Senior citizens can avail of 7.20 percent interest for one year to less than 15 month FDs, 7.60 percent for tenures between 15 months to less than five years, and the highest 7.75 percent for five years to 10-year FDs. For the general public, the highest interest rate is 7.10 percent for tenures between 15 months and less than five years and 7.00 percent for five years to 10 years.

Also Read: These 3 Banks Are Offering Seniors Up To 8.60% On FDs, Learn More

South Indian Bank: It offers seniors the highest rate of 7.90 percent. After the December 20, 2023 revision, it provides 7.20 percent for one-year FDs and 7.00 percent for FDs of 1 year two days to 399 days, 401 days to less than 30 months, and 66 months (Green deposit). It offers the highest rate of 7.90 percent for the 400-day FD, followed by 7.50 percent for the 30-month FD. For over 30 months to less than five years, the FD rate is 7.10 percent and 6.50 percent for five years to less than 66 months, above 66 months to up to 10 years, and 5-year tax-saver FDs.

Suryodaya Small Finance Bank: Seniors can get a maximum of 9.10 percent on FDs. It offers senior citizens 7.35 percent for one-year FDs, 8.75 percent for above one year to 15 months, and 9.0 percent for above 15 months to 2 years. From over two years to up to three years, the rate is 9.10 percent, the highest rate. For above three years to less than five years, it is 7.25 percent. For five years and above five years to 10 years, the rates are 8.75 percent and 7.75 percent, respectively. The bank revised its FD rates on December 22, 202