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IDBI, Axis And Capital Small Finance Bank Have Revised FD Rates; Know The Senior Citizen Rates

IDBI Bank, Axis Bank, and Capital Small Finance Bank have revised their fixed deposit (FD) rates in the week ending June 22, 2024.

June 22, 2024
June 22, 2024
FD Rate revision In Three Banks

FD Rate revision In Three Banks

After the Reserve Bank of India’s (RBI) monetary policy committee meeting (MPC) in June first week, banks have raised their bulk fixed deposit (FD) limit from Rs 2 crore to Rs 3 crore. This week, three banks have revised their FD rates. Here are the details:

IDBI Bank:

The bank revised rates on June 18, 2024, for FDs below Rs 3 crore. Senior citizens can avail themselves of the highest 7.75 per cent on specific FDs.


Its rates are as follows:

  • 30 per cent for a year to two-year FDs, except for 375, 444, and 700 days FDs.
  • 50 per cent for over two years to less than three years.
  • 00 per cent for three years to five years.
  • 75 per cent for over five years to 10 years.

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Its special or Utsav Callable FDs are valid until September 30, 2024. The rates for seniors and general public (others) on these FDs are: 

  • 300-Day FD: 7.55 per cent for seniors and 7.05 per cent for others.
  • 375-Day FD: 7.65 per cent for seniors and 7.15 per cent for others.
  • 444-Day FD: 7.75 per cent for seniors and 7.25 per cent for others.
  • 700-Day FD: 7.70 per cent for seniors and 7.20 per cent for others.

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Axis Bank: 

The private sector bank revised its FD rates on June 19, 2024; it offers a maximum of 7.85 per cent to senior citizens.

Seniors can avail of: 

  • 50 per cent for tenures of one year to less than 15 months.
  • 60 per cent for 15 months to less than 17 months.
  • 85 per cent for 17 months to less than 18 months.
  • 60 per cent for tenures between 18 months and less than five years.
  • 75 per cent for five years to 10 years.

 These rates are applicable for FDs less than Rs 3 crore.

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Capital Small Finance Bank:

After the FD rate revision on June 20, 2024, this small finance bank offers a maximum of 8.05 per cent to people aged 60 years and above.

Senior citizens can avail of:

  • 65 per cent for a year to less than five years.
  • 60 per cent for five years and up to 10 years.

Its special category FD rates are: 

  • 00 per cent for 12 months.
  • 05 per cent for 400 days.
  • 90 per cent for 600 days.
  • 80 per cent for 900 days.

Small finance banks usually offer higher rates than their larger counterparts. However, deposits with them are secured up to Rs 5 lakh under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC), just like other public and private sector banks.

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