Five banks have revised the interest rates on fixed deposits on certain tenures during the week ending May 18, 2024. These banks are the State Bank of India, Axis Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, and Shivalik Small Finance Bank. Here are the details.

State Bank of India (SBI):

This public sector bank revised its fixed deposit (FD) rates on May 15, 2024. SBI increased the rates for tenures less than a year. For 46 days to 179 days, the rate increased by 75 basis points (bps) to 6.00 per cent; for 180 days to 210 days, and 211 days to less than a year, the rate increased by 0.25 bps to 6.50 per cent and 6.75 per cent, respectively. The bank kept the rates unchanged for FDs of more than a year. For one year to less than two years, the rate remains at 7.30 per cent; for two years to less than three years, it is 7.50 per cent, the highest FD rate; for three years to less than five years, it is 7.25 per cent; and for five to 10 years, it is 7.50 per cent.

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Axis Bank:

Axis Bank revised the rates on May 13, 2024. It offers seniors the highest 7.85 per cent. For tenures of one year to less than five years, the rate is 7.20 per cent; and for 15 months to less than three years, it is 7.60 per cent, except for 17 months to less than 18 months, where it offers 7.85 per cent interest. For five years to less than 10 years, seniors can avail of 7.75 per cent.

IDFC FIRST Bank:

The bank provides a 0.50 per cent extra to senior citizens. It revised the rates on May 15, 2024, and offers a maximum of 8.40 per cent to seniors. The rates for other tenures are 7.00 per cent for one year, 8.00 per cent for one year 1 day to 499 days, and 8.40 per cent for 500 days. For 501 days to 548 days, it is 8.00 per cent; for 549 days to two years, it is 8.25 per cent; for two years 1 day to three years, it is 7.75 per cent; and for 3 years 1 day to 10 years, it is 7.50 per cent.

Utkarsh Small Finance Bank:

The bank offers seniors a maximum of 9.10 per cent for two tenures. Effective May 15, 2024, the rates are 8.60 per cent for 365 days to 699 days, 8.85 per cent for 700 days to less than two years, and 9.10 per cent for two years (730 days) to three years (1096 days). For over three years to less than four years, the rate is 8.85 per cent, for four years (1461 days) to 1499 days, it is 8.35 per cent, and for 1500 days, it is 9.10 per cent. For 1501 days to five years (1826 days), and above five years to 10 years, the rates are 8.35 per cent, and 7.85 per cent, respectively.

Shivalik Small Finance Bank:

Shivalik Bank revised rates on May 16, 2024. Its rates range from 4.00 per cent to 9.05 per cent. For all tenures of more than a year, the rate is above 6.00. For 12 months to less than 18 months, it is 8.30 per cent; for 18 months to 24 months, it is 9.05 per cent; and for 24 months one day to 36 months, it is 8.00 per cent. Further, it is 7.00 per cent for 36 months 1 day to 60 months, and 6.75 per cent for 60 months one day to 120 months.

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UCO Bank:

The UCO Bank revised the rates on May 11, 2024. Senior citizens can get up to 7.55 per cent, the highest rate. For FDs of less than a year and for FDs of one year and above, seniors get an additional 0.25 percent and 0.50 per cent, respectively. Seniors are offered 7.00 per cent for one year to two years FDs, except for the 400-day FD where the interest rate is 7.55 per cent. For more than two to three-year FDs, the interest is 6.80 per cent, and for more than three years to five years, and over five years, the rates are 6.70 per cent and 6.60 per cent, respectively.