These five banks revised their interest rates on fixed deposits (FDs) in the week ended October 14, 2023, post the monetary policy committee (MPC) meeting of the Reserve Bank of India (RBI), which left the benchmark repo rate untouched at 6.5 per cent.

Here are some public, private, and small finance banks that revised the rates this week.

Bank Of Baroda:

Bank of Baroda (BOB) has revised rates on October 9, 2023. The bank offers 0.50 per cent additional interest to senior citizens over the rate for the general public. However, they can get 0.65 per cent and 1.0 per cent extra on some tenures. The interest rate for seniors ranges from 3.50 per cent to 7.75 per cent on fixed deposits.

From one to two years, the interest rate for seniors is 7.25 per cent; above two to three years, it is 7.75 per cent; and for three to five years, it is 7.15 per cent. For five years to 10 years, seniors get 1.0 per cent extra at 7.50 per cent. For the 399-day FD or the ‘Baroda Tiranga Plus Deposit Scheme’, the interest rate is 7.65 per cent for senior citizens. 

Bank Of Maharashtra: 

Bank of Maharashtra revised rates on October 12 and offers a minimum of 2.75 per cent to a maximum of 7.00 per cent interest for the general public. The interest rates are 4.90 per cent for 91 to 119 days, 5.10 per cent for 120 to 180 days, and 5.50 per cent and 5.60 per cent for the 181 to 270 days and 271 to 364 days tenures, respectively.  

For 365 days tenure, the rate is 6.50 per cent. For more than one to three years, the raised rate is up by 0.25 per cent or 25 basis points to 6.25 per cent; for more than three years tenures, it is 6.00 per cent. Interest rates for the bank’s special 200 and 400-day FDs are 7.0 per cent and 6.75 per cent, respectively.  

The bank offers 0.50 per cent additional interest to senior citizens on FDs of 91 days and above.  

Axis Bank: 

Axis Bank revised the rates on October 12. It offers a maximum of 7.75 per cent for senior citizens and 7.0 per cent for the general public on fixed deposits of less than Rs 5 crores. From one year to less than 15 months, the rate of interest for seniors is 7.20 per cent, and from 15 months to less than five years, it is 7.60 per cent. The highest rate of 7.75 per cent applies for five five-year to ten-year periods.   

J&K Bank:

After the rate revision on October 11, the bank’s interest rates on FDs for 91 days to 180 days, 222 days, and 333 days have changed from 4.50 per cent to 4.75 per cent, 5.60 per cent to 6.30 per cent, and 6.0 per cent to 6.60 per cent, respectively.  

For other tenures, the rates remain the same. The highest rate offered by the bank is 7.10 per cent for one year to less than two years. Seniors get an additional 0.50 per cent across all FD tenures, which means they can avail of a maximum of 7.60 per cent as per the revised rates. 

Unity Small Finance Bank: 

Unity Small Finance Bank revised rates on October 9, 2023. Including the additional 0.50 per cent interest rates, the highest rate available to seniors is 9.50 per cent for the tenure of 1001 days. The fixed deposit period, ranging from seven days to ten years, offers interest from a minimum of 4.50 per cent to a maximum of 9.50 per cent for senior citizens.  

For a tenure of more than six months to 201 days, seniors can avail of 9.25 per cent; from one year to 500 days, it is 7.85 per cent; for 501 days, 9.25 per cent; and for 701 days, it is 9.45 per cent.