Latest fixed deposit rates: SBI, Bank of India, Axis Bank, IDBI Bank new FD rates

After Reserve Bank of India (RBI) lowered its repo rate by 35 basis points to 5.40 percent, most banks have revised their deposit rates to bring parity with the other rates. The customers of the bank must check the revised rates of the banks. Recently, Axis Bank, Bank of India, and IDBI Bank have changed their deposit rates.

SBI revised FD rates:
The country's largest lender has cut retail term deposit rates by up to 20-25 bps across tenors, and bulk term deposit rates by up to 10-20 bps across tenors effective September 10, 2019. For detailed information, the customers may visit the SBI official websites.

Bank of India revised FD rates:
Bank of India offers FDs for various tenures. The bank has revised its interest rates on fixed deposits for the deposits less than Rs 2 crore twice in September. BoI revised its interest rates on term deposits on September 1 and gain on September 10, 2019. The bank kept the fixed deposits maturing in less than one year unchanged. BOI, however, cut the FD rates maturing in 91 days to 179 days by 25 basis points (bps).

Axis Bank revised FD rates:
The bank has for fixed deposit schemes for varied tenures - seven days to 10 years. The bank is offering 3.5 per cent interest on fixed deposits of seven days to 29 days, while offers 5.75 percent for deposits for the period of 30 days to 45 days. Axis Bank pays 7.10 percent on deposits maturing in less than 14 months. The bank had revised the fixed deposit rate on August 14, 2019.

IDBI Bank revised FD rates:
The bank offers fixed deposit schemes for tenures between 7 days and 20 years. At the revised rate, the bank pays highest interest rates on 1 year tenure FD at 6.95 percent for general customers and 7.45 percent for senior citizens.

The customers should visit the respective bank websites for detailed information regarding the prevailing interest rates and other details.