Also read: TCS rules, special FD deadlines, LIC campaign late date: 7 big money changes in October 2023
Let us take a look at the six banks that have revised their FD interest rates so far in October.
HDFC Bank
HDFC Bank, a private sector bank, reduced fixed deposit interest rates of two special tenure fixed deposit schemes – these are for FD tenures of 35 and 55 months. The new rates are effective from October 1, 2023.
| Tenure | Interest Rate (per annum) | **Senior Citizen Rates (per annum) |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 29 days | 3.00% | 3.50% |
| 30 – 45 days | 3.50% | 4.00% |
| 46 – 60 days | 4.50% | 5.00% |
| 61 – 89 days | 4.50% | 5.00% |
| 90 days | 4.50% | 5.00% |
| 6 months 1 days | 5.75% | 6.25% |
| 9 months 1 day to | 6.00% | 6.50% |
| 1 year to | 6.60% | 7.10% |
| 15 months to | 7.10% | 7.60% |
| 18 months to | 7.00% | 7.50% |
| 21 months – 2 years | 7.00% | 7.50% |
| 2 Years 1 day to | 7.00% | 7.50% |
| 2 Years 11 Months – 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day | 7.00% | 7.50% |
| 3 Years 1 day to | 7.00% | 7.50% |
| 4 Year 7 Months – 55 months | 7.20% | 7.70% |
| 4 Year 7 Months 1 day | 7.00% | 7.50% |
| 5 Years 1 day – 10 Years | 7.00% | 7.75%* |
Also read: HDFC Bank reduces FD interest rates on these tenures: Check latest fixed deposit rates Bank of India
Bank of India has revised fixed deposit interest rates on tenures below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.25% for tenures ranging from 7 days to 10 years. For senior citizens interest rates vary between 3.5% to 7.75%. The new rates are effective from October 1, 2023.
| MATURITY BUCKETS $(FOR NRE RUPEE TERM DEPOSITS, | FOR DEPOSITS OF LESS THAN RS.2 CR |
| 7 days to 14 days | 3 |
| 15 days to 30 days | 3 |
| 31 days to 45 days | 3 |
| 46 days to 90 days | 4.5 |
| 91 days to 179 days | 4.5 |
| 180 days to 210 days | 5.5 |
| 211 days to 269 days | 5.5 |
| 270 days to less than 1 year | 5.75 |
| Above 1 Year to 399 Days | 6.5 |
| 400 days (Monsoon Deposit) | 7.25 |
| 401 days to less than 2 Years | 6.5 |
| 2 Years | 6.8 |
| 2 Years to less than 3 Years | 6.75 |
| 3 Years to less than 5 Years | 6.50# |
| 5 Years to less than 8 Years | 6.00# |
| 8 years & above to 10 Years | 6.00# |
Punjab & Sindh Bank
Punjab & Sindh Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 2.80% and 7.40% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023
.
| Tenure | Fixed Deposit |
| Less than Rs.2 Cr | |
| 7 – 14 Days | 2.80(#) |
| 15 – 30 Days | 2.8 |
| 31 – 45 Days | 3 |
| 46 – 90 Days | 4.6 |
| 91 – 120 Days | 4.75 |
| 121-150 Days | 4.75 |
| 151 – 179 Days | 4.75 |
| 180 – 269 Days | 5.5 |
| 270 – 332 Days | 5.5 |
| 333 Days | 6.50($) |
| 334 Days – | 5.5 |
| 1 Year | 6.4 |
| >1 Year – 443 Days | 6.2 |
| 444 Days | 7.40($) |
| 445 Days – 554 Days | 6.2 |
| 555 Days | 7.35($) |
| 556 Days – 2 Years | 6.2 |
| Above2Years- | 6.5 |
| 3Years – 5Years | 6 |
| >5 Years – 10 Years* | 6.25 |
($) means the special deposit tenure of 333 days, 444 days and 555 days are valid only up to November 30, 2023
IDFC First Bank
IDFC First Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3% and 7.50% for tenures ranging from 7 days to 10 years. The new rates are effective from October 1, 2023.
IndusInd Bank
IndusInd Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.85% for tenures ranging from 7 days to 10 years for general citizens. Senior citizens will earn the highest interest rate of 8.25%. The new rates are effective from October 1, 2023.
| Tenure | Less than 2 Crore | Less than 2 Crore |
| Rate | Rate | |
| 7 days to 14 days | 3.5 | 4.25 |
| 15 days to 30 days | 3.5 | 4.25 |
| 31 days to 45 days | 3.75 | 4.5 |
| 46 days to 60 days | 4.25 | 5 |
| 61 days to 90 days | 4.6 | 5.35 |
| 91 days to 120 days | 4.75 | 5.5 |
| 121 days to 180 days | 5 | 5.75 |
| 181 days to 210 days | 5.85 | 6.6 |
| 211 days to 269 days | 6.1 | 6.85 |
| 270 days to 354 days | 6.35 | 7.1 |
| 355 days to 364 days | 6.35 | 7.1 |
| 1 Year to below 1 Year 6 Months | 7.5 | 8.25 |
| 1 Year 6 Months to below 1 Year 7 Months | 7.85 | 8.25 |
| 1 Year 7 months up to 2 Years | 7.5 | 8.25 |
| Above 2 Years up to 2 Years 1 Month | 7.25 | 8 |
| Above 2 Years 1 Month to below 2 years 6 Months | 7.25 | 8 |
| 2 years 6 Months to below 2 years 9 Months | 7.25 | 8 |
| 2 years 9 Months to 3 years 3 months | 7.25 | 8 |
| Above 3 years 3 months to below 61 month | 7.25 | 8 |
| 61 month and above | 7 | 7.75 |
| Indus Tax Saver Scheme (5 years) | 7.25 | 8 |
Karnataka Bank
Karnataka Bank revised fixed deposit interest rates for deposits below Rs 2 crore. After the revision, the bank offers interest rates between 3.50% and 7.25% for tenures ranging from 7 days to 10 years for general citizens. The new rates are effective from October 1, 2023.
| Maturity Pattern | Interest Rate (% p.a) for Deposits below Rs.2 Crore |
| 7 days to 45 days | 3.5 |
| 46 days to 90 days | 4 |
| 91 days to 179 days | 5.25 |
| 180 days to below 1 year | 5.25 |
| 1 year to 2 years | 6.95 |
| 444 days – (FD & ACC)* | 7.25 |
| Above 2 Year to 5 years | 6.5 |
| Above 5 year to 10 years | 5.8 |
Source: Respective bank websites as on October 3, 2023
