Kotak Bank, Axis cut fixed deposit rates again, offer up to 7.65 % interest

Lenders updating schemes after Reserve Bank of India cut repo rate to 6% earlier this month

Private-sector lenders Kotak Mahindra Bank and Axis Bank have reduced their fixed deposit (FD) interest rates for the second time in April. Their announcements follow the Reserve Bank of India's decision on April 9 to cut the repo rate earlier by 25 basis points to 6 per cent. State Bank of India, ICICI and HDFC Bank are among lenders that reduced their FD interest rates after that.

 

Kotak Mahindra Bank's Revised FD Rates

 

Kotak Mahindra Bank has updated its FD interest rates across various tenures effective April 23. For deposits with premature withdrawal options, the bank now offers rates ranging from 2.75 per cent to 7.15 per cent per annum for regular customers and 3.25 per cent to 7.65 per cent for senior citizens for deposits of less than Rs 3 crore.

 

 

This table provided by the bank lists various tenures and rates.

 

Fixed Deposits Interest Rates for Domestic/ NRO / NRE effective from 23rd Apr 2025.
	Regular	Senior Citizen*
	Less than Rs.3 Crore#	Less than Rs.3 Crore#
	2.75%	3.25%
15 - 30 Days	3.00%	3.50%
31 - 45 Days	3.25%	3.75%
46 - 90 Days	3.50%	4.00%
91 - 120 Days	4.00%	4.50%
121 - 179 days	4.25%	4.75%
180 Days	7.00%	7.50%
181 Days to 269 Days	6.00%	6.50%
270 Days	6.00%	6.50%
271 Days to 363 Days	6.00%	6.50%
364 Days	6.50%	7.00%
365 Days to 389 Days	6.80%	7.30%
390 Days (12 months 25 days)	7.00%	7.50%
391 Days - Less than 23 Months	7.15%	7.65%
23 Months	7.15%	7.65%
23 months 1 Day- less than 2 years	7.05%	7.55%
2 years- less than 3 years	6.90%	7.40%
3 years and above but less than 4 years	6.90%	7.40%
4 years and above but less than 5 years	6.90%	7.40%
5 years and above upto and inclusive of 10 years	6.20%	6.70%

 

Axis Bank's new fixed deposit rates

 

Axis Bank has also revised its FD interest rates effective April 23. New rates for various tenures offered for general customers range from 3 per cent to 7.05 per cent per annum. For senior citizens, rates range from 3.50 per cent to 7.65 per cent per annum for deposits of less than Rs 3 Cr. 

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Below is the detailed table provided by the bank for various tenures and rates it offers.

 

Domestic Deposits – Less than ₹5 Crores (w.e.f. 23rd April 2025)

  Maturity Period General < ₹3 Cr Senior < ₹3 Cr 7 – 14 days 3.00% 3.50% 15 – 29 days 3.00% 3.50% 30 – 45 days 3.50% 4.00% 46 – 60 days 4.25% 4.75% 61 – 87 days 4.50% 5.00% 88d – 3m 24d 4.75% 5.25%

3m 25d – <4 months

4.75% 5.25% 4m – <6 months 4.75% 5.25% 6m – <9 months 5.75% 6.25% 9m – <1 year 6.00% 6.50% 1y – 1y 10d 6.70% 7.20% 1y 11d – <13m 6.70% 7.20% 13m – <15m 6.70% 7.20% 15m – <18m 7.05% 7.55% 18m – <2y 7.05% 7.55% 2y – <3y 6.90% 7.40% 3y – <5y 6.90% 7.40% 5y – 10y 6.90% 7.65%

 

Market trend

 

Earlier this week, Yes Bank also revised its FD interest rates for the second time in the month, reducing its highest offering from 7.75 per cent to 7.50 per cent.  For general customers, ranging from 3.25 per cent to 7.75 per cent on FDs below Rs 3 crore. For senior citizens, the FD rate is from 3.75 per cent to 8.25 per cent.

 

Below is the table of tenures and rates provided by the bank.

 

Fixed Deposit Interest Rates w.e.f. 21st April, 2025 (less than INR 3 Cr)
Tenure	Regular	Senior Citizen**
	Interest Rates (%P.A.)*	Interest Rates (%P.A.)*
7 days to 14 days	3.25%	3.75%
15 days to 45 days	3.70%	4.20%
46 days to 90 days	5.00%	5.50%
91 days to 120 days	5.00%	5.50%
121 days to 180 days	5.00%	5.50%
181 days to 271 days	6.25%	6.75%
272 days to < 12 months	6.50%	7.00%
12 months	7.00%	7.50%
12 months 1 day to < 36 months	7.50%	8.00%
36 months to < 60 months	7.50%	8.25%
60 months	7.50%	8.25%
60 months 1 day to <= 120 months	7.00%	7.75%

 

(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd)