FD rates revised at 3 major banks: Senior citizens can earn up to 7.25%; check the latest rates
Investors who want to open a fixed deposit (FD) account should be aware that three banks have recently changed the interest rates on FDs; the new rates take effect in August.
For fixed deposit (FD) investors, the country’s largest private sector lender, HDFC Bank, has made an important announcement by revising its interest rates on term deposits of less than Rs 3 crore.
HDFC Bank is now offering a maximum interest rate of 6.50% to regular customers and 7.10% to senior citizens.
The latest fixed deposit rates are effective from August 19, 2026, according to the bank’s official website.
Axis Bank, the second private bank on the list, changed its fixed deposit interest rates as of August 27, 2026. After the modification, senior citizens can earn up to 7.25% over a five- to ten-year tenure, while non-senior citizens can earn up to 6.50%.
Federal Bank, the third bank on our list, is also from the private sector. According to the bank’s official website, the most recent interest rates for resident term deposits go into effect on August 17, 2026. As a result of the change, the bank is now offering non-senior citizens a maximum interest rate of 6.70% and senior citizens a maximum interest rate of 7.20%.
HDFC Bank latest FD rates
The interest rate for fixed deposits maturing in 7 to 29 days is 2.75%, while for a tenure of 30-45 days, it is 3.25%. HDFC Bank is now offering an interest rate of 4.25% for tenures of 46 days to 6 months and 5.50% for 6 months 1 day up to 9 months tenure.
Fixed deposits with HDFC Bank that mature in 9 months and 1 day to less than a year will earn an interest rate of 5.75%, while those maturing in 1 year to 15 months will earn 6.25%.
HDFC Bank will now pay an interest rate of 6.35% on FDs with a tenure of 15 months to 18 months and 6.45% for 18 months to 3 years.
On fixed deposits maturing in 3 years 1 day to 4 years 7 months, HDFC Bank is offering the highest interest rate slab of 6.50%, whereas on FDs maturing in 4 years to 5 years, the revised interest rate applicable is 6.40%.
For long-term fixed deposits of 5 years 1 day to 10 years, the applicable interest rate will be 6.15%.
Below are the new fixed deposit interest rates of HDFC Bank for amounts below Rs 3 Cr.
| Tenure | Interest rates p.a. in % for non-senior citizens | Interest rates p.a. in % for senior citizens |
| 7 – 14 days | 2.75% | 3.25% |
| 15-29 days | 2.75% | 3.25% |
| 30-45 days | 3.25% | 3.75% |
| 46-60 days | 4.25% | 4.75% |
| 61-89 days | 4.25% | 4.75% |
| 90 days <= 6 months | 4.25% | 4.75% |
| 6 months 1 day <=9 months | 5.50% | 6.00% |
| 9 months 1 day to < 1 Year | 5.75% | 6.25% |
| 1 Year to < 15 months | 6.25% | 6.75% |
| 15 months to < 18 months | 6.35% | 6.85% |
| 18 months to < 21 months | 6.45% | 6.95% |
| 21 months to 2 years | 6.45% | 6.95% |
| 2 Years 1 day to < 2 Year 11 Months | 6.45% | 6.95% |
| 2 Years 11 Months (35 months) | 6.45% | 6.95% |
| 2 Years 11 Months 1 day <= 3 Year | 6.45% | 6.95% |
| 3 Years 1 day to < 4 Years 7 Months | 6.50% | 7.10% |
| 4 Year 7 Months (55 months) | 6.40% | 6.90% |
| 4 Year 7 Months 1 day <=5 Years | 6.40% | 6.90% |
| 5 Years 1 day to 10 Years | 6.15% | 6.65% |
Source: HDFC Bank
Federal Bank FD rates
Federal Bank’s latest FD rates are in effect as of August 17, 2026, and they apply to the tenures listed below.
| Period | Interest rates p.a. in % for non-senior citizens | Interest rates p.a. in % for senior citizens |
| 7 days to 29 days | 3.00% | 3.50% |
| 30 days to 45 days | 3.25% | 3.75% |
| 46 days to 90 days | 4.25% | 4.75% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days | 6.00% | 6.50% |
| 182 days to 270 days | 5.50% | 6.00% |
| 271 days to less than 1 year | 6.00% | 6.50% |
| 1 year | 6.25% | 6.75% |
| Above 1 year to less than 15 Months | 6.40% | 6.90% |
| 15 Months | 6.65% | 7.15% |
| Above 15 Months to 24 Months | 6.40% | 6.90% |
| Above 24 months to less than 48 months | 6.50% | 7.00% |
| 48 months | 6.70% | 7.20% |
| Above 48 months to 10 years | 6.40% | 6.90% |
Source: Federal Bank. Interest rate as of 17th August 2026
Axis Bank FD rates
The latest FD rates offered by Axis Bank go into effect on August 27, 2026.
| Period | Interest rates p.a. in % for non-senior citizens | Interest rates p.a. in % for senior citizens |
| 7 – 14 days | 3 | 3.5 |
| 15 – 29 days | 3 | 3.5 |
| 30 – 45 days | 3.25 | 3.75 |
| 46 – 60 days | 4 | 4.5 |
| 61 days – 87 days | 4.75 | 5.25 |
| 88 days – 3 months 24 days | 5 | 5.5 |
| 3 months 25 days < 4 months | 5 | 5.5 |
| 4 months < 6 months | 5 | 5.5 |
| 6 months < 9 months | 5.5 | 6 |
| 9 months < 1 year | 5.75 | 6.25 |
| 1 year – 1 year 10 days | 6.25 | 6.75 |
| 1 year 11 days < 13 months | 6.25 | 6.75 |
| 13 months < 15 months | 6.25 | 6.75 |
| 15 months < 18 months | 6.45 | 6.95 |
| 18 Months < 2 years | 6.5 | 7 |
| 2 years < 3 years | 6.5 | 7 |
| 3 years < 5 years | 6.5 | 7 |
| 5 years to 10 years | 6.5 | 7.25 |
Source: Axis Bank
How do HDFC Bank, Federal Bank and Axis Bank FD rates compare with other banks?
| Private Banks | Highest interest rate slab in % | Tenure | interest rates in % for 1-year | interest rates in % for 3-year | interest rates in % for 5-year | interest rates in % for 10-year |
| Axis Bank | 6.50 | 18 months to 10 years | 6.25 | 6.50 | 6.50 | 6.50 |
| DCB Bank | 7.50 | 24 months to less than 25 months; 34 months to less than 35 months; 60 months to 61 months | 6.90 | 7.00 | 7.50 | 7.00 |
| Federal Bank | 6.70 | 48 months | 6.25 | 6.50 | 6.40 | 6.40 |
| HDFC Bank | 6.50 | 3 years 1 day to less than 4 years 7 months | 6.25 | 6.45 | 6.40 | 6.15 |
| ICICI Bank | 6.50 | 3 years 1 day to 10 years | 6.25 | 6.45 | 6.50 | 6.50 |
| IDFC FIRST Bank | 7.25 | 500 days to 3 years | 6.50 | 7.25 | 6.75 | 6.00 |
| IndusInd Bank | 7.00 | 2 years to 3 years | 6.75 | 7.00 | 6.65 | 6.50 |
| IDBI Bank | 6.50 | Above 2 years to less than 3 years | 6.20 | 6.35 | 6.25 | 5.90 |
| Kotak Mahindra Bank | 6.80 | 2 years to less than 3 years | 6.35 | 6.40 | 6.25 | 6.25 |
| RBL Bank | 7.20 | 18 months to 3 years | 7.00 | 7.20 | 6.70 | 6.70 |
| YES Bank | 7.25 | 18 months 1 day to less than 24 months | 6.65 | 7.00 | 6.75 | 6.75 |
| Public sector banks | Highest interest rate slab in % | Tenure | interest rates in % for 1-year | interest rates in % for 3-year | interest rates in % for 5-year | interest rates in % for 10-year |
| Bank of Baroda | 6.75 | 555 days – BoB Golden Goal Deposit Scheme | 6.25 | 6.25 | 6.30 | 6.00 |
| Bank of India | 6.85 | 999 days | 6.50 | 6.70 | 6.00 | 6.00 |
| Bank of Maharashtra | 6.65 | 400 days | 6.40 | 5.25 | 5.00 | 5.00 |
| Canara Bank | 6.60 | 555 days | 6.25 | 6.25 | 6.25 | 6.25 |
| Central Bank of India | 6.75 | 444 days | 6.10 | 6.00 | 6.00 | 6.00 |
| Indian Bank | 6.65 | 555 days | 6.10 | 6.05 | 6.00 | 6.00 |
| Indian Overseas Bank | 6.60 | 444 days | 6.50 | 6.10 | 6.10 | 6.10 |
| Punjab National Bank | 6.60 | 444 days | 6.25 | 6.30 | 6.35 | 6.00 |
| Punjab & Sind Bank | 6.85 | 666 days | 5.85 | 5.85 | 5.95 | 5.85 |
| State Bank of India | 6.45 | 444 days – Amrit Vrishti | 6.25 | 6.30 | 6.05 | 6.05 |
| Union Bank of India | 6.55 | 555 days | 6.20 | 6.10 | 6.00 | 6.00 |
Source: Paisabaazar. Interest rates as of 26 Aug 2026
Key takeaway for FD customers
In light of the HDFC, Axis and Federal Bank’s recent adjustment of FD rates, investors should keep in mind that the latest FD rates revision in these banks does not imply that it is the best option for you, as some other banks provide higher interest rates, such as DCB Bank at 7.50%, IDFC First Bank at 7.25%, and Yes Bank at the same rate. This suggests that FD investors should first compare the latest interest rates among all banks for their selected tenure.
The stronger point to consider is that investors should not rush to book an FD just because rates have been revised, but they should look at post-tax returns, as the interest income from fixed deposits is fully taxable and is taxed based on your applicable tax slabs.
If your total yearly interest income exceeds Rs 50,000 for those under 60 or Rs 1,00,000 for senior citizens, banks will deduct 10% TDS. The TDS rate goes up to 20% if you don’t have a PAN card.
Therefore, investors primarily concentrate on post-tax returns and how a bank’s FD rates compare to other instruments like debt investments such as liquid funds, post office savings schemes, bonds, etc., regardless of how appealing a bank’s FD rates are.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, tax, or legal advice. Any illustrations, examples, or return projections used in this article are for explanatory purposes only and do not guarantee actual investment outcomes. The views and opinions expressed by experts quoted in this article are their own and should not be considered investment recommendations. Readers should consult a qualified professional before making any financial decisions.
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