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.
TenureInterest rates p.a. in % for non-senior citizensInterest rates p.a. in % for senior citizens7 – 14 days2.75%3.25%15-29 days2.75%3.25%30-45 days3.25%3.75%46-60 days4.25%4.75%61-89 days4.25%4.75%90 days <= 6 months4.25%4.75%6 months 1 day <=9 months5.50%6.00%9 months 1 day to < 1 Year5.75%6.25%1 Year to < 15 months6.25%6.75%15 months to < 18 months6.35%6.85%18 months to < 21 months6.45%6.95%21 months to 2 years6.45%6.95%2 Years 1 day to < 2 Year 11 Months6.45%6.95%2 Years 11 Months (35 months)6.45%6.95%2 Years 11 Months 1 day <= 3 Year6.45%6.95%3 Years 1 day to < 4 Years 7 Months6.50%7.10%4 Year 7 Months (55 months)6.40%6.90%4 Year 7 Months 1 day <=5 Years6.40%6.90%5 Years 1 day to 10 Years6.15%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.
PeriodInterest rates p.a. in % for non-senior citizensInterest rates p.a. in % for senior citizens7 days to 29 days3.00%3.50%30 days to 45 days3.25%3.75%46 days to 90 days4.25%4.75%91 days to 180 days4.50%5.00%181 days6.00%6.50%182 days to 270 days5.50%6.00%271 days to less than 1 year6.00%6.50%1 year6.25%6.75%Above 1 year to less than 15 Months6.40%6.90%15 Months6.65%7.15%Above 15 Months to 24 Months6.40%6.90%Above 24 months to less than 48 months6.50%7.00%48 months6.70%7.20%Above 48 months to 10 years6.40%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.
PeriodInterest rates p.a. in % for non-senior citizensInterest rates p.a. in % for senior citizens7 – 14 days33.515 – 29 days33.530 – 45 days3.253.7546 – 60 days44.561 days – 87 days4.755.2588 days – 3 months 24 days55.53 months 25 days < 4 months55.54 months < 6 months55.56 months < 9 months5.569 months < 1 year5.756.251 year – 1 year 10 days6.256.751 year 11 days < 13 months6.256.7513 months < 15 months6.256.7515 months < 18 months6.456.9518 Months < 2 years6.572 years < 3 years6.573 years < 5 years6.575 years to 10 years6.57.25
Source: Axis Bank
How do HDFC Bank, Federal Bank and Axis Bank FD rates compare with other banks?
Private BanksHighest interest rate slab in %Tenureinterest rates in % for 1-yearinterest rates in % for 3-yearinterest rates in % for 5-yearinterest rates in % for 10-yearAxis Bank6.5018 months to 10 years6.256.506.506.50DCB Bank7.5024 months to less than 25 months; 34 months to less than 35 months; 60 months to 61 months6.907.007.507.00Federal Bank6.7048 months6.256.506.406.40HDFC Bank6.503 years 1 day to less than 4 years 7 months6.256.456.406.15ICICI Bank6.503 years 1 day to 10 years6.256.456.506.50IDFC FIRST Bank7.25500 days to 3 years6.507.256.756.00IndusInd Bank7.002 years to 3 years6.757.006.656.50IDBI Bank6.50Above 2 years to less than 3 years6.206.356.255.90Kotak Mahindra Bank6.802 years to less than 3 years6.356.406.256.25RBL Bank7.2018 months to 3 years7.007.206.706.70YES Bank7.2518 months 1 day to less than 24 months6.657.006.756.75Public sector banksHighest interest rate slab in %Tenureinterest rates in % for 1-yearinterest rates in % for 3-yearinterest rates in % for 5-yearinterest rates in % for 10-yearBank of Baroda6.75555 days – BoB Golden Goal Deposit Scheme6.256.256.306.00Bank of India6.85999 days6.506.706.006.00Bank of Maharashtra6.65400 days6.405.255.005.00Canara Bank6.60555 days6.256.256.256.25Central Bank of India6.75444 days6.106.006.006.00Indian Bank6.65555 days6.106.056.006.00Indian Overseas Bank6.60444 days6.506.106.106.10Punjab National Bank6.60444 days6.256.306.356.00Punjab & Sind Bank6.85666 days5.855.855.955.85State Bank of India6.45444 days – Amrit Vrishti6.256.306.056.05Union Bank of India6.55555 days6.206.106.006.00
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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