Kotak, Axis Banks cut FD rates for 2nd time in April

Kotak Mahindra Bank and Axis Bank have announced changes to their fixed deposit (FD) interest rates. Kotak Mahindra Bank has reduced its FD rates by up to 30 basis points (bps) on select tenures, marking its second revision in interest rates in April. The revised rates come into effect from April 23, 2025. Meanwhile, Axis Bank has also revised its FD interest rates for deposits less than Rs 3 crore for both general and senior citizens.

Bank big banks including SBI, HDFC Bank, ICICI Bank, Yes Bank, IDFC Bank, Canara Bank have cut their fixed deposit interest rate on select tenures after the Reserve Bank of India (RBI) reduced repo rate by 25 bps from 6.25% to 6% at its monetary policy meet on April 9, 2025.

Also read: Book your FD before it’s too late: These banks offer interest rates up to 9.10% for senior citizens
What should customers do?
With multiple banks already cutting rates, more could follow. Locking in their money in fixed deposits now, especially for longer tenures, might help you secure higher returns before rates dip further.

Latest Kotak Mahindra Bank FD interest rates
Kotak Mahindra Bank has revised its fixed deposit (FD) interest rates, reducing them by up to 30 basis points (bps) on select tenures. This marks the bank’s second FD rate cut in April. The revised rates are effective from April 23, 2025.

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For the tenure of 365 days to 389 days, the bank has reduced the interest rate from 7.10% to 6.80%, a cut of 30 basis points (bps). For a 390-day tenure (12 months and 25 days), the interest rate has been revised to 7.00% from 7.25%, down by 25 bps. For tenures ranging from 391 days to less than 23 months, the rate has been reduced to 7.15% from 7.30%, down by 15 bps.

For a 23-month tenure, the rate is now 7.15%, down from 7.25%, down by 10 bps. For tenures from 23 months and 1 day to less than 2 years, the rate has been revised to 7.05% from 7.15%, down by 10 bps. For fixed deposits having a tenure of 2 years to less than 3 years, the rate is now 6.90%, down from 7.15%. For tenures of 3 years and above but less than 5 years, the interest rate has been revised to 6.90% from 7.00%.


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Latest Axis Bank FD interest rates
Following the latest revision, general citizens will earn FD interest rate between 3% and 7.05% on Axis Bank FDs, while senior citizens will get rates ranging from 3.50% to 7.55%. The highest rates of 7.05% for general and 7.55% for senior citizens are applicable on tenures between 15 months and less than 2 years. The revised rates are effective from April 23, 2025.
Source: Bank website