Axis Bank Revises Fixed Deposit Interest Rates From This Month: All You Need To Know
Axis Bank has revised its interest rates on retail fixed deposits with effect from November 5. The private sector bank offers interest rates to the tune of 3.50-6.85 per cent to the general public on fixed deposit (FD) up to Rs 2 crore, according to Axis Bank's website, axisbank.com. Axis Bank offers a 29 maturity options to its customers for fixed deposits up to Rs 2 crore, ranging from seven days to 10 days. It provides slightly higher returns to senior citizen customers.
Here are the interest rates provided by Axis Bank on fixed deposits up to Rs 2 crore with effect from November 5, 2019:
| Period | General Public | Senior Citizen |
|---|---|---|
| Seven days to 14 days | 3.5% | 3.5% |
| 15 days to 29 days | 4.25% | 4.25% |
| 30 days to 45 days | 5% | 5% |
| 46 days to 60 days | 5.5% | 5.5% |
| 61 days < three months | 5.5% | 5.5% |
| Three months < four months | 5.5% | 5.5% |
| Four months < five months | 5.5% | 5.5% |
| Five months < six months | 5.5% | 5.5% |
| Six months < seven months | 6% | 6.25% |
| Seven months < Eight months | 6% | 6.25% |
| Eight months < nine months | 6% | 6.25% |
| Nine months < ten months | 6.25% | 6.5% |
| 10 months < 11 months | 6.25% | 6.5% |
| 11 months < 11 months and 25 days | 6.25% | 6.5% |
| 11 months and 25 days < one year | 6.55% | 6.8% |
| One year < one year and five days | 6.45% | 7.1% |
| One year and five days < one year and 11 days | 6.45% | 7.1% |
| One year and 11 days < one year and 25 days | 6.45% | 7.1% |
| One year and 25 days < 13 months | 6.55% | 7.2% |
| 13 months < 14 months | 6.45% | 7.1% |
| 14 months < 15 months | 6.45% | 7.1% |
| 15 months < 16 months | 6.45% | 7.1% |
| 16 months < 17 months | 6.45% | 7.1% |
| 17 months < 18 months | 6.45% | 7.1% |
| 18 months < two years | 6.8% | 7.45% |
| Two years < 30 months | 6.85% | 7.5% |
| 30 months < three years | 6.85% | 7.35% |
| Three years < five years | 6.75% | 7.25% |
| Five years to 10 years | 6.75% | 7.25% |
(Source: axisbank.com)
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
Meanwhile, public sector banking majors State Bank of India and Punjab National Bank have revised their FD rates for select maturity options this month.