Axis Bank Revises Fixed Deposit Interest Rates From This Month: All You Need To Know

Axis Bank offers interest rates to the tune of 3.50-6.85% to the general public on fixed deposits up to Rs 2 crore.

Axis Bank Revises Fixed Deposit Interest Rates From This Month: All You Need To Know

Axis Bank pays interest at the rate of 3.5-7.45 per cent to senior citizens on FDs up to Rs. 2 crore.

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:

PeriodGeneral PublicSenior Citizen
Seven days to 14 days3.5%3.5%
15 days to 29 days4.25%4.25%
30 days to 45 days5%5%
46 days to 60 days5.5%5.5%
61 days < three months5.5%5.5%
Three months < four months5.5%5.5%
Four months < five months5.5%5.5%
Five months < six months5.5%5.5%
Six months < seven months6%6.25%
Seven months < Eight months6%6.25%
Eight months < nine months6%6.25%
Nine months < ten months6.25%6.5%
10 months < 11 months6.25%6.5%
11 months < 11 months and 25 days6.25%6.5%
11 months and 25 days < one year6.55%6.8%
One year < one year and five days6.45%7.1%
One year and five days < one year and 11 days6.45%7.1%
One year and 11 days < one year and 25 days6.45%7.1%
One year and 25 days < 13 months6.55%7.2%
13 months < 14 months6.45%7.1%
14 months < 15 months6.45%7.1%
15 months < 16 months6.45%7.1%
16 months < 17 months6.45%7.1%
17 months < 18 months6.45%7.1%
18 months < two years6.8%7.45%
Two years < 30 months6.85%7.5%
30 months < three years6.85%7.35%
Three years < five years6.75%7.25%
Five years to 10 years6.75%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.

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