Axis Bank Revises Fixed Deposit Interest Rates, Details Here
Private sector lender Axis Bank provides a range of fixed deposit maturities from seven days to 10 years. The bank offers interest rates to the tune of 3.50-7 per cent to the general public on fixed deposit (FD) up to Rs. 2 crore, according to its website, axisbank.com. The bank pays slightly higher returns to senior citizen customers. In the same range of deposits, Axis Bank pays interest at the rate of 3.5-7.5 per cent to senior citizens on FDs up to Rs. 2 crore. These interest rates are applicable with effect from April 22, 2019, according to the lender's website.
The following FD interest rates are applicable on deposits below Rs. 2 crore from April 22, 2019 according to axisbank.com:
| Period | General public (% p.a.) | Senior citizen (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days < 3 months | 6.25 | 6.25 |
| 3 months < 4 months | 6.25 | 6.25 |
| 4 months < 5 months | 6.25 | 6.25 |
| 5 months < 6 months | 6.25 | 6.25 |
| 6 months < 7 months | 6.75 | 7 |
| 7 months < 8 months | 6.75 | 7 |
| 8 months < 9 months | 6.75 | 7 |
| 9 months < 10 months | 7.1 | 7.35 |
| 10 months < 11 months | 7.1 | 7.35 |
| 11 months < 1 year | 7.1 | 7.35 |
| 1 year < 1 year 5 days | 7.3 | 7.95 |
| 1 year 5 days < 1 year 11 days | 7.3 | 7.95 |
| 1 year 11 days < 13 months | 7.3 | 7.95 |
| 13 months < 14 months | 7.35 | 8 |
| 14 months < 15 months | 7.3 | 7.95 |
| 15 months < 16 months | 7.3 | 7.95 |
| 16 months < 17 months | 7.3 | 7.95 |
| 17 months < 18 months | 7.3 | 7.95 |
| 18 Months < 2 years | 7.3 | 7.95 |
| 2 years < 30 months | 7.5 | 8.15 |
| 30 months < 3 years | 7.5 | 8 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
Fixed deposit interest rates are subject to change from time to time. Earlier this month, HDFC Bank also revised its interest rates on fixed deposits.
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.