New Delhi3 minutes ago
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Axis Bank has increased the interest on fixed deposits (FD). Now on making FD in Axis Bank, general public will get interest up to 7.20% and senior citizens will get up to 7.75% interest. The bank has increased interest rates on FDs of less than Rs 3 crore. The new interest rates have come into effect from July 3.
Interest will be available from 3.50% to 7.75%
Now on making FD in Axis Bank, common citizens will get interest ranging from 3.00% to 7.20%. If we talk about senior citizens, then if they make FD here, they will get interest ranging from 3.50% to 7.75%.
How much interest is now available on FD in Axis Bank?
| Duration | Interest rates for common citizens | Interest rates for senior citizens |
| 7 to 29 days | 3.00% | 3.50% |
| 30 to 45 days | 3.50% | 4.00% |
| 46 to 60 days | 4.25% | 4.75% |
| 61 days to less than 3 months | 4.50% | 5.00% |
| 3 months to less than 6 months | 4.75% | 5.25% |
| 6 months to less than 9 months | 5.75% | 6.25% |
| 9 months to less than 1 year | 6.00% | 6.50% |
| 1 year to less than 15 months | 6.70% | 7.20% |
| 15 months to less than 17 months | 7.10% | 7.60% |
| 17 months to less than 18 months | 7.20% | 7.70% |
| 18 months to less than 5 years | 7.10% | 7.60% |
| 5 years to 10 years | 7.00% | 7.75% |
ICICI Bank also changed interest rates
Earlier, ICICI Bank had increased the interest rates on fixed deposits (FD). Now on making FD in ICICI Bank, general public will get interest up to 7.20% and senior citizens will get interest up to 7.75%. The bank has increased interest rates on FDs of less than Rs 3 crore. The new interest rates have come into effect from July 1.
Now on making FD in ICICI Bank, common citizens will get interest ranging from 3.00% to 7.20%. If we talk about senior citizens, then if they make FD here, they will get interest ranging from 3.50% to 7.75%.
Keep these 3 things in mind while making FD
1. It is important to choose the right tenure
Before investing in FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay a penalty. If the FD is broken before it matures, a penalty of up to 1% will have to be paid. This may reduce the total interest earned on the deposit.
2. Do not invest all the money in one FD
If you are planning to invest Rs 10 lakh in FD in any one bank, then instead invest in 8 FDs of Rs 1 lakh each and 4 FDs of Rs 50 thousand each in more than one bank. With this, if you need money in between, you can arrange for the money by breaking the FD midway as per your need. The rest of your FD will remain safe.
3. Tax exemption is available on 5 year FD
5 year FD is called Tax Savings FD. By investing in this, you can claim a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand it in simple language, you can reduce up to Rs 1.5 lakh from your total taxable income through Section 80C.
