Representative image. News 18
Following successive hikes in repo rates by the Reserve Bank of India (RBI), banks have hiked interest rates on fixed deposits (FDs) and savings accounts since May this year. Lenders such as HDFC Bank, ICICI Bank, State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank have increased interest in term deposits in recent times.
Private sector lender Axis Bank raised its fixed deposit (FD) rates on November 5 for fixed deposits below Rs 2 crore. The bank has varied its FD rates for multiple deposit tenures ranging from 46 days to 10 years, with the maximum increase up to 115 bps. The minimum interest rate for deposits below Rs 2 crore is now 3.5 percent and the maximum is 6.5 percent for the general public. For seniors, the minimum interest rate stands at 3.5 percent, while the maximum is 7.25 percent, bringing it on par with some other lenders.
Get to know the fees:
Axis Bank now offers an interest rate of 3.5 per cent on FDs with maturities of 7 to 45 days and 4 per cent on deposits with maturities of 46 to 60 days. Deposits maturing from 61 days to less than 6 months will now fetch 4.5 per cent interest and FDs maturing from 6 months to less than 9 months will fetch 5.25 per cent interest. FDs maturing from 9 months to less than a year will earn an interest of 5.5 percent while deposits from 1 year to 18 months will earn 6.25 percent interest.
The bank gives an interest rate of 6.3 per cent on FDs from 18 months to less than 3 years, while those opting for fixed deposits with tenures of 3 to 10 years will earn 6.5 per cent return. For senior citizens, the bank offers a return of 7 percent on deposits with a maturity of 1 year to less than 18 months and 7.05 percent on deposits with a maturity of 18 months to less than 3 years. Fixed deposits of senior citizens with a term of 3 years to 10 years will benefit from an interest rate of 7.25 percent.
Axis Bank FD Returns Calculator for Seniors:
If you are a senior citizen who wants to invest Rs 2 million with Axis Bank for a year, you will get the interest of Rs 14,372 at the rate of 7 percent and the maturity amount will be Rs 2,14,372. If you invest this for a period of 3 years, you will get a return of Rs 48,109 at the rate of 7.25 percent and the maturity amount will be Rs 2,48,109. If you invest this amount for 5 years, the return earned will be Rs 86,452 and the maturity amount will be Rs 2,86,452.
Read all latest news, Trending news, Cricket News, Bollywood News,
India news AND Fun news here. Follow us on Facebook, I tweet and Instagram.