FDs (Fixed Deposits) are safe and popular investment avenues where a certain deposit made by the customer earns interest for a particular time period. The annual returns are not subject to change due to any economic factors and market fluctuations. There are premature withdrawal provisions for FDs although they can have lock-in periods (minimum period of time when one cannot withdraw the same). Axis Bank has officially revised its Fixed Deposit interest rates from the 1st of December, 2018, as per reports. This follows State Bank of India’s latest revision round for its fixed deposits.
For deposits of Rs. 1 crore made for a year, Axis Bank pays 7.5% as the rate of interest. Previously, HDFC Bank and ICICI Bank have also revised their FD interest rates in November 2018 itself. For tenors ranging between 7-14 days and 15-29 days, Axis Bank pays interest of 3.5% alike. This is 5.5% for tenors between 30-45 days and 6.25% for tenors between 46-60 days. For tenors which are between 61 days to less than 3 months, the interest rates are also 6.25% and the rate is the same for tenors between 3 months and less than 4 months and also between 4 months to less than 5 months. They are also 6.25% for tenors between 5 months and less than 6 months.
For durations between 6 months to less than 7 months, the rates of interest are 6.75% and 7% for general customers and senior citizens respectively. The rates of interest remain the same in this case for tenors between 7 months and less than 8 months as well and also for 8 months to less than 9 months. The tenors between 9 months-less than 10 months, 10 months to less than 11 months and 11 months to less than 1 year all carry interest rates of 7.1% and 7.35% for general customers and senior citizens respectively.
For tenors between 1 year-1 year 5 days, the rates are 7.3% and 7.95% for general customers and senior citizens respectively while they are 7.55% and 8.20% in these categories for tenors between 1 year 5 days-less than 1 year 11 days. For 1 year 11 days to less than 13 months, they are 7.3% and 7.95% for general customers and senior citizens respectively. For tenors between 13 months-less than 14 months, the interest rates are 7.35% and 8% for general customers and senior citizens respectively while they are 7.3% and 7.95% for tenors between 14 months-less than 15 months and 15 months-less than 16 months alike. The same is also applicable for tenors between 16 months to less than 17 months.
The rates of interest are 7.60% and 8.25% for regular customers and senior citizens for tenors between 17 months-less than 18 months while they are 7.30% and 7.95% for these categories for tenors between 18 months-less than 2 years. For tenors between 2 years-less than 30 months, the rates of interest are 7.50% and 8.15% for general customers and senior citizens respectively. In case of periods between 30 months to less than 3 years, the rates of interest are 7.50% and 8% for general customers and senior citizens respectively. The rates are 7.25% and 7.75% for tenors between 3 years and less than 5 years while they are 7% and 7.5% for tenors between 5 years to 10 years. These interest rates apply on FDs below Rs. 1 crore.