Axis Bank Revises Fixed Deposit (FD) Interest Rates; What Other Lenders Offer

Bank fixed deposit (FD), a fixed-income instrument, offers higher interest rates than the deposits in savings accounts. The annual returns on bank fixed deposits do not change according to geopolitical and macroeconomic uncertainties. In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. FD interest rates of most banks are higher for senior citizens as compared to those for the general public. The interest rates, which are revised from time to time, vary according to separate maturity baskets across different lenders.

Bank fixed deposit (FD), a fixed-income instrument, offers higher interest rates than the deposits in savings accounts. The annual returns on bank fixed deposits do not change according to geopolitical and macroeconomic uncertainties. In a bank FD account, money is deposited for a stated period of time and a fixed interest rate is paid at the end of that period. FD interest rates of most banks are higher for senior citizens as compared to those for the general public. The interest rates, which are revised from time to time, vary according to separate maturity baskets across different lenders.

Private sector lender Axis Bank revised its fixed deposit (FD) rates with effect from February 23, 2019. The latest rates are applicable across various tenors for domestic term deposits or fixed deposits (FDs). Country's largest lender State Bank of India (SBI) last revised its fixed deposit or FD interest rates on select maturities with effect from November 28, 2018. HDFC Bank and ICICI Bank last revised FD interest rates with effect from November 6, 2018 and November 15, 2018, respectively.

Given below are the latest interest rates offered by Axis Bank, SBI, HDFC Bank and ICICI Bank on fixed deposits (FDs):

Axis Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - axisbank.com:

State Bank of India (SBI)

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - sbi.co.in:

HDFC Bank

The following FD interest rates are applicable on deposits below Rs 1 crore with effect from November 6, 2018 according to the bank's website - hdfcbank.com:

ICICI Bank

The following FD interest rates are applicable on deposits below Rs 1 crore, according to the bank's website - icicibank.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.