Axis Bank pays interest rates to the tune of 3.50-7.35 per cent to customers on fixed deposits up to Rs 2 crore. These fixed deposits, also known as retail term deposits, are available in a total 29 maturity options ranging from seven days to 10 years at the private sector bank. Axis Bank pays slightly higher returns to senior citizen retail depositors compared to other customers in select maturities. For example, on a fixed deposit up to Rs 2 crore of one year, Axis Bank pays interest at the rate of 7.05 per cent to senior citizen customers and 6.40 per cent to other customers, according to its website - axisbank.com. (Also Read: Compare Bank FD Rates Paid By Peers Here)
Axis Bank pays the following interest rates on retail fixed deposits:
Axis Bank Fixed Deposit Rates
Maturity Period Interest Rate (With Effect From November 26) Public Senior Citizen Seven to 14 days 3.50% 3.50% 15 to 29 days 4.25% 4.25% 30 to 45 days 5% 5% 46 to 60 days 5.50% 5.50% 61 days to less than three months 5.50% 5.50% Three months to less than four months 5.50% 5.50% Four months to less than five months 5.50% 5.50% Five months to less than six months 5.50% 5.50% Six months to less than seven months 5.85% 6.10% Seven months to less than eight months 5.85% 6.10% Eight months to less than nine months 5.85% 6.10% Nine months to less than 10 months 6.10% 6.35% 10 months to less than 11 months 6.10% 6.35% 11 months to less than 11 months and 25 days 6.10% 6.35% 11 months and 25 days to less than one year 6.50% 6.75% One year to less than one year and five days 6.40% 7.05% One year and five days to less than one year and 11 days 6.40% 7.05% One year and 11 days to less than one year and 25 days 6.40% 7.05% One year and 25 days to less than 13 months 6.50% 7.15% 13 to less than 14 months 6.40% 7.05% 14 to less than 15 months 6.40% 7.05% 15 to less than 16 months 6.40% 7.05% 16 to less than 17 months 6.40% 7.05% 17 to less than 18 months 6.40% 7.05% 18 months to less than two years 6.65% 7.30% Two years to less than 30 months 6.70% 7.35% 30 months to less than three years 6.70% 7.20% Three years to less than five years 6.70% 7.20% Five years to less than 10 years 6.70% 7.20% (Source: Axis Bank)
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(Axis Bank Interest Rates: On fixed deposits of two years, Axis Bank gives a 7.35 per cent return to senior citizens and 6.70 per cent to other customers, according to its website)
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Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs 1.5 lakh per financial year under Section 80C of the Income Tax Act. Interest income, however, is subject to income tax.
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