Private sector lender Axis Bank has revised its fixed deposit interest rates on select maturities with effect from May 29, 2019. Axis Bank has lowered the FD interest rates applicable on the maturity periods of 1 year-1 year 5 days and 30 months-3 years, according to the bank's website, axisbank.com. The lender is offering an interest rate of 7.3 per cent to general public and 7.8 per cent to senior citizens on fixed deposits below 2 crore for maturity periods between seven days and 45 days. Previously, the bank paid interest rates of 7.5 per cent and 8 per cent to general public and senior citizens respectively on FDs of the same amount in the given maturity.
Here are the FD interest rates on deposits below Rs 2 crore from May 29, 2019, according to axisbank.com:
| Period | General public (% p.a.) | Senior citizen (% p.a.) |
|---|---|---|
| 7 days to 14 days | 3.5 | 3.5 |
| 15 days to 29 days | 3.5 | 3.5 |
| 30 days to 45 days | 5.5 | 5.5 |
| 46 days to 60 days | 6.25 | 6.25 |
| 61 days < 3 months | 6.25 | 6.25 |
| 3 months < 4 months | 6.25 | 6.25 |
| 4 months < 5 month | 6.25 | 6.25 |
| 5 months < 6 months | 6.25 | 6.25 |
| 6 months < 7 months | 6.75 | 7 |
| 7 months < 8 months | 6.75 | 7 |
| 8 months < 9 months | 6.75 | 7 |
| 9 months < 10 months | 7.1 | 7.35 |
| 10 months < 11 months | 7.1 | 7.35 |
| 11 months < 1 year | 7.1 | 7.35 |
| 1 year < 1 year 5 days | 7.1 | 7.75 |
| 1 year 5 days < 1 year 11 days | 7.1 | 7.75 |
| 1 year 11 days < 1 year 25 days | 7.1 | 7.75 |
| 1 year 25 days < 13 months | 7.3 | 7.95 |
| 13 months < 14 months | 7.3 | 7.95 |
| 14 months < 15 months | 7.3 | 7.95 |
| 15 months < 16 months | 7.3 | 7.95 |
| 16 months < 17 months | 7.3 | 7.95 |
| 17 months < 18 months | 7.3 | 7.95 |
| 18 Months < 2 years | 7.3 | 7.95 |
| 2 years < 30 months | 7.3 | 7.95 |
| 30 months < 3 years | 7.3 | 7.8 |
| 3 years < 5 years | 7.25 | 7.75 |
| 5 years to 10 years | 7 | 7.5 |
Fixed deposit interest rates are subject to change from time to time. 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.
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