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Axis Bank Revises FD Rates: Seniors Can Get 7.85% On Deposits Less Than 2 Years

Axis Bank has revised its fixed deposit rates effective July 26, 2023. The maximum rate of interest offered to senior citizens is 7.85 per cent

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July 27, 2023
Axis Bank Revises FD Rates

Axis Bank Revises FD Rates

Axis Bank has revised its fixed deposit (FD) rates effective July 26, 2023, according to information available on the bank’s website.

At present, the highest rate available to seniors is 7.85 per cent for fixed deposits below Rs. 2 crore. This is available for different tenures ranging from 13 months to less than two years. These tenures range from 13 months to less than 14 months, 14 months to less than 15 months, 15 months to less than 16 months, 16 months to less than 17 months, 17 months to less than 18 months, and 18 months to less than two years.

According to details available on the bank’s website, there is a penalty of 1 per cent for premature withdrawal. However, the bank will not levy any penalty on the first partial withdrawal up to 25 per cent of the principal amount.

Thus, one may book FDs in different blocks of amounts and at different tenures keeping in mind the requirement of money so that there is no penalty for premature withdrawal.

Other Tenure FD Rates:

In general, the bank offers FDs in tenures ranging from seven days to 10 years with the deposit rate in the range of 3.50-7.85 per cent for senior citizens.

The deposit rate is 3.50 per cent for tenures of 7-45 days, 4 per cent is for 46-60 days, and 4.50 per cent for 61 days to less than three months. For three months to less than six months, the rate of interest is 4.75 per cent, while for six months to less than nine months, it is 6 per cent. From nine months to less than one year, it is 6.25 per cent.

Beyond that, for all tenures (from 1-10 years), the rate of interest is more than 7 per cent.

It is 7.50 per cent for tenures of one year to one year and four days, and 7.55 per cent for one year five days to less than 13 months.

From 13 months to less than two years the highest rate of 7.85 per cent is applicable, and beyond that, the rate is lesser at 7.80 per cent for two years to less than 30 months, and 7.75 per cent for the period of 30 months to 10 years.

For the general public, the deposit rate is 3.50-7.10 per cent between the minimum and maximum tenure.

According to the bank’s website, the minimum investment amount is Rs. 5,000 if one books the FD through the mobile app or Netbanking, and Rs. 10,000 if one visits the bank branch.

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Maximise Your Savings With Senior Citizen FD Rates

Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.

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