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Axis Bank Pays 7.05% Interest To Senior Citizens On 1-Year FD. Read More

Axis Bank FD Rate: Axis Bank pays a 7.05% interest to senior citizens on a fixed deposit of one year

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)

Here are the interest rates paid by Axis Bank on retail fixed deposits for a period ranging from seven days to 10 years:

Axis Bank Fixed Deposit Rates

Maturity PeriodInterest Rate (With Effect From November 26)
PublicSenior Citizen
Seven to 14 days3.50%3.50%
15 to 29 days4.25%4.25%
30 to 45 days5%5%
46 to 60 days5.50%5.50%
61 days to less than three months5.50%5.50%
Three months to less than four months5.50%5.50%
Four months to less than five months5.50%5.50%
Five months to less than six months5.50%5.50%
Six months to less than seven months5.85%6.10%
Seven months to less than eight months5.85%6.10%
Eight months to less than nine months5.85%6.10%
Nine months to less than 10 months6.10%6.35%
10 months to less than 11 months6.10%6.35%
11 months to less than 11 months and 25 days6.10%6.35%
11 months and 25 days to less than one year6.50%6.75%
One year to less than one year and five days6.40%7.05%
One year and five days to less than one year and 11 days6.40%7.05%
One year and 11 days to less than one year and 25 days6.40%7.05%
One year and 25 days to less than 13 months6.50%7.15%
13 to less than 14 months6.40%7.05%
14 to less than 15 months6.40%7.05%
15 to less than 16 months6.40%7.05%
16 to less than 17 months6.40%7.05%
17 to less than 18 months6.40%7.05%
18 months to less than two years6.65%7.30%
Two years to less than 30 months6.70%7.35%
30 months to less than three years6.70%7.20%
Three years to less than five years6.70%7.20%
Five years to less than 10 years6.70%7.20%
(Source: Axis Bank)
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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.

Source: NDTV Profit