2023 Axis Bank FD rate: The Fixed Deposit (FD) interest rates have been changed by private sector lender Axis Bank. The bank now offers an annual return of 8.01 percent to senior citizens and up to 7.26 percent to the general public on deposits of less than Rs 2 crore following the most recent revision.
Calculator for Axis Bank FDs
The general public will receive a guarantee of 7% interest on Axis Bank FDs if they remain invested for ten years. To put things in perspective, a customer who makes a deposit of Rs 10 lakh will receive Rs 20,01,597 at maturity. This indicates that the bank will pay interest of Rs 10,01,597.
In a similar vein, upon maturity, senior citizens who hold a 10-year fixed deposit earn Rs 21,54,563, which includes interest of Rs 11,54,563.
Axis Bank FD Tenor General Public FD rate (%) Senior Citizen FD rate (%) 7 days to 45 days 3.5 3.5 46 days to 60 days 4 4 61 days < 3 months 4.5 4.5 3 months < 6 months 4.75 4.75 6 months < 9 months 5.75 6 9 months < 1 year 6 6.25 1 year s to 1 year 24 days 6.75 7.5 1 year 25 days < 13 months 7.1 7.85 13 months < 2 years 6.75 7.5 2 years < 30 months 7.26 8.01 30 months to 10 years 7 7.75
2023 Axis Bank FD rate:
Saving money on taxes with a 5-year FD Although interest earned on a FD is taxed, taxpayers can claim a deduction under Section 80C for a 5-year FD. A maximum tax deduction of Rs 1.5 lakh can be claimed each financial year under Section 80C.
