Another bank revised its fixed deposit interest rates in December. Senior citizens are still receiving returns of over 7%. The new rates have already been implemented. Let’s find out how much interest will be earned on investments for how long?
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FD interest rates: In early December, the Reserve Bank of India (RBI) cut the repo rate by 25 bps. Since then, several public and private sector banks have revised their fixed deposit (FD) interest rates. Axis Bank has also joined this list, reducing the interest rate by 0.15%.
According to the bank’s official website, the new FD interest rates have become effective from December 26th. For investments less than ₹3 crore, the bank is offering interest rates ranging from 3% to 6.45% for general citizens. Senior citizens are receiving returns ranging from 3.50% to 7.20%. For investments between ₹3 crore and ₹5 crore, the bank is offering interest rates ranging from 4% to 6.60%.
These tenures offer the highest returns
The bank is offering the highest interest rates across all maturity slabs, from 15 months to 10 years. General citizens are receiving 6.45% interest on investments less than ₹3 crore. Previously, the interest rate was 6.60%. Senior citizens are receiving 50 bps more interest across all maturity slabs. Note that interest rates are subject to periodic changes, and banks do not provide prior information. Therefore, it is recommended to visit the bank’s official website or nearest branch before investing.
How much interest is earned on a one-year investment?
The bank is offering 6.25% interest on a one-year investment. For tenures ranging from 1 year to less than 15 months, general citizens receive 6.25%, and senior citizens receive 6.75%. Investments up to 3 months offer up to 4.50%. While the bank is offering 4% interest on 60-day tenures, long-term tenures ranging from 5 years to 10 years offer 6.45% interest.
FD interest rates based on tenure
7 days to 14 days – 3%
15 to 29 days – 3%
30 to 45 days – 3.25%
46 to 60 days – 4%
61 to 87 days – 4%
88 days to 3 months 24 days – 4.50%
3 months 25 days to less than 4 months – 4.50%
4 months to less than 6 months – 4.50%
6 months to less than 9 months – 5.50%
9 months to less than 1 year – 6.25%
1 year 11 days to less than 13 months – 6.25%
13 months to less than 15 months – 6.25%
15 months to less than 18 months – 6.45%
18 months to less than 2 years – 6.45%
2 years to less than 3 years – 6.45%
3 years to less than 5 years – 6.45%
5 years to 10 years – 6.45%
