Axis Bank FD rate 2023: Your Rs 10 lakh can become Rs 20 lakh in 10 years - check interest rate and calculator

Axis Bank FD rate 2023: Private sector lender Axis Bank has revised the interest rates of Fixed Deposit (FD). After the latest revision, the bank is now offering up to 7.26 per cent return annually to general public on deposits less than Rs 2 crore while 8.01 per cent to senior citizens.

Also Read: Income Tax: What are the 3 deductions under the new tax regime? 

Axis Bank FD Calculator

Axis Bank is guaranteeing 7 per cent interest of FD for the general public if they stay invested for 10 years. To put things into perspective, if a customer deposits Rs 10 lakh, then he/she will get Rs 20,01,597 on maturity. It means that the bank will pay Rs 10,01,597 as interest.

Similarly, senior citizens earning 7.75 per cent return per annum on 10-year FD, will get Rs 21,54,563 on maturity (including interest of Rs 11,54,563).

Axis Bank FD rate 2023:Tax saving on 5-year FD

Interest earned on FD is taxable but taxpayers can claim a deduction under section 80C on FD of 5 years. Under 80C, a maximum tax deduction of up to Rs 1.5 lakh can be claimed in a financial year.

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