Axis Bank FD rates revised: Senior citizens biggest gainers; check new rates

After giving good news to NRIs, the private lender Axis Bank has finally revised its fixed deposit interest rates for domestic customers and senior citizens. The new rates are levied for deposits made below Rs 1 crore and, Rs 5 crore and above on various tenure. With this, senior citizens will enjoy higher interest rates on their FDs at Axis Bank. Notably, the hike in FD rates, comes after Budget 2019, where the interim Finance Minister Piyush Goyal had proposed to hike the TDS limit levied on interest income arising from bank deposit. This TDS limit will stand at Rs 40,000 from previous Rs 10,000. The new rates on deposits below Rs 1 crore and up till Rs 5 crore came in effect on February 01,2019, whereas the FDs made above Rs 5 crore will enjoy new rates from Tuesday onward. 

Less than Rs 5 crores:

For deposits made below Rs 1 crore, a customer will enjoy FD rate of 7.10% for 9 months < 10 months, 10 months < 11 months and 11 months < 1 year. Meanwhile, a 7.30% interest rate each is given to customers with tenure 1 year < 1 year 5 days, 1 year 11 days < 13 months, 14 months < 15 months, 15 months < 16 months, 16 months < 17 months and 18 Months < 2 years. 

A 7.50% rate each can be enjoyed on deposits made for tenure like 2 years < 30 months and 30 months < 3 years. The highest interest for FDs below Rs 1 crore in general category, stands at 7.60% and 7.55% on tenures like 17 months < 18 months and 1 year 5 days < 1 year 11 days respectively. 

7.25% interest rate each is given on deposits made for tenures like 3 years < 5 years and 5 years to 10 years. 

If your FD is above Rs 1 crore but less than Rs 5 crore, then you will enjoy 7.50% interest rate each on a host of tenures like 6 months < 7 months, 7 months < 8 months, 8 months < 9 months, 9 months < 10 months, 10 months < 11 months, 11 months < 1 year, 1 year < 1 year 5 days, 1 year 11 days < 13 months, 15 months < 16 months, 16 months < 17 months, 18 Months < 2 years, 30 months < 3 years and 3 years < 5 years.

The highest interest rate between Rs 1 crore to Rs 5 crore deposits, stands at 7.80% and 7.85% on tenures like 1 year 5 days < 1 year 11 days and 17 months < 18 months respectively. The maximum tenure is 5 years to 10 years, and it enjoys an interest rate of 7% only.

Senior Citizens below Rs 5 crore FDs! 

The interest rates are higher compared to general categories on FDs made at Axis Bank. For deposits below Rs 1 crore, enjoys 7.35% interest rate each on tenures like 9 months < 10 months, 10 months < 11 months and 11 months < 1 year. For tenures like 1 year < 1 year 5 days, 1 year 11 days < 13 months, 14 months < 15 months, 15 months < 16 months, 16 months < 17 months an interest rate of 7.95% is offered each. 

Highest interest rate on below Rs 1 crore deposit, is 8.15%, 8.20% and 8.25% on tenures like 2 years < 30 months, 1 year 5 days < 1 year 11 days and 17 months < 18 months. Also an 8% interest rate is given on deposits made for tenure 30 months < 3 years. On the other hand, a 7.75% interest rate is given on highest tenure like 3 years < 5 years and 5 years to 10 years.

In case, a senior citizen makes a deposit between Rs 1 crore but less than Rs 5 crore, then he or she will gain an interest rate of 7.75% each on a list of tenures like - 6 months < 7 months, 7 months < 8 months, 8 months < 9 months, 9 months < 10 months, 10 months < 11 months and 11 months < 1 year. 

A senior citizen can enjoy 8.15% interest rate each on deposits made for tenures like 1 year < 1 year 5 days, 1 year 11 days < 13 months, 14 months < 15 months, 15 months < 16 months, 16 months < 17 months, 18 Months < 2 years and 2 years < 30 months. 

In this category, highest interest rate is 8.35%, 8.45% and 8.50% given on tenures like 13 months < 14 months, 1 year 5 days < 1 year 11 days and 17 months < 18 months. 
8% interest rate each is given on deposits below Rs 5 crore for tenures like 30 months < 3 years and 3 years < 5 years respectively. The highest tenure which is 5 years to 10 years  has an interest rate of just 7.50%. 

Above Rs 5 crore! 

7.85% interest rate is the highest in this category and can be availed on deposits made from Rs 5.30 crore to Rs 100 crore and above. Tenures that have this rate is  17 months < 18 months. 

Meanwhile, a 7.80% interest rate can be enjoyed on deposits from Rs 5.30 crore to Rs 100 crore and above on tenure 1 year 5 days < 1 year 11 days. 

Remaining other deposits for various tenure, range from lowest 5.75% interest rate till 7.50% This time an FD investment has become more attractive with TDS limit being hiked.

In Budget 2019, Goyal announced that TDS deducted by banks has now been exempted to Rs 40,000 from previous Rs 10,000 on deposits. Apart from FDs, this move will also help boost recurring deposits as well. Every year, banks deduct a TDS from your interest earned on FDs.

On the move, Rajnish Kumar, Chairman, SBI said, “Hiking the ceiling limit for TDS on bank deposits and small savings will act as a catalyst for this deposit segment by attracting the new depositors.”