Home Business Axis Bank hikes FD interest rates in November

Axis Bank hikes FD interest rates in November

Are you an Axis Bank customer? We have some noteworthy news for you. According to the latest reports, Axis Bank increased the FD interest rates for the second time. What is the current interest rate of FD in Axis Bank? There are several questions that you should learn by reading this article till the end. In the further sections of this article, we have discussed some imperative aspects regarding the same. But there is also a cliche in this news. According to the report, Axis Bank increased FD interest rates for amounts less than 2 crores. We have explored this story comprehensively in the further sections of this article. Kindly drag down the page and read more details. Follow more updates on Newsminatii.in

Axis Bank hikes FD interest

When will the new rates come into effect? The increased interest rates already have come into effect. Axis Bank increased the interest rates for fixed deposit amounts on November 15, 2022. Do you know Axis Bank increased interest rates for the second time in the past 15 days? Previously the bank increased the FD interest rates on November 5, 2022. Kindly drag down the page and read other imperative detail regarding the interest rates. Shift to the further section and learn more about it.

After the latest development by Axis Bank, the fixed deposit interest rates have been increased by 15 basis points. Prior to this development, the fixed deposit interest rate was 6.25% and now it has been raised to 6.40%. It is for maturities between 15 months to 18 months. Interest rates are slightly higher than in maturities between 18 months and 3 years. Scroll down the page and read more details.

Maturities between 18 months and 3 years will now get an interest rate of 20 basis points more than earlier. Prior to this hike, Axis Bank was giving 6.30% interest rates to the maturities between 18 months and 3 years, and after it is giving interest rates of 6.50% to the FDs between 18 months and 3 years.

Axis Bank listed some key points to be kept in mind regarding tax impact on FD. Bank stated Investment up to Rs 1.5 lakh in a Tax Saver FD is exempt from income tax under Section 80C, Interest earned on FDs of all kinds is added to your income tax and taxed as per your income tax slab, If the interest income from all your FDs is less than Rs 40,000 there is no TDS. For senior citizens, the amount is Rs 50,000, and many more.

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