Axis Bank has drastically reduced FD rates by 50 bps i.e. 0.50 percent. This deduction has been made for short term FDs. According to the bank’s website, these new interest rates
have come into effect from September 15.
Last month, Axis Bank had increased the interest rates on fixed deposits by 15 bps i.e. 0.15 percent. Now the bank has drastically reduced these rates by 50 bps i.e. 0.50 percent. This deduction has been made for short term FDs. According to the bank’s website, these new interest rates have come into effect from September 15. This deduction will not affect those FDs which are already operational in the bank. However, if you want to get a new FD, you will now get a lower interest rate.
Interest available up to 3-7.10 percent
After this cut made by Axis Bank, interest rates on FDs ranging from 7 days to 10 years have increased from 3 percent to 7.10 percent. If you are making FD online then you can make FD of at least Rs 5000. Whereas if you want to get an FD by going to the branch, then for this you will have to get an FD of at least Rs 10,000.
What are the current FD rates of Axis Bank?
- Axis Bank is offering 3 percent interest rate for FD of 7 to 29 days.
- 3.5 percent interest is being given on FD of 30 to 45 days.
- If you make FD for 46 to 60 days, you will get 4.25 percent interest.
- Axis Bank is giving you 4.5 percent interest on FD of 61 days to three months.
- If you make FD for 3 months to 6 months then you will get 4.75 percent interest.
- 5.75 percent interest is being given on FGD of 6 months to 9 months.
- 6 percent interest is being offered on tenure of 9 months to less than one year.
- You are being given 6.70 percent interest on FD from 1 year to less than 15 months.
- 7.10 percent interest is being given on FD of 15 months to less than 5 years.
- The bank is offering you 7 percent interest on FDs ranging from 5 years to 10 years.
5 benefits of investing in FD
Fixed Deposit (FD) of banks is a reliable investment option. You get the facility to invest in FD for a period ranging from 7 days to 10 years. Along with having confidence in your deposits in banks, you also get a fixed interest on it at a fixed time. Whatever be the market conditions at that time, you will get fixed interest on the deposit. This is not the only specialty of FD, but there are many such benefits which we should know. Let us know about 5 such benefits.
1- You can withdraw money in emergency
After making FD, you have the opportunity to withdraw money even before maturity. However, you have to pay some charges for pre-mature withdrawal. It varies in different banks. Generally it can be up to one percent. Due to this specialty of FD, it is also called liquid investment. If suddenly any emergency arises, you can immediately withdraw money from FD.
2- Loan will also be available
One specialty of FD is that you can take a loan against it. If you suddenly need money, you can take a loan against it without breaking the FD. Generally, up to 90 percent of the FD value is easily available in the form of loan. Generally, the interest on loan against FD is one percent more than that on FD.
3- Gets fixed interest
FD is not affected by changes in interest rates. Once the interest rate you invest in FD, you will get it guaranteed. During this period, even if the interest rate decreases, only the fixed interest will be given. If the bank increases its interest rate during this period, the investor does not get the benefit. At the same time, even if it is reduced then the investor will suffer some loss.
4- Many options of FD
Many investment options are available in FD. In this, you can get FD according to your amount and time. Generally FD can be made for a period ranging from 7 days to 10 years. SBI offers minimum FD of Rs 1000. There is no limit on the maximum amount of FD in SBI.
5- Risk free on FD
FD is considered to be the most risk free investment option in the country. Banks are monitored by RBI. FD is a safer option than any other deposit options.