Fixed Deposits: Penalty will not be charged if you stop before FD maturity, this bank removed the charge

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If you are the customer of Axis Bank, then there is important news about the fixed deposit.

If you are the customer of Axis Bank, then there is important news about the fixed deposit. Axis Bank has announced that no penalty of any kind will be levied on prematurely closing the book FD for 15 years or more after 15 December.

According to Axis Bank, retail customers will benefit from this. This will make it easier for them to join the Saving Scheme. The new rule will be applicable to Fix Deposit (FD) and Recurring Deposit.

According to the bank, no penalty will be levied for removing a book FD after 15 months for more than two years. Not only this, no penalty will be levied on the first withdrawal of 25 percent of the principal amount. Praveen Bhatt, EVP of Retail Liabilities and Direct Banking Products at Axis Bank, said, “We have abolished penalties in all deposit schemes that are closed after a period of 15 months.”




On the other hand, State Bank of India (SBI) and Punjab National Bank (PNB), the largest public sector banks, have also changed the interest rates on fixed deposits.

SBI has increased the interest rate on FD from 1 year to less than 2 years by 10 bps. Not only this, SBI gives 50 bps additional interest to senior citizens in all categories. Talking about the interest rates of SBI on fixed deposits, they are as follows –

  • 7 days to 45 days – 2.9% from
  • 46 days to 179 days – 3.9% from
  • 180 days to 210 days – 4.4% from
  • 211 days – less than 1 year – 4.4% from
  • 1 year – less than 2 years – 5%
  • ranging from 2 years – less than 3 years duration – 5.1%
  • 3 years to less than 5 years duration – 5.3% to
  • 5 years or 10 years term – 5.4%

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