By Amit - October 2, 2022
25 minutes ago
After ICICI Bank, now Axis Bank has increased the interest rates on fixed deposits (FD) by 55 basis points (bps). The customers of this bank will now get more interest on FD. The bank has increased the interest rates on FDs less than Rs 2 crore. According to the official website of Axis Bank, the new interest rates have come into effect from October 1, 2022.
Interest will be available from 2.75% to 6.15%
Now you will get interest ranging from 2.75% to 6.15% on getting FD in Axis Bank. The Reserve Bank of India (RBI) has recently increased its repo rates by 50 basis points (bps). Because of this, Axis Bank has also increased its FD rates.
RBI hikes repo rate by 0.50%
RBI has increased the repo rate by 0.50%. With this the repo rate has increased from 5.40% to 5.90%. That is, everything from home loans to auto and personal loans can be expensive and now you will have to pay more EMI as well. Read the full news related to this here…
Getting so much interest on FD in Axis Bank
|Duration||Interest Rate (in %)|
|7 to 29 days||2.75|
|30 days to 3 months||3.25|
|3 months to 6 months||3.75|
|6 months to 9 months||4.65|
|9 months to 1 year||4.75|
|1 year to 1 year 11 days||5.45|
|1 year 11 days to 1 year 25 days||5.75|
|1 year 25 days to 15 months||5.60|
|15 months to 2 years||6.15|
|2 years to 5 years||5.70|
|from 5 years to||5.75|
ICICI Bank also increased interest rates on FDs
Before Axis Bank, ICICI Bank has increased interest rates on FDs. ICICI Bank has also increased interest rates on FDs below Rs 2 crore. The new interest rates of ICICI Bank have come into effect from 30 September 2022. Read the full news related to this here…
Tax is also to be paid on the interest earned from FD
If the interest received on bank FD in a financial year is less than 40 thousand rupees, then no tax will have to be paid on it. This limit is for people below 60 years of age. At the same time, above 60 years of age, that is, income up to 50 thousand rupees from FD of senior citizens is tax free. 10% TDS is deducted on income above this.
Tax exemption is available on 5 years FD
You also get income tax exemption by investing in tax saving FDs for 5 years. You do not have to pay any tax on the interest as well as the principal amount deposited in it. However, if the interest earned on your FD in any one financial year is more than Rs 10,000, then TDS will be deducted at the rate of 10%.