New Delhi: Axis Bank has revised its fixed deposit (FD) interest rates with effect from 1 February 2019. The new rates are levied for deposits made below 1 crore, 5 crore and above for various tenures. The hike in FD rates, comes after interim finance minister Piyush Goyal, in his Budget speech, proposed an increase in the limit for tax deduction at source (TDS) on interest income from 10,000 to 40,000 per annum. FD interest rates are subject to change from time to time. However, FDs with a maturity period of five years or 10 years also offer income tax benefits.

Types of FDS offered by Axis Bank:

There are multiple FD options provided by Axis Bank. The short-term FDs range between seven days and one year, and long-term FDs range anywhere between one year and 10 years.

For the general category:

Axis Bank is offering an interest rate of 6.25% for FDs with maturity between 46 days and 6 months and 6.75% for maturity between 6 months and 9 months. Axis Bank is offering 7.1% for FDs maturing in 9 months to less than a year. The bank offers 7.30% interest for FDs with tenure of 1 year to less than 2 years. For 2 years to less than 3 years, the bank offers 7.50% interest. A 7.25% rate of interest is offered on deposits made for tenures like 3 years to less than 5 years and 5 years to 10 years.

For senior citizens

For deposits below 1 crore, senior citizens are offered 7.35% interest rate each on FDs for tenures like 9 months to less than 10 months, 10 months to less than 11 months and 11 months to less than 1 year. For FDs with tenures like 1 year to less than 1 year and 5 days, 1 year and 11 days to less than 13 months, 14 months to less than 15 months, 15 months to less than 16 months, 16 months to less than 17 months, the interest offered is 7.95% is offered each. The highest interest rate offered for deposits on below 1 crore is 8.25% on FDs for tenure 17 months to less than 18 months.