Axis Bank raises FD interest rates: See fixed deposit return calculator for senior citizens

After the consecutive repo rate hikes by the Reserve Bank of India (RBI), banks have been raising the interest rates on fixed deposits (FDs) and savings accounts since May this year. Lenders such as HDFC Bank, ICICI Bank, State Bank of India (SBI), Axis Bank, Kotak Mahindra Bank, IDFC First Bank and RBL Bank have increased the interest on term deposits recently. Private sector lender Axis Bank increased its fixed deposit (FD) rates on 5 November for fixed deposits below Rs 2 crore. The bank has changed its FD rates across multiple tenures of deposits ranging from 46 days to 10 years, with the maximum hike by up to 115 bps. The minimum interest rate for deposits below Rs 2 crore is now 3.5 percent and the maximum is 6.5 percent for the general public. For senior citizens, the minimum interest rate stands at 3.5 percent while the maximum is 7.25 percent, bringing it at par with several other lenders. Know the rates: Axis Bank is now providing an interest rate of 3.5 percent for FDs maturing in 7 to 45 days and 4 percent for deposits maturing in 46 to 60 days. Deposits maturing in 61 days to less than 6 months will now receive an interest of 4.5 percent, and FDs with a tenure of 6 months to less than 9 months will get 5.25 percent interest. FDs maturing in 9 months to less than a year will earn an interest of 5.5 percent while deposits between 1 year and 18 months will receive 6.25 percent interest. The bank is giving an interest rate of 6.3 percent for FDs between 18 months and less than 3 years while those opting for term deposits with 3 to 10 years tenure will earn 6.5 percent return. For senior citizens, the bank is providing a return of 7 percent on deposits maturing in 1 year to less than 18 months and 7.05 percent for deposits maturing between 18 months to less than 3 years. Senior citizen fixed deposits with a tenure of 3 years to 10 years will receive an interest rate of 7.25 percent. Axis Bank FD return calculator for senior citizens: If you are a senior citizen who wishes to invest Rs 2 lakh with Axis Bank for a year, you will receive the interest of Rs 14,372 at the rate of 7 percent and the maturity amount is going to be Rs 2,14,372. If you invest this for a period of 3 years, you will get a return of Rs 48,109 at the rate of 7.25 percent and the maturity amount will stand at Rs 2,48,109. If you invest this amount for 5 years, the return earned is going to be Rs 86,452 and the maturity amount will be Rs 2,86,452. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.