Axis Bank FD rates 2023: Private sector Axis Bank (Axis Bank) changed the interest rates of Fixed Deposit (FD) last month. Customers getting FDs in the bank will get up to 7.26% annual interest on FDs of less than Rs 2 crore.
At the same time, the interest rates for senior citizens are up to 8.01 percent. Customers can get FD from 7 days to 10 years in Axis Bank. The revised interest rates of the bank are applicable from January 10, 2023. Let us understand here that how much regular customers and senior citizens will benefit in 10 years on a lump sum deposit of 10 lakhs at the new rates.
Axis Bank FD Calculator 2023
On Axis Bank’s 10-year FD, its regular customers are getting 7 per cent interest per annum. If a customer makes an FD of Rs 10 lakh, then he will get Rs 20,01,597 on maturity. That is, there will be a fixed income of Rs 10,01,597 from interest.
Similarly, senior citizens are getting 7.75 per cent interest per annum on 10-year FDs. If a customer makes an FD of Rs 10 lakh, then he will get around 21,54,563 on maturity. In this, Rs 11,54,563 will be earned from interest.
Axis Bank Interest Rates 2023
| tenure | regular customer | senior citizen |
| up to 7-45 days | 3.5% | 3.5% |
| up to 3-6 months | 4.75% | 4.75% |
| 1 year | 6.75% | 7.50% |
| 2 years | 7.26% | 8.01% |
| 3 year | 7% | 7.75% |
| 5 years | 7% | 7.75% |
| 10 years | 7% | 7.75% |
Tax saving on 5 year FD
Deduction can be claimed under section 80C on FD of 5 years. However, the interest earned on FD is taxable. In this, tax can be saved on investment up to a maximum of Rs 1.5 lakh in a financial year. It has a lock in period of 5 years. This period can extend up to 10 years.
