Fixed Deposit Rates Reduced: Fixed deposit rates reduced by PNB and axis bank specific tenures, details here

Fixed deposit rates have been increasing continuously since last year. Even in the last April, despite not increasing the RBI repo rate, banks were increasing the interest rates of FDs.

But, now two PNB and Axis Bank have reduced the interest rates (Fixed Deposit Rates) on select tenure FDs instead of increasing them. In such a situation, if you are planning to invest in FD, then it will be necessary to understand the latest interest rates and tenure properly, so that the expectation of higher returns can be fulfilled.

PNB has reduced the interest rate on FD of 666 days

Punjab National Bank ( PNB Latest FD Rates) has reduced the interest rate on FDs with tenure of 666 days for all types of investors including general investors from May 18. The bank has cut interest rates (PNB Reduced FD interest rates) for regular citizens and senior citizens and NRE investors on FDs maturing in 666 days.

The bank has reduced the interest rate for ordinary citizens from 7.25 per cent to 7.05 per cent on FDs of 666 days. On this tenure, the bank has reduced the interest rate for senior citizens from 7.75 per cent to 7.55 per cent. At the same time, the bank has reduced the interest rate for NRE customers from 7.25 percent to 7.05 percent.

Axis Bank reduced interest rates on FDs of many tenures

Axis Bank ( Axis Bank FD Interest Rates) has reduced interest rates (FD Interest Rates) by 20 basis points on fixed deposits of many tenures with deposits less than Rs 2 crore. The new FD interest rates have been made effective from 18 May 2023. Axis Bank is offering interest rates ranging from 3.5 per cent to 7.10 per cent on FDs for tenures ranging from 7 days to 10 years.

1. Axis Bank has reduced the interest rate on fixed deposits maturing in one year to one year and four days by 5 basis points, after which now the interest rate has come down by 0.20 per cent to 6.75 per cent.
2. The bank has reduced 20 basis points on FDs maturing in one year, 5 days to less than 13 months, after which the interest rate has been reduced to 6.80 percent. Earlier 7.10 percent interest rate was being given on this tenure.
3. Axis Bank has reduced 5 basis points on FDs of tenure less than 13 months and two years. Now on this tenure, the bank will give 7.10 percent interest rate to the investors, which was earlier 7.15 percent.
4. Axis Bank has slashed 15 basis points on FDs of tenure less than 2 years to 30 months, after which the interest rate has come down from 7.20 per cent to 7.05 per cent.