According to the Axis Bank website, after the amendment, the bank will now offer interest rates between 2.50% and 5.75% for regular citizens for tenures ranging from 7 days to 10 years.
Senior Citizen FD Interest Rate
axis Bank Senior citizen customers will earn interest rates in the range of 2.50% to 6.50%.
Benefits of Fixed Deposit
According to the website of Axis Bank, these are the advantages of fixed deposits
- Provides a safe and secure investment option for risk averse investors
- Fixed interest rates that remain unchanged during the tenure of the FD, thereby offering a safety net against market volatility
- Flexible Tenure- Choose the FD tenor so that it matches the time frame required for your various needs
- Knowing the exact maturity amount can help in planning for your future requirements
- Easy to redeem or withdraw in case of any emergency
- Invest in a lump sum amount or in monthly installments depending on your cash flow
- Senior citizens looking for regular income can opt for monthly interest payment
- Get a loan at a lower interest rate than an unsecured loan, without withdrawing your FD
- Take an overdraft on your FD and pay interest only on the amount you use, while the FD balance will continue to earn interest
- Get tax exemption up to Rs 1.5 lakh by investing in Tax Saver FDs
Overdraft facility on FD
Axis Bank offers an overdraft facility against your fixed deposit, which you can use without breaking the FD. For the remaining tenure of the FD, the facility of overdraft against FD is available. As per the website, “In case of Axis Bank, it is 85% of the FD amount with a minimum deposit of Rs 25,000. Since it is a secured loan, the interest rates are competitive and the approval and approval process is quick. Another advantage is that interest is charged only on the amount utilized and not on the entire loan amount.