Axis Bank Announces Reduction in FD Interest Rates: New Annual Interest Rate Stands at 6.70% for 1-Year FD Tenure

In a recent development, Axis Bank has undertaken a revision of its Fixed Deposit (FD) interest rates, resulting in a reduction of 0.50% on specific tenures. This adjustment in interest rates affects customers considering FD investments, with the bank now offering interest rates spanning from 3% to 7.10% for various durations.

Axis Bank’s updated interest rate structure, applicable to FDs with amounts less than 2 crores, reveals that for a 1-year FD tenure, customers can expect to earn an annual interest rate of 6.70%.

Axis Bank Unveils Updated Fixed Deposit (FD) Interest Rates

Axis Bank, in its latest update, has introduced revised interest rates for Fixed Deposits (FDs) across various durations. These new rates are designed to cater to the diverse needs of its valued customers. Below is a breakdown of the updated FD interest rates offered by Axis Bank:

1. For FDs with a duration of 7 to 29 days, an interest rate of 3.00% is applicable.
2. FDs held for 30 to 45 days will earn an interest rate of 3.50%.
3. Customers opting for an FD tenure of 46 to 60 days will receive an interest rate of 4.25%.
4. FDs maturing between 61 days to 3 months will yield an interest rate of 4.50%.
5. An interest rate of 4.75% is offered on FDs ranging from 3 months to 6 months.
6. For FDs with tenures spanning 6 months to 9 months, an interest rate of 5.75% is applicable.
7. FDs held for 9 months to less than 1 year will earn an interest rate of 6.00%.
8. Customers selecting an FD duration of less than 1 year 15 months will receive an attractive interest rate of 6.70%.
9. For FDs ranging from 15 months to less than 5 years, an interest rate of 7.10% is on offer.
10. Finally, FDs with tenures between 5 years to 10 years will yield an annual interest rate of 7.00%.

This strategic adjustment in interest rates by Axis Bank reflects the bank’s commitment to providing competitive financial products to its customers. The revision is guided by market dynamics, economic trends, and the prevailing regulatory environment.

State Bank of India (SBI) Concludes ‘VCare Deposit’ Scheme by Month’s End

The ‘VCare Deposit’ scheme offered by the State Bank of India (SBI) is set to conclude this month, specifically on the 30th of September. This unique initiative was designed to cater to the financial needs of senior citizens, providing them with an opportunity to earn additional interest on fixed deposits with tenures of 5 years or more.

The ‘VCare Deposit’ Scheme, offered by the State Bank of India (SBI), is a specialized fixed deposit scheme designed to provide senior citizens with an opportunity to earn higher interest rates on their long-term fixed deposits. Under this scheme, individuals who opt for fixed deposits with a tenure of 5 years or more are eligible to receive an additional interest rate of 50 basis points (0.50%) over and above the regular fixed deposit interest rates.

Key features of the ‘VCare Deposit’ Scheme include:

• Enhanced Interest Rate: Senior citizens who invest in fixed deposits for a duration of 5 years or more receive an extra 50 basis points, making their returns more attractive compared to standard fixed deposits.
• Limited Timeframe: The scheme is available for a specified period and is set to conclude on September 30, 2023. Customers must invest in this scheme within this timeframe to avail themselves of the additional interest benefit.
• Eligibility Criteria: Only senior citizens are eligible to participate in this scheme. It caters specifically to this demographic, providing them with an opportunity to secure their financial future with higher returns.
• Fixed Tenure Requirement: To benefit from the additional interest, customers must adhere to the fixed tenure specified in the scheme, which is 5 years or more. This requirement ensures that the scheme aligns with the long-term financial goals of senior citizens.

The ‘VCare Deposit’ Scheme is part of SBI’s efforts to offer tailored financial solutions to different customer segments, with a focus on providing added benefits to senior citizens. It provides an attractive avenue for senior citizens to grow their savings securely over an extended period.

Interest on Term Deposits for Senior Citizens: Enhanced Returns Offered by SBI

State Bank of India (SBI) recognizes the importance of providing senior citizens with financial solutions that cater to their unique needs. To this end, SBI offers attractive interest rates on term deposits for senior citizens, ensuring that they receive enhanced returns on their savings.

Key features of SBI’s interest rates for senior citizens on retail term deposits include:

1. Higher Interest Rates: Senior citizens are eligible to receive an additional interest rate of 0.50% over and above the rates offered to the general public on retail term deposits with a tenure of less than 5 years. This serves as an incentive for senior citizens to secure their savings with SBI.
2. We Care Deposit Scheme: Under the ‘We Care Deposit’ scheme, senior citizens who opt for fixed deposits with a tenure of 5 years or more are entitled to earn an impressive 1% higher interest rate compared to standard term deposit rates. This provides senior citizens with an excellent opportunity to grow their savings over the long term.
3. No Penalty on Withdrawal: It’s important to note that while senior citizens enjoy these enhanced interest rates, there are no additional charges or penalties for withdrawing funds before the maturity date. This flexibility ensures that senior citizens have access to their funds should the need arise.

SBI’s commitment to the financial well-being of senior citizens is evident through these specially tailored term deposit offerings. These schemes not only encourage financial security for senior citizens but also provide them with a reliable avenue for potential wealth accumulation.