Bank FD Latest News: Interest rates have changed; you may now get returns of up to 8%

Bank FD Latest News: Interest rates have changed; you may now get returns of up to 8%

Bank FD Latest News: Interest rates have changed; you may now get returns of up to 8%

For individuals who invest in fixed deposits (FD), there is excellent news. The FD rates have been modified by major private sector lender Axis Bank. Interest rates for clients are now as high as 8%.

Axis Bank, a major private lender, has modified the interest rates on fixed deposits under Rs 2 crore. Following this interest rate adjustment, Axis Bank will offer its regular clients interest rates ranging from 3.50% to 7.10% on term deposits of seven days to ten years. In addition, Axis Bank offers its senior citizen clients interest rates ranging from 3.50% to 7.75% on term deposits (FDs) with maturities of 7 days to 10 years. The information obtained from the bank's official website indicates that the new interest rates will take effect on December 26. Let us inform you that State Bank of India (SBI), the biggest public sector lender in the nation, has also raised the interest rates on fixed deposits.

FD rates were raised by Axis Bank.

Axis Bank is now giving 3% on FDs for 7 to 29 days, 3.50% on FDs for 30 to 45 days, 4.25% on FDs for 46 days to 7 days, and 61 days to less than three months after this interest rate adjustment. It is giving FD interest rates of 4.50%, 4.75%, and 5.75% for terms ranging from three to six months to nine months. Simultaneously, the bank is providing 6.70% interest on FDs of one year to less than fifteen months and 6% interest on FDs of nine months to less than a year.

Moreover, SBI raised FD rates.

However, Axis Bank is giving out 7.10 percent on FDs from 15 months to less than 2 years, 7.10 percent on FDs from 2 years to less than 3 years, 7.10 percent on FDs from 3 years to less than 5 years, and 7.10 percent on FDs from 5 years to less than 5 years. For a maximum of ten years, it offers 7% interest on FD. Let us inform you that SBI has raised the FD rates as of right now. Following this hike in FD rates, SBI is offering its general customers 3.50 to 7 percent interest on FDs ranging from 7 days to 10 years, and its senior citizen customers 4 to 7.50 percent interest.