Axis bank Has reduced interest rates on fixed deposits (FD). Now, on the FD in Axis Bank, ordinary citizens will get interest from 3% to 7.05%. Senior citizens will get interest from 3.50% to 7.65%. These interest rates will be applicable today i.e. from 23 April. Banks are also reducing the interest rates of FD after the RBI cuts in the repo rate. These changes have been made in the interest rates of FDs below Rs 3 crore.
HDFC also reduced FD interest rates
Earlier, HDFC Bank has reduced interest rates on fixed deposits (FD). Common citizens will get interest from 3% to 7.05% on HDFC Bank. Senior citizens will get interest from 3.50% to 7.55%. These changes have been made in the interest rates of FDs below Rs 3 crore.
SBI and BOI also changed interest rates
Recently, State Bank of India (SBI) and Bank of India (BOI) have reduced interest rates on fixed deposits (FD). Now, SBI is paying 6.70% interest on 1 year FD. Now ordinary citizens will get 7.05% interest on 1 year FD in Bank of India (BOI). Banks are also reducing FD interest rates after RBI cuts in repo rate.
Keep these 3 things in mind while doing FD
It is important to select the right term.
It is necessary to think about its duration before investing in FD. Because if investors withdraw money before maturity, they will have to pay a fine. If you break FD before maturity, you have to pay a fine of up to 1%. This can reduce the total interest on deposits.
Do not invest all your money in one FD.
If you are thinking of investing Rs 10 lakh in the same FD in a single bank, instead invest in more than one bank in 8 FDs of Rs 1 lakh and 4 FD of Rs 50,000. Therefore, if you need money in the middle, you can arrange money by breaking FD according to your need. Your remaining FD will be safe.
Tax exemption is available on 5 years FD.
5 -year -old FD is called tax saving FD. By investing in this, you can get a deduction of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. In simple words, you can reduce your total taxable income by Rs 1.5 lakh through Section 80C.
The post Axis Bank made a change in FD interest rate, now ‘so much’ interest will be available on deposits; See new interest rates first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
