Axis Bank has increased the interest rate on Fixed Deposit (FD). Now on making FD in Axis Bank, the general public will get 7.20% interest and senior citizens will get up to 7.75% interest. The bank has increased the interest rates on FDs of less than Rs 3 crore. The new interest rates have come into effect from 3 July. You will get interest from 3.50% to 7.75% Now on making FD in Axis Bank, common citizens will get interest ranging from 3.00% to 7.20%. On the other hand, if we talk about senior citizens, they will get interest ranging from 3.50% to 7.75% on making FD here. How much interest is being given on FD in Axis Bank now ICICI Bank also changed the interest rates Earlier, ICICI Bank had increased the interest rates on Fixed Deposit (FD). Now on making FD in ICICI Bank, the general public will get 7.20% interest and senior citizens will get up to 7.75% interest. The bank has increased the interest rates on FDs of less than Rs 3 crore. The new interest rates have come into effect from July 1. Now, if you make an FD in ICICI Bank, common citizens will get interest ranging from 3.00% to 7.20%. On the other hand, if we talk about senior citizens, they will get interest ranging from 3.50% to 7.75% on making an FD here. Keep these 3 things in mind while making an FD 1. It is important to choose the right tenure It is important to think about its tenure before investing in an FD. This is because if investors withdraw before maturity, they will have to pay a penalty. A penalty of up to 1% will have to be paid if the FD is broken before maturity. This may reduce the total interest earned on the deposit. 2. Do not invest all the money in a single FD If you are planning to invest Rs 10 lakh in FD in a single bank, then instead invest in 8 FDs of Rs 1 lakh and 4 FDs of Rs 50,000 in more than one bank. With this, if you need money in between, you can arrange for money by breaking the FD as per your need. Your rest of the FDs will be safe. 3. Tax exemption is available on 5-year FDs 5-year FDs are called tax savings FDs. By investing in this, you can claim 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 up to 1.5 lakhs from your total taxable income through Section 80C.
