Increased the interest rate in fixed deposits by SBI and Axis Bank
SBI and Axis Bank have increased the interest rates of fixed deposits. This increase in SBI's interest rates has been implemented from today i.e. August 13. At the same time, this increase in fixed deposits of Axis Bank has come into effect from August 11.
Fixed Deposit (FD) is one of the most popular investment instruments in our country, largely due to ease of investment and guaranteed returns. The interest rate of a fixed deposit is determined by the principal amount invested and the tenure of the investment. If you also like investing in fixed deposits then there is good news for you. India's largest public sector bank State Bank of India (SBI) and private sector bank 'Axis Bank' have increased interest rates. Both SBI and Axis Bank banks have made this increase in interest rates in fixed deposits of less than Rs 2 crore.
You can withdraw money with FD (fixed deposits) even before maturity, although you may have to pay some penalty for doing so. This penalty varies from bank to bank fixed deposit.
Axis Bank has not made any change in the interest rates of fixed deposits from 7 days to 1 year 25 days. Due to this, 2.50% interest in fixed deposits maturing in 7 days to 29, 3.00% in 30 days to 3 months fixed deposits, and 4.65% in fixed deposits maturing from 3 months to 6 months will continue to be available as before. Along with this, fixed deposits maturing in 7 months to 8 will continue to get 4.40% interest, and 9 months to 1 year 25 days will continue to get 4.75% interest. Axis Bank has increased the interest rates for FDs maturing from 17 months to 18 months, which has increased from 5.60% to 6.05%. Apart from this, FDs maturing in 18 months to 2 years will get 5.60%, 2 years to 30 months, 30 months to 3 years, and 5.70% interest will be available in FDs maturing in 3 years to 5 years and 5 years to 10 years. The bank will give 5.75% interest to customers in fixed deposits.
Fixed deposits of 7 days to 45 days in SBI will continue to get 2.90% as before, 3.90% in fixed deposits of 46 to 179 days. At the same time, the interest rate of fixed deposits maturing in 180 to 210 days has been increased from 4.40% to 4.55%, while fixed deposits maturing in 211 days to 1 year will continue to get 4.60% interest as before. Apart from this, interest increased from 5.30% to 5.45% in 1 year to 2 years FB, 2 years to 3 years FD increased from 5.35% to 5.50%, 3 years to 5 years FD increased from 5.45% to 5.60% and 5 years From 5.50% to 5.65% in 10-year FDs.