Axis bank is the 3rd largest bank in the private sector and it started operating in 1994. The bank was promoted jointly by Life Insurance Corporation of India, National Insurance Company Ltd., Specified Undertaking of Unit Trust of India, The Oriental Insurance Company Ltd., The New India Assurance Company Ltd., United India Insurance Company Ltd. and General Insurance Corporation of India. The best fixed deposit rates offered by this bank are higher than other competitors, and can be known at loanbaba.com.
Any Indian citizen can have a FD, India for a short span of time in the bank. Annual interest rates for different time periods (seven days to below one year) for the deposits of less than one crore rupees are as follows:
FD interest rates for Seven to fourteen days- 3.50%
One month- 5.50%
FD rates for Four months to below nine months- 6.50%
Above Nine months but below twelve months- 6.75%
Medium & long term depost FD are also offered to Indian citizens, NROs, NREs and senior citizens by the bank. Annual interest rates for Indian citizens for different time periods if the deposit is less than one crore rupees are as follows:
One year to below two years- 7%
Two years to below five years - 6.75%
More than five years to ten years - 6.75%
The interest rates offered to senior citizens are higher than the rates offered to Indian citizens, NROs and NREs. The annual Axis Bank FD rates for senior citizens for different time periods if the deposit is less than one crore rupees are as follows:
Seven to fourteen days - 3.50%
FD rates, India forNine to below twelve month 7%
More than one year but below two years- 7.50% (highest interest rates)
Two years to below five years - 7.25%
Five years to below ten years- 7.25%