Axis Bank, India's third largest private sector bank, has recently introduced a new fixed deposit scheme which offers interest at the rate of 7.40 per cent for deposits under Rs 1 crore. Deposits of Rs 1 crore to less than Rs 5 crore will earn an even more attractive 7.60 per cent. The tenure is 12 months 5 days to under 12 months 11 days. This is currently the highest interest rate that Axis Bank offers across all available tenures. This development comes on the heels of more broad-based interest rate hikes rolled out by HDFC Bank and the State Bank of India.
So here is a look at the deposit rates currently on offer by the country's leading banks.
Please note that senior citizens get 0.5 per cent higher interest rates across all tenures and across all banks. Wondering how these bank FDs compare with post office deposits? Take a look:
For the record, the minimum amount required to open a Post Office deposit is Rs 200 but there is no maximum limit. And if you are looking at a longer investment term of five years, this is a far better bet than bank deposits.