axis bank interest rates

Fixed Deposit Rates. For example, if you're a credit union member using a 3 Bank Deposit Slip Templates. CheckDepositios deposit slip template lets you. Monthly Service Fee (MSF) of Rs.5 for every Rs.100 shortfall plus Rs. 75 in required balance or Rs.300, whichever is lower, with a minimum charge of Rs. 75. Here are the new/revised interest rates on its Axis Bank Fixed Deposit. · 2. 15 days to 29 days · 3. 30 days to 45 days · 4. 46 days to 60 days · 5.

Axis bank interest rates -

Sensex leaps 777 pts to close in green at 58,461; Nifty ends session at 17,404

Equity benchmark Sensex rallied 777 points on Thursday, tracking gains in index majors HDFC twins, Infosys and TCS despite largely negative cues from global peers.

Rising for the second consecutive session, the 30-share index ended 776.50 points or 1.35 per cent higher at 58,461.29. Similarly, the NSE Nifty surged 234.75 points or 1.37 per cent to 17,401.65.

HDFC was the top gainer in the Sensex pack, climbing nearly 4 per cent, followed by PowerGrid, Sun Pharma, Tata Steel, Tech Mahindra and Bajaj Finserv.

On the other hand, ICICI Bank and Axis Bank were the losers.

"Irrespective of the weak sentiments in the international markets, domestic indices continued to rise due to gains in IT, financials and metal stocks amid strong domestic macroeconomic data," said Vinod Nair, Head of Research at Geojit Financial Services.

The Union government's fiscal deficit of 36.3 per cent of budget estimates in October, is better owing to improved revenue collection, he noted.

On the global front, Fed Chair's remarks stating a possibility of a faster end to the bond-buying programme and interest rate hike along with the first confirmed case of the Omicron variant in the US, triggered a fresh global sell-off.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo were in the red.

Stock exchanges Europe were trading with losses in mid-session deals.

International oil benchmark Brent crude rose 2.41 per cent to USD 70.53 per barrel.

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Close StoryИсточник: https://www.hindustantimes.com/business/sensex-leaps-777-pts-to-close-in-green-at-58-461-nifty-ends-session-at-17404-101638439472927.html

New interest rates on PNB's savings accounts from today

The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below Rs 10 lakh to 2.80 per cent per annum. The bank has also reduced the interest rates on savings account for balances above Rs 10 lakh to 2.85 per cent. The public sector bank has reduced the savings rate by 10 bps and 5 bps on accounts having less than Rs 10 lakh and more than Rs 10 lakh, respectively.

The revised domestic and NRI savings account interest is applicable from today, December 1, 2021, to both existing and new customers.

Domestic & NRI Saving Account Interest Rates from December 1, 2021 are as follows:

Saving Fund Account Balance below ₹10 Lakh -2.80 per cent p.a.
Saving Fund Account Balance of ₹10 Lakh & above - 2.85 per cent p.a.

PNB has also offered an interest rate ranging between 2.9 per cent and 5.25 per cent on fixed deposits maturing in the range of 7 days to 10 years. PNB is offering an interest rate of 2.9 per cent on 7-45 day fixed deposits, and it goes up 4.4 per cent on less than one year FDs. 

On term deposits maturing in one year to up to two years, PNB gives 5.10 per cent interest. On deposits maturing above two years and up to 3 years, the bank gives 5.10 per cent. 

PNB is offering 5.25 per cent interest on deposits maturing above five years to 10 years. 

These rates are with effect from August 1, 2021.

Источник: https://www.businesstoday.in/industry/banks/story/new-interest-rates-on-pnbs-savings-accounts-from-today-314036-2021-12-01

Axis Bank Revises Interest Rates On Fixed Deposits: Latest Rates Here

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By Vipul Das

Bank Or Housing Finance Company: Which One Should You Choose For Your Home Loan

For everyone, the first choice that comes to mind when looking to finance their home purchase are loans from commercial banks. However, along with banks, there are other options to finance your home loan. Over the past decade, the sector of housing finance companies has evolved considerably in terms of financial stability and profitability.

The rise in affordability, growing population and other industry favorable dynamics also contributed to the growth of housing finance companies (HFCs) in the past few years. During 2013-18, housing finance companies (HFCs) grew over 20% fueling high-risk products such as loans against property and builder loans. Also, in the Union Budget 2019-20, HFCs were handed to the Reserve Bank of India by the central government to avoid any crisis-like situation. This means even though HFCs are entities owned by the National Housing Bank (NHB), they have to follow all the guidelines set by the RBI. As a result, there are high chances of you coming across HFCs while looking for the right home loan provider.

If you are planning to take a home loan, you will have two options: banks, which is the traditional and often a primary choice or a non-banking housing finance company (HFC). While interest rate plays a significant role in deciding the financial institution, many factors set banks and HFCs apart. On the surface, both options might seem similar but both have their differences based on the regulatory and fund sources.

Here are the advantages and disadvantages of both based on key factors such as interest rate, ease of borrowing, processing fees, repayment structure, eligibility criteria, among others.

How Is Interest Rate on Home Loans Calculated?

Both HFCs and banks come under RBI regulations, however, they still have their method of calculating home loan interest rates. Let’s try to know two related terms before we get into details. The HFCs follow a prime lending rate (PLR) and a discount on the same, and banks offer their interest rate based on marginal cost of funds based lending rate (MCLR).

Interestingly, the method of calculating PLR is not clear, however, the idea remains to raise the funds along with a certain profit margin. For instance, if the PLR of HFC is 14.05% and the discount decided on the same is 5%, the interest rate comes out to be 9.05%. It is important to note that each HFC decides their discount.

Whereas, banks have their method of interest rate calculation which is regulated by the RBI. They start by calculating the base rate (which includes the profit margin) decided by RBI and add a spread to the base rate/MCLR. For instance, if the base rate is 7.5%, banks will add on their spread on the same, let’s say 0.5% making the final lending rate to be 8%. Bound by external factors, banks cannot go beyond the decided base rate, however, HFCs have the freedom to increase or decrease the rate to suit customer demands.

However, this also means that banks are faster than HFCs in passing on interest rate changes to their customers. Simply, because the RBI ensures that rate cuts are passed to the customers quickly without any hassles. As a result, the person who has borrowed a loan from the bank would invariably pay a lower interest as compared to the HFC.

How Does Approval and Disbursement Process Work?

The documentation process is much simpler and less stringent in the case of HFCs. It requires less paperwork and has a rapid process as compared to banks. Hence, for borrowers, the turnaround time to process the application is also quicker. 

If you are applying for a home loan and your documents are not in place, you might face trouble getting a home loan from banks. Since banks follow a set of rules and procedures set by RBI, they cannot go easy on borrowers. 

However, HFCs will have the flexibility while approving your home loan applications. So, in case you fail to get the home loan approval from the bank (unable to meet eligibility criteria or so on reason), you will always have a choice to approach HFC.

Higher Loan Quantum

A common notion of taking a home loan HFCs after getting rejected can be ignored when it comes to certain circumstances such as taking a higher amount. HFCs are suited for a lot of borrowers seeking to take up a higher loan amount, as compared to banks.

As banks usually refrain from including stamp duty and registration costs while evaluating property’s market value. However, the case is different with HFCs as they are flexible on taking the stamp duty and registration cost in the total cost of the property. So, in a country where these charges can be as high as 5% to 6% can still make a lot of difference.

Overdraft Facility

As a top-up on your existing home loan, banks provide an overdraft facility giving you the freedom to manage your planned or unplanned expenses. As we all know that a home loan is a long term commitment and during that period, a borrower faces many ups and downs. This is where having an overdraft facility helps. For instance, you have taken a home loan of INR 1 cr at an interest rate of 7.2% for a tenure of 20 years. Over the complete tenure, you will end up paying interest close to INR 90 lakh, which is the amount that you have borrowed.

An overdraft facility helps you to avoid hefty interest payable by parking surplus funds to the loan account. These funds can be treated as a prepayment towards the home loan lowering the overall loan liability. Also, the borrower can withdraw the deposited surplus funds whenever required to maintain liquidity. This facility is only provided by banks and is not available with the HFCs.

Relaxation in Credit Score

Your credit score plays a big role in representing your credit history, numerically. Those who have paid all the EMIs and debts timely without depending on anyone are likely to have a good credit score. If your score is 750 and above, you are seen as a favourable borrower for a home loan. And, as mentioned above, banks have strict policies when it comes to approving a home loan. This is also true concerning credit scores. Banks only provide home loans to those who have unquestionable credit scores whereas HFCs are comparatively lenient and more open to applications with a low credit score.

HFCs set their credit score models and parameters to check your creditworthiness. So, in a case where you are being rejected for a home loan due to a low credit score, you still have a chance to get it approved by HFCs. However, both have their pros and cons. Getting a loan from HFCs in the time of need might increase your chances but at the cost of a high-interest rate. Contrary, banks might need a good credit score but you will get to negotiate the higher amount at a lower rate of interest.

How to Choose Between Banks and HFCs?

It is not so easy to declare the right choice, especially when both have their advantages. But what you should do is first evaluate your actual loan requirements and then make the right decision. Earlier, the steep interest rates of housing finance companies used to give the banks an edge, however with time the gap has significantly reduced.

If you are someone who has a low credit score and has no plans to improvise it, then HFC comes to the rescue due to their relaxed policies. On the other hand, if you can wait a bit longer to improve your eligibility criteria and credit score, you may go for a bank home loan. As per a report, during the Covid-19 pandemic, the RBI’s repo rate touched 4% in May 2020, which is the lowest since 2001. As a result, there was a decline in home loan rates as well, to as low as 6.7%. To enjoy such rate cuts, it is always suggested to get a bank home loan which is regulated by the RBI.

Lets try to understand by using an example, a person who took a home loan of Rs 1 cr was charged with an 8.2% interest rate. In the next six months, the rate dropped to 7.3%. Now, if he is a bank home loan borrower, he would enjoy the 0.9% interest rate cut saving him a lot of money.

In the case of HFC, as rates are benchmarked to PLR, to give benefits to new customers, they increase the discount on PLR. However, existing customers do not benefit from the same. But again, the choice between the two is totally up to the borrower. Keep in mind the above-discussed factors before coming to any conclusion. It will help you to compare right depending on your eligibility and requirements. The best way remains to visit online financial marketplaces and compare various loan offers available to them.

What Should Existing Customers Do?

There are chances that you might be paying a higher interest rate as compared to what new borrowers might be getting. If your current loan is with a bank, it is possible that your bank might offer you a rate reduction. From October 2019, the RBI asked all banks to link their floating interest rate to an external benchmark. This change helps the borrower to know whenever there is a rise or fall. But if you are looking to increase your LTV ratio, then you always have a choice to transfer your home loan to an HFC institution. If you are already with HFC, it would make sense to shift to a bank to take advantage of external benchmarks.

The idea is to keep an eye on what home loan institutions are paying to their new customers and the rate you are paying. If there is a difference, you always have a choice to convert to a lower rate after paying the conversion charges depending on the institution. That said, a borrower who is unsatisfied can always switch to a new lender. However, there are some costs attached when transferring the home loan balance. Among the major charges, there are processing fees, stamp duty, legal and technical fees.

Therefore, switching decisions must be taken carefully. As said by experts, it only makes sense to get your loan transferred if your existing tenure is left for more than 10 years. This is because you pay the larger part in the initial years of the loan. If a borrower has less than 10 years remaining for the loan, it might not be a good idea. Hence, evaluate all the savings before doing so.

Источник: https://www.forbes.com/advisor/in/loans/bank-or-housing-finance-company-which-one-should-you-choose-for-your-home-loan/

Savings Account Interest Rates

Effective 01st Apr, 2021, the interest on your Savings Bank Account has been revised as per the following interest rate structure.


Balance SlabsApplicable Rate of Interest w.e.f. 01st Apr, 2021
Less than Rs. 50 lacs 3.00% p.a.
Rs. 50 Lacs and up to less than Rs. 10 Crs3.50% p.a.
Rs. 10 Crs and up to less than Rs. 100 CrsRepo + (-0.65%)
Floor rate of 3.50% applicable
Rs. 100 Crs and up to less than Rs. 200 CrsRepo + (-0.50%)
Rs. 200 Crs and up to less than Rs. 2,500 CrsRepo + (-0.50%)

Floor price for all the Repo linked slabs is revised from 3.60% p.a. to 3.50% p.a. The interest is calculated basis incremental balance slabs.

#For rates on amount of Rs. 2500 Crs and above, please contact the branch official.

Effective quarter ending June 2021, the interest accrued in your Axis Bank Savings Account for any current quarter will be credited to your savings bank A/c on the first day of the next quarter. However, the accrued interest will be considered as a part of your closing balance of the last day of current quarter so that there is no loss of interest income for you. As an exception to the above, the interest for the last quarter of the financial year will be credited on the last day of the quarter i.e. for Mar’22, quarterly interest will be credited into your Savings Account on 31-03-2022. Click here to know more.

Источник: https://www.axisbank.com/savings-accounts-interest-rate-structure

Axis Bank Fixed Deposit Interest Rates

FD Interest Rate in Axis Bank 2021

Last Updated 02nd Dec 2021

When it comes to the FD interest rate, the highest rate offered on Axis Bank FD is 5.75%. Latest Axis Bank FD interest rate for senior citizens, on the other hand, ranges between 2.50% to 6.25%.You can earn up to ₹ 28,750 per lakh by investing some money in a fixed deposit account.

Time DurationFD Interest Rates TodayCurrent FD Interest Rates for Senior Citizen
7 days to 14 days 2.50%2.50%
15 days to 29 days 2.50%2.50%
30 days to 45 days 3.00%3.50%
46 days to 60 days 3.00%3.50%
61 days to 3 months 3.00%3.00%
90 days to 119 days 3.50%3.50%
3 months to 6 months 3.50%3.50%
6 months to 8 months 29 days 4.40%4.65%
9 months to 11 months 25 days 4.40%4.65%
11 months 25 days to 1 year 5.10%5.40%
13 months to 17 months 29 days 5.10%5.75%
18 months to 2 years 5.25%5.90%
30 months 1 day to 3 years 5.40%5.90%
1 year to 1 year 5 days 5.10%5.80%
1 year 5 days to 1 year 11 days 5.15%5.75%
1 year 11 days to 1 year 25 days 5.20%5.80%
1 year 25 days to 12 months 29 days 5.10%5.75%
2 years to 30 months 5.40%6.05%
3 years to 4 years 364 days 5.40%5.90%
5 years to 10 years 5.75%6.25%

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Earn upto 7.05% on FD APPLY NOW

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Axis Bank Fixed Deposit Features

Axis Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of Axis Bank Fixed Deposit are:

  • Deposit Amount : Axis Bank FD can be opened with an amount as a low ₹ 10,000 to up to No Limit.
  • FD Tenure : Ranges between 7 days to 10 years.
  • Interest Rate Range : 2.50% p.a. to 5.75% p.a.
  • Senior Citizens FD Rate : 2.50% p.a to 6.25% p.a.
  • Highest Interest Rate : As per today’s rate, Axis Bank’s highest interest rate on FD is 5.75% offered for a tenure of 10 years.
  • Safety of Axis Bank Deposits : Axis Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : Axis Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Axis Bank Tax Saver Fixed Deposit, Fixed Deposit Plus, Encash 24 Flexi Deposit, Regular Fixed Deposit, Regular Fixed deposit

Axis Bank FD Interest Rates Today

Interest rates on Axis Bank deposits are updated regularly by the Government of India. The following are updated Axis Bank FD interest rates 2021:

TenureInterest Rate
7 days to 14 days 2.50%
15 days to 29 days 2.50%
30 days to 45 days 3.00%
46 days to 60 days 3.00%
61 days to 3 months 3.00%
90 days to 119 days 3.50%
3 months to 6 months 3.50%
6 months to 8 months 29 days 4.40%
9 months to 11 months 25 days 4.40%
11 months 25 days to 1 year 5.10%
13 months to 17 months 29 days 5.10%
18 months to 2 years 5.25%
30 months 1 day to 3 years 5.40%
1 year to 1 year 5 days 5.10%
1 year 5 days to 1 year 11 days 5.15%
1 year 11 days to 1 year 25 days 5.20%
1 year 25 days to 12 months 29 days 5.10%
2 years to 30 months 5.40%
3 years to 4 years 364 days 5.40%
5 years to 10 years 5.75%

Axis Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, Axis Bank offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in Axis Bank 2021 are as follows:

TenureInterest Rate for senior citizens
7 days to 14 days 2.50%
15 days to 29 days 2.50%
30 days to 45 days 3.50%
46 days to 60 days 3.50%
61 days to 3 months 3.00%
90 days to 119 days 3.50%
3 months to 6 months 3.50%
6 months to 8 months 29 days 4.65%
9 months to 11 months 25 days 4.65%
11 months 25 days to 1 year 5.40%
13 months to 17 months 29 days 5.75%
18 months to 2 years 5.90%
30 months 1 day to 3 years 5.90%
1 year to 1 year 5 days 5.80%
1 year 5 days to 1 year 11 days 5.75%
1 year 11 days to 1 year 25 days 5.80%
1 year 25 days to 12 months 29 days 5.75%
2 years to 30 months 6.05%
3 years to 4 years 364 days 5.90%
5 years to 10 years 6.25%

Axis Bank Fixed Deposit Rates – Premature Withdrawal

You can close your Axis Bank FD account prematurely, however Axis Bank charges a penalty of 1% for premature withdrawal. Also, The penal provisions for premature closure on Axis Bank FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on Axis Bank FD

Axis Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an Axis Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

Axis Bank Fixed Deposit Scheme

Axis Bank Tax Saver Fixed Deposit

Description:

  • Under this scheme, the bank provides the flexibility to choose between Single holder Type Deposits and Joint holder Type Deposits. The interest rate on this scheme depends upon the category of applicant applying under this deposit scheme.
  • Option to choose between single or joint holder type deposits
  • Nomination facility available
  • You can claim tax benefits on your deposit with a fixed deposit receipt issued by the bank
  • Opportunity to save your taxes with this deposit and earn maximum benefit on your deposit
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961

Who is eligible?

  • Resident Indians and hindu undivided family

Fixed Deposit Plus

Description:

  • Under this scheme, the customers will earn a higher rate of return on their?fixed deposit?investment as compared to regular term deposit rates.
  • Opportunity to earn more higher return on this deposit
  • Nomination facility available
  • TDS facility available on the deposit
  • Option to choose your method of interest calculation
  • Option to choose between deposit type under this scheme including short term deposit, reinvestment deposit and monthly and quarterly payout deposit

Who is eligible?

  • Resident Indians, hindu undivided family, sole proprietorship firms, partnership firms, limited companies and trust

Encash 24 Flexi Deposit

Description:

  • This deposit scheme offers dual benefits of the liquidity of a savings account and high earnings of a fixed deposit.
  • Availability of auto renewal facility on the deposit
  • Tax benefits on deposit under section 80C of Income Tax Act, 1961
  • Enjoy maximum liquidity on your investment
  • Get benefits with a shorter tenure period
  • Fixed deposit account is linked to existing savings account

Who is eligible?

  • Savings account holder with valid PAN card details

Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Convenience of opening a fixed deposit account with ease
  • Nomination facility available
  • Enjoy benefit with a shorter minimum tenure
  • Earn higher returns on the money deposited
  • Avail automatic rollover facility on your principal and interest both

Who is eligible?

  • Resident Indians, hindu undivided family and sole proprietorship firms

Regular Fixed deposit

Description:

Earn upto ₹ 28,750 Per Lakh on Axis Bank Fixed Deposit?

To earn ₹ 28,750 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 5.75%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 28,750
  • FD Maturity Amount - ₹ 1,28,750

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in Axis Bank

  • Passport or Driving License
  • 2 Photographs
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at Axis Bank

To open an Axis Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of Axis Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the Axis Bank FD after reading the terms and conditions.

Loan Against Fixed Deposit Axis Bank

Axis Bank offers loans up to 90% against its own deposit. Note that Axis Bank will not give you loan against FD of any other bank. Axis Bank offers Loan against FD at the rate of 3.5% to 6.75%

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Axis Bank. The borrower later decided to take a loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 available for 1 month only. The amount he repays after 1 month is ₹ 90,000. So, the interest charged on the loan taken is ₹ 0.

Loan Against Fixed Deposit

FAQs

✅What is the highest fixed deposit interest rate for Axis Bank?

You can earn a maximum interest of 5.75% on Axis Bank fixed deposit deposits for a tenure of 10 months.

✅Are there any special rates for senior citizens FD of Axis Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.75%. Compared to this, Axis Bank senior citizens FD are in the range of 2.50% to 6.25%.

✅What are the current Axis Bank FD interest rates 2021?

Current interest for FD in Axis Bank ranges between 2.50% - 5.75%. for different tenure.The highest rate is offered on a tenure 6.25 months/years. For senior citizens the interest rates ranges bweteen 2.50% - 6.25%.

✅Is there any minimum amount that I have to give for opening a Fixed Deposit with Axis Bank?

The minimum deposit amount required to book an FD with Axis Bank is ₹ 10,000 and there is no limit for maximum amount.

✅Did Axis Bank increase FD rates in 2021?

Yes, the highest rate on Axis Bank FD has been increased from 5.50% to 5.75%. The fixed deposit rates of Axis Bank are now in the range of 2.50% to 5.75% with effect from 08 Nov, 2021.

✅Is it possible to change the tenure of my existing fixed deposit account with Axis Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

✅What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Axis Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

✅Can a customer open an FD account online in Axis Bank?

Yes, you can submit your application for opening an FD account on the website of Axis Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

✅In how many years FD will double in Axis Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 5.75%. For Axis Bank FD the number of years in which your FD will get doubled is; 72/5.75 = 13

✅What is the interest of 1 lakh in the Axis Bank?

The interest on Axis Bank fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 5.75% for tenure


Axis Bank News - Dec 2021

  • 2021-08-18 : Axis Bank reduces FD rates
    Axis Bank has revised interest rates on fixed deposits for different tenures. Now the interest rate ranges between 2.5% to 5.75%. The lender will offer an interest rate of 2.50% for FDs with maturity between 7 days to 29 days. FDs maturing between 6 months to 1 year will fetch an interest of 4.40%. Senior citizens will get an extra 0.50% on the general rate.
  • 2021-08-18 : Canara Bank revises fixed deposit rates
    Canara Bank has revised the fixed deposit interest rate. It is providing an interest rate of up to 5.35%. For a tenure of 7 days to 45 days the rate is 2.90% and Canara Unique “1111 Days” will fetch 5.35%.
  • 2021-03-23 : Axis Bank hiked its interest rate on Fixed deposits
    With effect from 18 March 2021, Axis Bank revised its FD rates. Fixed deposit rates for 7 to 29 days is 2.50%, the rate for 30 days to 3 months stands at 3%, and it is 3.50% for 3 months one day to 6 months. Fixed deposit rate for 6 months to 11 months 25 days is 4.40%. In addition to this, fixed deposit rates for long tenors of 11 months 25 days to 1 year 5 days is 5.15% and it is 5.10% for one year 6 days to 18 months. The rate for 18 months 1 day to 2 year is 5.25%, it is 5.40% for 2 years 1 day to 5 years. The interest rate for long tenors of 5 years to 10 years is 5.75%.
  • 2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
    The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
  • 2021-01-12 : Axis Bank to waive penalty on premature closure of term deposits
    Axis Bank announced the removal of penalty on premature closure of all new retail term deposits booked on or after December 15, 2020, for a tenure of 2 years or more. The bank is striving to inculcate and encourage retail customers to go for long-term savings without worrying about the sudden need for liquidity.

*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them. Read MoreRead Less

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Our Lending Partners

Axis Bank

Axis Bank

HDFC Bank

HDFC Bank

ICICI Bank

ICICI Bank

IndusInd Bank

IndusInd Bank

Kotak Mahindra Prime

Kotak Mahindra Prime

Yes Bank

Yes Bank

Interest rate Comparison

Bank Name

Car Loan Interest Rate

ICICI Bank

9% p.a. onwards

HDFC Bank

9% p.a. onwards

IndusInd Bank

9.25% p.a. onwards

Yes Bank

9.75% p.a. onwards

Feature and Benefits

Loan upto 100% of On-Road Price

Loan upto 100% of On-Road Price

Car Loan EMI Calculator

EMIs make your loan repayment much easier and a peaceful process but a car loan EMI is somewhat capable of making a dent in your monthly budget. Therefore, you need to calculate the EMI amount ahead of time to ensure that you can actually afford to take a loan for the desired amount. Our user-friendly CarWale car loan EMI calculator instantly provides you with the monthly amount you would be required to pay based on the loan amount, term and interest rate provided by you.

Read More

₹ 1,00,000

Min Loan Amount

₹ 50,00,000

Max Loan Amount


Interest Rates shown are indicative and will vary as per your credit score across different lenders.

Total Interest Payable

₹ 1,71,800

Principal Loan Amount

₹ 7,00,000

Total Amount Payable

₹ 8,71,800

This doesn’t include bank processing fee.

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Latest News on Car Loans

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FAQs

  • Why should you apply for car loan through CarWale?

    CarWale brings you instant custom-fit car loans from leading banks in India to help you get a loan to purchase your dream car. Just fill the form once and get custom fit loan quotes with upto 100% financing on select vehicles, flexible repayment tenure and pocket-friendly EMIs from our finance partners. In case you have not finalized on a car, we also assist you in finding a car that suits your needs perfectly.

  • What is the maximum loan amount that I can avail for new car loan?

    The maximum loan amount you get is different for different banks. Based on the car you choose, you can check your eligible loan offer. Generally most banks offer loan for 80% to 90% of the on-road price of the axis bank interest rates. Few banks also offer up to 100% financing on new car loan based on your income and credit history.

  • What will be the interest rate for car Loan on CarWale?

    The interest rates vary on the basis of car models, tenure selected and your preferred banking partner. We provide offers starting from 9.5% per annum. Your exact rate of interest will be determined by the lender on the basis of your loan application. Lenders also generally charge you with a processing fee directly axis bank interest rates from your car loan amount which can be negotiated with the lender at the time of sanction of your application.

  • What is the tenure for which I can get a new car loan?

    Generally loan providers offer new car loans for tenures ranging from 1 year to 7 years. You can choose the loan tenure as per your preference.

  • What is car loan EMI? How is this calculated?

    EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your car loan. These payments include the principal amount as well as the interest. The amounts of EMI you have to pay depend on the tenure of your car loan. For a longer tenure, loan repayment is spread over greater number of years and the installments are smaller whereas for a shorter tenure, installments will be larger.

  • What is the eligibility criteria to apply for new car loan on CarWale?

    Generally, the bank or lender will need to review the following to determine your new car loan eligibility:

    • Your credit history (based on a soft review of your credit report)
    • Your income
    • Your age and citizenship status
    • Other debts and monthly financial obligations
    • Your employment status

View More Arvest online login with blueiq https://www.carwale.com/car-loan/

Bank Or Housing Finance Company: Which One Should You Choose For Your Home Loan

For everyone, the first choice that comes to mind when looking to finance their home purchase are loans from commercial banks. However, along with banks, there are other options to finance your home loan. Over the past decade, the sector of housing axis bank interest rates companies has evolved considerably in terms of financial stability and profitability.

The rise in affordability, growing population and other industry favorable dynamics also contributed to the growth of housing finance companies (HFCs) in the past few years. During 2013-18, housing finance which island in the keys has the best beaches (HFCs) grew over 20% fueling high-risk products such as loans against property and builder loans. Also, in the Union Budget 2019-20, HFCs were handed to the Reserve Bank of India by the central government to avoid any crisis-like situation. This means even though HFCs are entities owned by the National Housing Bank (NHB), they have to follow all the guidelines set by the RBI. As a result, there are high chances of you coming across HFCs while looking for the right home loan provider.

If you are planning to take a home loan, you will have two options: banks, which is the traditional and often a primary choice or a non-banking housing finance company (HFC). While interest rate plays a significant role in deciding the financial institution, many factors set banks and HFCs apart. On the surface, both options might seem similar but both have their differences based on the regulatory and fund sources.

Here are the advantages and disadvantages axis bank interest rates both based on key factors such as interest rate, ease of borrowing, processing fees, repayment structure, eligibility criteria, among others.

How Is Interest Rate on Home Loans Calculated?

Both HFCs and banks come under RBI regulations, however, they still have their method of calculating home loan interest rates. Let’s try to know two related terms before we get into details. The HFCs follow a prime lending rate (PLR) and a discount on the same, and banks offer their interest rate based on marginal cost of funds based lending rate (MCLR).

Interestingly, the method of calculating PLR is not clear, however, the axis bank interest rates remains to raise the funds along with a certain profit margin. For instance, if the PLR of HFC is 14.05% and the discount decided on the same is 5%, the interest rate comes out to be 9.05%. It is important to note that each HFC decides their discount.

Whereas, banks have their method of interest rate calculation which is regulated by the RBI. They start by calculating the base rate (which includes the profit axis bank interest rates decided by RBI and add a spread to the base rate/MCLR. For instance, if the base rate is 7.5%, banks will add on their spread on the same, let’s say 0.5% making the final lending rate to be 8%. Bound by external factors, banks cannot go beyond the decided base rate, however, HFCs have the freedom to increase or decrease the rate to suit customer demands.

However, this also means that banks are faster than HFCs in passing on interest rate changes to their customers. Simply, because the RBI ensures that rate cuts are passed to the customers quickly without any hassles. As a result, the person who has borrowed a loan from the bank would invariably pay a lower interest as compared to the HFC.

How Does Approval and Disbursement Process Work?

The documentation process is much simpler axis bank interest rates less stringent in the case of HFCs. It requires less paperwork and has a rapid process as compared to banks. Hence, for borrowers, the turnaround time to process the application is also quicker. 

If you are applying for a home loan and your documents are not in place, you might face trouble getting a home loan from banks. Since banks follow a set of rules and procedures set by RBI, they cannot go easy on borrowers. 

However, HFCs will have the flexibility while approving your home loan applications. So, in case you fail to get the home loan approval from the bank (unable to meet eligibility criteria or so on reason), you will always have a choice to approach HFC.

Higher Loan Quantum

A common notion of taking a home loan HFCs after getting rejected can be ignored when it comes to certain circumstances such as taking a higher amount. HFCs are suited for a lot of borrowers seeking to take up a higher loan amount, as compared to banks.

As banks usually refrain from including stamp duty and registration costs while evaluating property’s market value. However, the case is different with HFCs as they are flexible on taking the stamp duty and registration cost in the total cost of the property. So, in a country where these charges can be as high as 5% to 6% can still make a places to get good food near me of difference.

Overdraft Facility

As a top-up on your existing home loan, banks provide an overdraft facility giving you the freedom to manage your planned or unplanned expenses. As we all know that a home loan is a long term commitment and axis bank interest rates that period, a borrower faces many ups and downs. This is where having an overdraft facility helps. For instance, you have taken a home loan of INR 1 cr at an interest rate of 7.2% for a tenure of 20 years. Over the complete tenure, you will end up paying interest close to INR 90 lakh, which is the amount that you have borrowed.

An overdraft facility helps you to avoid hefty interest payable by parking surplus funds to the loan account. These funds can be treated as a prepayment towards the home loan lowering the overall loan liability. Also, the borrower can withdraw the deposited surplus funds whenever required to maintain liquidity. This facility is only provided by banks and is not available with the HFCs.

Relaxation in Credit Score

Your credit score plays a big role in representing your credit history, numerically. Those who have paid all the EMIs and debts timely without depending on anyone are likely to have a good credit score. If your score is 750 and above, you are seen as a favourable borrower for a home loan. And, as mentioned above, banks have strict policies when it comes to approving a home loan. This is also true concerning credit scores. Banks only provide home loans to those who have unquestionable credit scores whereas HFCs are comparatively lenient and more open to applications with a low credit score.

HFCs set their credit score models axis bank interest rates parameters to check your creditworthiness. So, in a case where you are being rejected for a home loan due to a low credit score, you still have a chance to get it approved by HFCs. However, both have their pros and cons. Getting a loan from HFCs in the time of need might increase your chances but at the cost of a high-interest rate. Contrary, banks might need a good credit score but you will get to negotiate the higher amount at a lower rate of interest.

How to Choose Between Banks and HFCs?

It is not so easy to declare the right choice, especially when both have their advantages. But what you should do is first evaluate your actual loan requirements and then make the right decision. Earlier, the steep interest rates of housing finance companies used to give the banks an edge, however with time the gap has significantly reduced.

If you are someone who has a low credit score and has no plans to improvise it, then HFC comes to the rescue due to their relaxed policies. On the other hand, if you can wait a bit longer to improve your eligibility criteria and credit score, you may go for a bank home loan. As per a report, during the Covid-19 pandemic, the RBI’s repo rate touched 4% in May 2020, which is the lowest since 2001. As a result, there was a decline in home loan rates as well, to as low as 6.7%. To enjoy such rate cuts, it is always suggested to get a bank home loan which is regulated by the RBI.

Lets try to understand by using an example, a person who took a home loan of Rs 1 cr was charged with an 8.2% interest rate. In the next six months, the rate dropped to 7.3%. Now, if he is a bank home loan borrower, he would enjoy the 0.9% interest rate cut saving him a lot of money.

In the case of HFC, as rates are benchmarked to PLR, to give benefits to new customers, they increase the discount on PLR. However, existing customers do not benefit from the same. But again, the choice between the two is totally up to the borrower. Keep in mind the above-discussed factors before coming to any conclusion. It will help you to compare right depending on your eligibility and requirements. The axis bank interest rates way remains to visit online financial marketplaces and compare various loan offers available to them.

What Should Existing Customers Axis bank interest rates are chances that you might be paying a higher interest rate as compared to what new borrowers might be getting. If your current loan is with a bank, it is possible that your bank might offer you a rate reduction. From October 2019, the RBI asked all banks to link their floating interest rate to an external benchmark. This change helps the borrower to know whenever there is a rise or fall. But if you are looking to increase your LTV ratio, then you always have a choice to transfer your home loan to an HFC institution. If you are already with HFC, it would make sense to shift to a bank to take advantage of external benchmarks.

The idea is to keep an eye on what home loan institutions are paying to their new customers and the rate you are paying. If there is a difference, you always have a choice to convert to a lower rate after paying the conversion charges depending on the institution. That said, a borrower who is unsatisfied can always switch to a new axis bank interest rates. However, there are some costs attached when transferring the home loan balance. Among the major charges, there are processing fees, stamp duty, legal and technical fees.

Therefore, switching decisions must be taken carefully. As said by experts, it only makes sense to get your loan transferred if your existing tenure is left for more than 10 years. This is because you pay the larger part in the initial years of the loan. If a borrower has less than 10 years remaining for the loan, it might not be a good idea. Hence, evaluate all the savings before doing so.

Источник: https://www.forbes.com/advisor/in/loans/bank-or-housing-finance-company-which-one-should-you-choose-for-your-home-loan/

Sensex leaps 777 pts to close in green at 58,461; Nifty ends session at 17,404

Equity benchmark Sensex rallied 777 points on Thursday, tracking gains in index majors HDFC twins, Infosys and TCS despite largely negative cues from global peers.

Rising for the second consecutive session, the 30-share index ended 776.50 points or 1.35 per cent higher at 58,461.29. Similarly, the NSE Nifty surged 234.75 points or 1.37 per cent to 17,401.65.

HDFC was the top gainer in the Sensex pack, climbing nearly 4 per cent, followed by PowerGrid, Sun Pharma, Tata Steel, Tech Mahindra and Bajaj Finserv.

On the other hand, ICICI Bank and Axis Bank were the losers.

"Irrespective of the weak sentiments in the international markets, domestic indices continued to rise due to gains in IT, financials and metal stocks amid strong domestic macroeconomic data," said Vinod Nair, Head of Research at Geojit Financial Services.

The Union government's fiscal deficit of 36.3 per cent of budget estimates in October, is better owing to improved revenue collection, he noted.

On the global front, Fed Chair's remarks stating a possibility of a faster end to the bond-buying programme and interest rate hike along with the first confirmed case of the Omicron variant in the US, triggered a fresh global sell-off.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo were in the red.

Stock exchanges Europe were trading with losses in mid-session deals.

International oil benchmark Brent crude rose 2.41 per cent to USD 70.53 per barrel.

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Close StoryИсточник: https://www.hindustantimes.com/business/sensex-leaps-777-pts-to-close-in-green-at-58-461-nifty-ends-session-at-17404-101638439472927.html

New interest rates on PNB's savings accounts from today

The Punjab National Bank (PNB) has reduced the interest rate on its savings account for balances below Rs 10 lakh to 2.80 per cent per annum. The bank has also reduced the interest rates on savings account for balances above Rs 10 lakh to 2.85 per cent. The public sector bank has reduced the savings rate by 10 bps foreclosed homes for sale tulsa 5 bps on accounts having less than Rs 10 lakh and more than Rs 10 lakh, respectively.

The revised domestic and NRI savings account interest is applicable from today, December 1, 2021, to both existing and new customers.

Domestic & NRI Saving Account Interest Rates from December 1, 2021 are as follows:

Saving Fund Account Balance below ₹10 Lakh -2.80 per cent p.a.
Saving Fund Account Balance of ₹10 Lakh & above - 2.85 per cent p.a.

PNB has also offered an interest rate ranging between 2.9 per cent and 5.25 per cent on fixed deposits maturing in the range of 7 days to 10 years. PNB is offering an interest rate of 2.9 per cent on 7-45 day fixed deposits, and it goes up 4.4 per cent on less than one year FDs. 

On term deposits maturing in one year to up to two years, PNB gives 5.10 per cent interest. On deposits maturing above two years and up to 3 years, the bank gives 5.10 per cent. 

PNB is offering 5.25 per cent interest on deposits maturing above five years to 10 years. 

These rates are with effect from August 1, 2021.

Источник: https://www.businesstoday.in/industry/banks/story/new-interest-rates-on-pnbs-savings-accounts-from-today-314036-2021-12-01

FD Calculator

Yes, the interest earned on bank fixed deposit is taxable under the Income Tax Act, 1961.

The tax is deducted at source by the bank as per the prevailing rules. The rate for TDS (Tax Deduction at Source) is 10%, if PAN is furnished; and if not, TDS is 20%. No surcharge or cess is levied over and above this basic rate.

TDS, with respect to interest earned on your bank FD, is deducted based on the total interest projected on the aggregate of your bank FD for the financial year.

If the total projected interest in a financial year crosses the threshold limit, which is currently Rs 10,000 for non-senior citizens, TDS is deducted proportionately from the existing fixed deposits at the time of interest application. For senior citizens (60 years and above), the union budget 2018 has increased the exemption of interest income on deposits with banks (includes fixed deposits) and post offices from Rs 10,000 to Rs 50,000.

Источник: https://www.axisbank.com/retail/calculators/fd-calculator
axis bank interest rates

4 Replies to “Axis bank interest rates”

  1. I just ordered my updated card from their mobile app. you just tap "view all" on the options at the bottom then choose the option "replace damaged card". Then on the main app checking page it gives you a debit card tracker showing the steps of it being made and then shipped.

  2. All I see is below when I download the excel calculator. Can you fix and upload it in the format you have shown in the video please?

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