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Tuesday, May 17, 2022

Many banks, including PNB, ICICI and Axis, have revised their interest rates on FDs.

 Many banks, including PNB, ICICI and Axis, have revised their interest rates on FDs.


HDFC, ICICI, Indian Overseas Bank, Punjab National Bank, Axis and Kotak Mahindra Bank have changed interest rates on Fixed Deposit (FD) after the RBI revised the repo rate. In that case, if you are planning to do FD these days, you need to know about the new rates. This will allow you to get a higher return on your investment.


See here why it would be more beneficial to get FD now due to change in interest rate.


Interest on 1 year FD

Bank interest rate (in%)

ICICI 5.00

SBI 5.10

HDFC 5.10

Punjab National Bank 5.10

Indian Overseas Bank 5.15

Axis 5.25

Canara Bank 5.30

Kotak Mahindra 5.40

Post Office 5.50


Interest on 2 year FD

Bank interest rate (in%)

ICICI 5.00

SBI 5.20

HDFC 5.10

Indian Overseas 5.20

Post Office 5.50

Punjab National Bank 5.10

Axis 5.60

Kotak Mahindra 5.60

Canara Bank 5.45


Interest on 3 year FD

Bank interest rate (in%)

ICICI 5.20

SBI 5.30

HDFC 5.30

Indian Overseas 5.45

Post Office 5.50

Punjab National Bank 5.10

Axis 5.60

Kotak Mahindra 5.75

Canara Bank 5.70









Interest on 5 year FD

Bank interest rate (in%)

SBI 5.40

HDFC 5.45

Indian Overseas 5.45

ICICI 5.45

Post Office 6.70

Punjab National Bank 5.10

Axis 5.75

Kotak Mahindra 5.75

Canara Bank 5.75


 Click Here TO Read In Gujarati


Interest earned from FD is also taxable

If the interest earned on a bank FD is less than Rs 40,000 in a financial year, no tax will have to be paid on it. This limit is for people under 60 years of age. Also, income up to Rs. 50,000 from FD of senior citizen above 60 years of age is tax free. 10% TDS is deducted on income above that.



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