Five banks will now pay more interest on FDs, new rates will be effective from July 1

Axis Bank, a private-sector bank, would now offer 7.20 percent interest to customers on deposits of Rs 3 crore for 17-18 months. For seniors, the rate is 7.75 percent. Two-year fixed deposits will earn 7.10 percent interest. The bank offers common people interest rates ranging from 3 to 7.2 percent on fixed deposits. For older citizens, the rate ranges from 3.50 percent to 7.75 percent.

Since July 1, the bank has offered its customers interest rates ranging from 3.75 to 6.50 percent on FDs up to Rs 3 crore. Senior citizens pay the highest interest rate of 8.75 percent, which is 0.50% higher.

According to the bank's website, it has also implemented changes in interest rates on FDs from July 1. Under this, the bank will give its customers interest up to 7.20 percent for a period of 15 months to two years on deposits less than Rs 3 crore. It gives 6.7 percent interest on deposits of one-year duration. The lowest interest rate is 3.50 percent. The bank will give interest up to 7.75 percent to senior citizens.

The new rates of the Bank of India are applicable from June 30. It is giving interest up to 7.80 percent to senior citizens on deposits for a period of 666 days. General citizens are getting 7.3 percent interest. On the other hand, Punjab and Sindh Bank said that its revised interest rates are also applicable from July 1. It is giving 7.80 percent interest to its customers and senior citizens on 666 days deposits. It is giving interest ranging from 2.80 to 6.65 percent to general citizens.