Private money lender Axis Bank has increased its interest rates for the fixed deposits less than ₹2 crore with effect from November 5. The bank has hiked the interest rates on the deposits maturing from 46 days to ten years by up to 115 basis points, Livemint quoted the official website.
With this the interest rates for the general public on the deposits maturing in seven days to ten years range from 3.50 per cent to 6.50 per cent for the general public and 3.50 per cent to 7.25 per cent for the senior citizens. On the other hand, the deposits which mature between three and ten years will have a maximum interest rates of 7.25 per cent for the senior citizens and 6.50 per cent for general public.
According to the report, the Axis Bank fixed deposits which mature in seven days to 45 days have an interest rate of 3.50 per cent but on deposits which mature in 46 days to 60 days the interest rate has been hiked from 3.50 per cent to four per cent.
The fixed deposits which mature in 61 days to three months have an interest rate of 4.50 per cent instead of earlier 4 per cent. The deposits maturing in three months to six months will have an interest rates of 4.50 per cent from 4.25 per cent.
The private lender has increased the interest rate from five per cent to 5.50 per cent on the deposits which mature in six months to nine months while those maturing in nine months to one year will have a revised interest rate of 5.75 per cent.
The fixed deposits which mature in one year to 15 months will have an interest rate of seven per cent which was 6.10 per cent. The deposits which mature in 15 months to 18 months will have an interest rate of seven per cent against the previous 6.15 per cent.
For the fixed deposits maturing in 18 months to two years, the interest rate now stands at 7.05 per cent against 6.15 per cent. The deposits maturing in two to three years have a revised rate of 7.05 per cent.
The Axis Bank is offering the senior citizens additional interest rate benefits on the deposits with maturities from six months to ten years. It is providing interest rates ranging from 5.50 per cent to 7.25 per cent in the mentioned tenure slab.