Axis Bank has announced a hike in its interest rates on fixed deposits of less than ₹2 Cr days after Reserve Bank of India’s monetary policy committee raised repo rate hike by 25 bps to 6.50%. The new rates are in effect as from Saturday, February 11, 2023.
What are the revised Fixed Deposit (FD) rates by Axis bank?
1. Axis Bank’s FD rates for the maturity period of next 7 to 45 days is raised to 3.50%.
2. The private sector lender will pay 4.00% interest on deposits maturing in the next 46 to 60 days. Deposit rates for terms of 61 days to three months and three months to six months have been raised to 4.50% and 4.75%, respectively.
3. The interest rate on deposits maturing in 6 to 9 months has increased to 5.75%, and the interest rate on deposits maturing in 9 to 12 months has raised to 6.00%. ALSO READ: Axis Bank exposure to Adani Group ‘comfortable’, only 0.94% of its net advances
4. The bank now has fixed deposits with maturities between a year and a year and a half and a year at 6.75% and between a year and a half and thirteen months at 7.10%.Deposits maturing in the next 13 months to 2 years will now earn 6.75%, while those maturing in the next 2 to 30 years will earn 7.26%.
5. Axis bank is now gives 7.00% interest rate on deposits with terms ranging from 30 months to 10 years. Senior citizens will receive an additional interest rate on fixed deposits maturing in 6 months to 10 years, in addition to the regular rates.
