Axis Bank raises FD interest rates by up to 75 basis points: know current rates

Once more, Axis Bank increased the interest rates on certain fixed deposit (FD) tenures for sums under Rs 2 crore by up to 75 basis points. Starting on October 14, 2022, the new rates will be in effect. Following the increase in the RBI repo rate, the bank had previously increased FD rates on October 1, 2022.

Current FD interest rates at Axis Bank:

The bank raised the interest rates on fixed deposits maturing in 7 days to 29 days and 30 days to 60 days by 75 basis points (bps), from 2.75 per cent to 3.50 per cent and 3.50percent from 3.25 per cent, respectively.

The interest rate on fixed deposits that mature in 61 days to less than three months has increased from 3.25 per cent to 4 per cent.

The interest rate for deposits with terms of three to six months has raised by 25 basis points, from 3.75 per cent to 4.25 per cent. Now, the bank will pay interest at a rate of 5 per cent on fixed deposits that mature in 6 months or less, and at a rate of 6.10 per cent on those that mature in 1 year to 15 months.

For FDs maturing in 15 months to under two years, the bank will continue to offer 6.15 per cent.

Following the increase, Axis Bank will now provide interest rates of 6.20 per cent for fixed deposits maturing in 2 years or less and 6.10 per cent for those maturing in 3 years, 25 days or less.

The interest rates on NRE and FCNR deposits have been increased at Axis Bank.

Interest rates on senior citizen FDs:

The bank has also increased the FD interest rates for older persons on certain tenures. For sums under Rs 2 crore, senior persons can now get FD interest rates ranging from 3.5 per cent to 6.90 per cent.