An increase in interest rates has been announced by Axis Bank for its fixed deposits under Rs. 2 crores. On September 9, 2022, the new interest rates were effective, according to the bank's official website. In reaction to the modification, the bank increased interest rates across a variety of tenors. For maturities ranging from 7 days to 6 months, the bank has increased interest rates on fixed deposits by 25 basis points.
FD Rates at Axis Bank
The bank increased the interest rate on fixed deposits maturing in 7 days to 29 days by 25 basis points (bps), from 2.50 percent to 2.75 percent, and Axis Bank increased the interest rate on fixed deposits maturing in 30 days to 3 months by 25 bps, from 3 percent to 3.25 percent. Fixed deposits that mature in 3 to 6 months will now earn an interest rate of 3.75 percent, up from 3.50 percent previously—a 25 basis point increase. The bank will continue to offer interest rates of 4.65 percent and 4.40 percent on fixed deposits maturing in 6 months to 7 months and 7 months to 8 months, respectively, and 4.65 percent on fixed deposits maturing in 8 months to 9 months.
Fixed deposit interest rates will remain at 4.75 percent for those maturing in 9 months to 1 year, while term deposit interest rates will remain at 5.45 percent for those maturing in 1 year to 1 year and 11 days. Axis Bank will continue to offer an interest rate of 5.75 percent on fixed deposits maturing in the next 1 year, 11 days to 1 year, 25 days, and 5.60 percent on fixed deposits maturing in the next 1 year, 25 days to 2 years. The bank will continue to pay 5.70 percent interest on term deposits maturing in 2 to 5 years, and 5.75 percent interest on fixed deposits maturing in 5 to 10 years.
Axis Bank FD Rates For Senior Citizens
Seniors will now get an interest rate of 3.25 percent on fixed deposits maturing in 30 days or less and will continue to receive an interest rate of 2.75 percent on deposits maturing in 7 days to 29 days. Fixed deposits with maturities between three and six months will continue to earn interest at a rate of 3.75 percent, while senior citizens will now receive interest on term deposits with maturities between six and seven months at a rate of 4.90 percent. Seniors will now get interest rates of 4.65 percent and 4.90 percent on fixed deposits with maturities of 7 to 8 and 8 to 9 months, respectively. Seniors will now receive an interest rate of 5.00 percent for fixed deposits due in nine to one year.
Seniors will now get interest rates of 6.20 percent on fixed deposits maturing in one year to one year and eleven days and 6.50 percent on term deposits maturing in one year and eleven days to one year and twenty-five days. Seniors will now get an interest rate of 6.35 percent on fixed deposits maturing in 1 year 25 days to 2 years and a 6.45 percent interest rate on term deposits maturing in 2 years to 5 years. Senior people will receive an interest rate of 6.50 percent on fixed deposits with maturities between 5 and 10 years.
