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Axis Bank has raised interest rates on the fixed deposits (FDs) that are under Rs. 2 crore, reported Livemint. The new rates are in effect as of today, November 5, 2022, according to the bank's website. Following the change, the bank raised interest rates on deposits by up to 115 basis points (bps) for maturities ranging from 46 days to 10 years.
For deposits expiring in the next seven days to 10 years, Axis Bank is now offering interest rates that vary from 3.5 per cent to 6.50 per cent for the general public and from 3.5 per cent to 7.25 per cent for senior citizens. The maximum interest rate for deposits with maturities between three and ten years will now be 7.25 per cent for senior citizens and 6.50 per cent for the general public.
On fixed deposits maturing in seven days to 45 days, the interest rate will remain at 3.50 per cent, however the bank has increased the interest rate on deposits maturing in 46 days to 60 days by 50 basis points, from 3.50 per cent to 4 per cent. The interest rate on deposits maturing in 61 days to three months has increased from 4 per cent to 4.50 per cent, a 50 basis point increase, while the interest rate on deposits maturing in three months to six months has increased from 4.25 per cent to 4.50 per cent, a 25 basis point increase.
Axis Bank increased interest rates by 50 basis points (bps) from 5 per cent to 5.50 per cent for deposits maturing in 6 to 9 months and by 75 bps from 5 per cent to 5.75 per cent for deposits maturing in 9 to 12 months.
The interest rate on deposits maturing in 1 year to 15 months has increased from 6.10 per cent to 7 per cent, a 90 basis point increase. The interest rate on deposits maturing in 15 months to 18 months has increased from 6.15 per cent to 7 per cent, an 85 basis point increase. Deposits maturing in 18 months to 2 years will now earn an interest rate of 7.05 per cent, up from 6.15 per cent previously, representing a 90 basis point increase by Axis Bank. Deposits maturing in 2 years to 3 years will now earn an interest rate of 7.05 per cent, up from 6.20 per cent previously, representing an 85 basis point increase.
The bank has increased the interest rates on deposits maturing in three to ten years by 115 basis points, from 6.10 per cent to 7.25 per cent.
On deposits with maturities ranging from six months to 10 years, Axis Bank provides senior customers with additional interest rate incentives. On deposits due in the specified tenor slab, Axis Bank is currently offering senior people an interest rate range of 5.50 per cent to 7.25 per cent.
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First Published: Sat, November 05 2022. 18:10 IST