Axis Bank has revised interest rates on its fixed deposits (FD) with effect from 10 July 2019. FD interest rates in the bank range from 3.5% to 7.3% for deposits with a tenure ranging from seven days to 10 years, according to the bank’s website. For senior citizens, it ranges from 3.5% to 7.95%. Earlier, top lenders like ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Canara Bank and Kotak Mahindra Bank had revised interest rates on their term deposits.
Axis Bank is offering an interest rate of 6.25% on FDs with maturity between 7 days and 6 months, 6.50% for FDs maturing between 6 and 9 months, and 7% for FDs between 9 months and 1 year. Axis Bank is offering 7.2% for fixed deposits maturing in one and two years. The bank is now offering 7.3% for FDs maturing in 2 years but not more than 3 years and 7.25% interest rate on FDs maturing between three and less than five years. For FDs with maturity between five years and 10 years, Axis Bank offers an interest rate of 7%.
During the intra-day trade, shares of Axis Bank were down 0.84% at ₹755.30 on BSE.
Since the last policy review in June, some banks have lowered their MCLRs (marginal cost of funds-based lending rates) marginally. SBI has been the first to link its interest rate on large savings accounts to RBI repo rate.