Axis Bank, one of India’s leading private sector banks, increased interest rates on fixed deposits below ₹2 crore. According to the bank’s website, the new rates are in effect as of today, November 5, 2022. Following the modification, the bank increased interest rates on deposits with maturities ranging from 46 days to 10 years by up to 115 bps. Axis Bank is now offering interest rates on deposits maturing in 7 days to 10 years that range from 3.50% to 6.50% for the general public and 3.50% to 7.25% for senior citizens. Deposits with maturities between three and ten years will now have a maximum interest rate of 7.25% for senior citizens and 6.50% for the general public.
Axis Bank FD Rates
On fixed deposits maturing in 7 days to 45 days will continue to offer an interest rate of 3.50% but on deposits maturing in 46 days to 60 days the bank has hiked the interest rate by 50 bps from 3.50% to 4%. Deposits maturing in 61 days to 3 months will now offer an interest rate of 4.50% which was 4% earlier a hike of 50 bps and deposits maturing in 3 months to 6 months will now fetch an interest rate of 4.50% a hike of 25 bps from 4.25%. Axis Bank has hiked interest rate by 50 bps from 5% to 5.50% on deposits maturing in 6 months to 9 months and the bank has hiked interest rate by 75 bps from 5% to 5.75% on deposits maturing in 9 months to 1 year.
On deposits maturing in 1 year to 15 months will now offer an interest rate of 7% which was earlier 6.10% a hike of 90 bps and on those maturing in 15 months to 18 months will now fetch an interest rate of 7% which was earlier 6.15% a hike of 85 bps. Deposits maturing in 18 Months to 2 years will now fetch an interest rate of 7.05% which was earlier 6.15% a hike of 90 bps made by Axis Bank and those maturing in 2 years to 3 years will now fetch an interest rate of 7.05% which was earlier 6.20%, representing a hike of 85 bps. Axis Bank has hiked interest rates by 115 bps from 6.10% to 7.25% on deposits maturing in 3 years to 10 years.
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