Axis Bank Raises FD Interest Rates; Check New Rates Here

Axis bank has recently increased its FD interest rates. Read on to find out the new interest rates.

<div class="paragraphs"><p>Source: Miles Burke on Unsplash</p></div>
Source: Miles Burke on Unsplash

In terms of size, Axis Bank ranks third among Indian private sector banks. The bank is also renowned for giving senior citizens and general customers attractive interest rates. Recently, this private sector bank increased the interest rate on domestic fixed deposits under Rs. 2 crores. Additionally, the bank's website states that the revised rates will be effective as of October 14, 2022.

In this article, we will discuss about the new fixed deposit interest rates offered by Axis bank under Rs. 2 crores in detail:

List Of New Fixed Deposit Interest Rates

  • The bank raised its interest rate for general public by 75 basis points, which is an increase from 2.75%, to 3.50% for deposits maturing in 7 to 29 days.

  • With a 25 basis points increase; the bank further raised the interest rates from 3.25% to 3.50% for the general public.

  • The bank will offer an interest rate of 4% up from 3.25% for deposits maturing within 61 days to less than three months, which is a 75 basis points increase.

  • The interest rate on fixed deposits maturing in three to six months has grown from 3.75% to 4.25%, a 50 basis point rise.

  • Axis Bank raised interest rates on deposits with maturities between 6 and less than 9 months by 35 basis points, from 4.65% to 5%.

  • For deposits maturing in ten months to one year, Axis bank increased the rate of interest to 5% p.a.

  • Interest rates on deposits maturing for the tenure of 1 year to 1 year and 11 days was further raised by 65 basis points at 6.10%.

  • The interest rate for deposits that mature in the next 1 year, 11 days to 1 year, 25 days, is now 6.10%.

  • A 50 basis point rise from the previous rate of 5.60% to 6.10% will apply to deposits maturing in the range of 1 year, 25 days to 15 months.

  • The interest rate on deposits from Axis Bank will remain at 6.15% for maturities between 15 months and 2 years.

  • The bank has raised the interest rate on deposits that mature in two to three years by 50 basis points, to 6.20% for general citizens.

  • The bank raised the interest rate on deposits with maturities between three and five years from 5.70% to 6.10% by 40 basis points.

  • Additionally, Axis Bank raised the interest rate on deposits maturing in 5 to 10 years from 5.75% to 6.10% by 35 basis points.

  • Axis Bank also offers senior citizens higher interest rates on deposits that mature in 6 months to 10 years. The maximum interest rate offered by Axis Bank to senior citizens on deposits maturing in two to less than three years is 6.95%.

The interest rates on NRI and FCNR deposits have also been increased by Axis Bank. However, bear in mind that the rates are subject to change at the discretion of the bank.

Disclaimer: The interest rates mentioned in this article are recorded at the time of writing and are subject to change. BQ Prime does not endorse any of the interest rates mentioned above. Please invest at your own discretion.