Axis Bank hikes FD rates by 5 bps on multiple tenors effective from today
- Axis Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr.
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Business News/ Industry / Banking/ Axis Bank hikes FD rates by 5 bps on multiple tenors effective from today
Axis Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. According to the adjustment, the bank increased interest rates on a variety of tenors from 1 year to 1 year 24 days by 5 bps. Axis Bank offers interest rates on deposits that mature within the next seven days to ten years that range from 3.50% to 7.00%, while the bank offers a maximum interest rate on deposits maturing in the next two years to thirty months that is 7.20% for the general public and 7.95% for senior citizens. As per the official website of Axis Bank, the new FD rates are effective as of today 21/04/2023.
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Axis Bank FD Rates
The bank will continue to give an interest rate of 3.50% on fixed deposits maturing in the next 7 days to 45 days, while Axis Bank will continue to offer an interest rate of 4.00% on deposits maturing in the next 46 days to 60 days. The interest rates offered by Axis Bank will remain at 4.50% for deposits held for 61 days to three months and 4.75% for those held for three months to six months. The interest rate on deposits that mature in 6 to 9 months will remain at 5.75%, while the interest rate on deposits that mature in 9 to 1 year will remain at 6%.
The bank hiked interest rates on fixed deposits maturing in 1 year to 1 year 24 days by 5 basis points, from 6.75% to 6.80%, and it will continue to give an interest rate of 7.10% on deposits maturing in 1 year 25 days to 13 months. On deposits with a tenor of between 13 months and two years, Axis Bank will continue to provide an interest rate of 7.15%. Deposits with maturities between 2 years and 30 months will now earn interest at a rate of 7.20%, while those with maturities between 30 months and 10 years will still earn interest at a rate of 7.00%.
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A minimum of 5,000 rupees must be deposited to start an online fixed deposit with Axis Bank, and the period can range from seven days to ten years. Senior people will get higher interest rates than those available to the general public on fixed deposits that mature in the following six to ten years.
A meeting of the Board of Directors of Axis Bank Limited will be held on Thursday, April 27, 2023 to consider and approve audited standalone and consolidated financial results of the bank, for the quarter and year ended March 31, 2023, recommend final dividend, if any, for the year ended March 31, 2023 and borrowing / raising of funds in Indian Currency / Foreign Currency by issue of debt instruments including but not limited to bonds and Non-Convertible Debentures, subject to shareholders approval.
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