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Axis Bank revises interest rates on fixed deposits and savings accounts

Axis Bank currently offers an interest rate of 2.50 per cent to 5.75 per cent on deposits of 7 days to 10 years, and an interest rate of 3 per cent to 3.50 per cent on savings bank accounts.Premium
Axis Bank currently offers an interest rate of 2.50 per cent to 5.75 per cent on deposits of 7 days to 10 years, and an interest rate of 3 per cent to 3.50 per cent on savings bank accounts.

  • Axis Bank, a private sector lender, has revised its interest rates on fixed deposits and savings accounts. On fixed deposits of less than 2 Cr, the bank revised the interest rate on June 13, 2022, and on savings bank deposits, the bank revised the interest rate on June 1, 2022.

Axis Bank, a private sector lender, has revised its interest rates on fixed deposits and savings accounts. On fixed deposits of less than 2 Cr, the bank revised the interest rate on June 13, 2022, and on savings bank deposits, the bank revised the interest rate on June 1, 2022. Following the change, the bank currently offers an interest rate of 2.50 per cent to 5.75 per cent on deposits of 7 days to 10 years, and an interest rate of 3 per cent to 3.50 per cent on savings bank accounts.

Axis Bank FD Rates

The bank is currently giving a 2.50 per cent interest rate on deposits of 7 days to 29 days, and a 3 per cent interest rate on deposits of 30 days to less than 3 months. Deposits due in 3 to 6 months will now earn a 3.50 per cent interest rate, while deposits maturing in 6 to 9 months will earn a 4.40 per cent interest rate. Axis Bank currently offers a 4.75 per cent interest rate on deposits maturing in 9 months to 1 year and a 5.25 per cent interest rate on deposits maturing in 1 year to 15 months. The bank is currently giving a 5.30 per cent interest rate on deposits of 15 months to two years. Fixed deposits maturing in the next two to five years will now return 5.60 per cent, while deposits maturing in the next five to ten years will return 5.75 per cent. Senior citizens will get interest rates ranging from 2.50 per cent to 6.50 per cent on deposits ranging from 7 days to 10 years.

Axis Bank FD Rates
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Axis Bank FD Rates (axisbank.com)

Axis Bank Savings Account Interest Rates

The bank will now give an interest rate of 3.00 per cent per annum on savings account balances less than Rs. 50 lacs, and an interest rate of 3.50 per cent per annum on savings bank deposits less than Rs. 800 crores. These rates are effective as of 1st June 2022. “Effective 1st Jun, 2022, the interest on your Savings Account has been revised as per the following interest rate structure," Axis Bank has mentioned on its website.

Axis Bank Savings Account Interest Rates
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Axis Bank Savings Account Interest Rates (axisbank.com)

The country's leading public sector banks, State Bank of India (SBI) and Punjab National Bank (PNB), raised interest rates on fixed deposits of less than 2 crore today, June 14, 2022. SBI increased interest rates by 15 to 20 basis points on deposits maturing in 211 days to less than 3 years, while PNB increased interest rates on deposits maturing in 1 year to 10 years. Interest rates on deposit products have been rising since the RBI raised the repo rate to 4.90 percent, implying that further interest rate rises are on the way.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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