Axis Bank hikes FD rates by up to 7.26% effective from today | Mint
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Business News/ Money / Personal Finance/  Axis Bank hikes FD rates by up to 7.26% effective from today
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Axis Bank hikes FD rates by up to 7.26% effective from today

The private sector lender Axis Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr.

This announcement had been made by Axis Bank in line with the repo rate hike of RBI on Wednesday by 25 bps to 6.50%. Following the announcement, Premium
This announcement had been made by Axis Bank in line with the repo rate hike of RBI on Wednesday by 25 bps to 6.50%. Following the announcement,

The private sector lender Axis Bank has hiked its interest rates on fixed deposits of less than 2 Cr. This announcement had been made by Axis Bank in line with the repo rate hike of RBI on Wednesday by 25 bps to 6.50%. Following the announcement, Axis Bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 3.50% to 7.00% for the general public and 6.00% to 7.75% for senior citizens. Deposits with a maturity period of two years to thirty months will provide a maximum return of 8.01% for elderly individuals and 7.26% for non-senior individuals. According to the Axis Bank website, the new rates are in effect as of today, February 11, 2023.

Axis Bank FD Rates

The bank is now offering an interest rate of 3.50% on fixed deposits that mature in the next 7 days to 45 days, while Axis Bank is now providing an interest rate of 4.00% on deposits that mature in the next 46 days to 60 days. Axis Bank is now providing interest rates of 4.50% and 4.75% on deposits with terms ranging from 61 days to three months and three months to six months, respectively. Deposits that mature in 6 to 9 months will now pay interest at a rate of 5.75%, while those that mature in 9 to 12 months will now earn interest at a rate of 6.00%.

On fixed deposits maturing in 1 year to 1 year 24 days, the bank is offering an interest rate of 6.75% and for those maturing in 1 year 25 days to 13 months, Axis Bank is now offering an interest rate of 7.10%. Deposits with maturities between 13 months and two years will now earn interest at a rate of 6.75%, while those with maturities between two years and thirty months will earn interest at a rate of 7.26%. Axis Bank is now offering an interest rate of 7.00% on deposits with tenors ranging from 30 months to 10 years. On fixed deposits maturing in 6 months to 10 years, senior citizens will get an additional interest rate over and above the regular rates.

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

As of December 31, 2022, the bank's balance sheet was 12,23,509 crores, an increase of 10% year on year. On a quarterly average balance (QAB) basis, the total deposits increased by 9% YOY and 2% QOQ, and by 10% YOY and 5% QOQ on a period-end basis. According to the QAB, deposits in savings accounts grew by 10% YOY and 1% QOQ, those in current accounts by 9% YOY and 10% QOQ, and those in total term deposits by 9% YOY and 2% QOQ. According to QAB, CASA deposits made up 44% of all deposits, a growth of 18 basis points YoY and 48 basis points QoQ.

The bank reported Gross NPA and Net NPA levels as of December 31, 2022, at 2.38% and 0.47%, respectively, down from September 30, 2022, when they were 2.50% and 0.51%. Net interest income (NII) for the bank increased by 32% YoY and 11% QoQ to 11,459 crores. Net interest margin (NIM) for Q3FY23 was 4.26%, up 73 bps year-on-year and 30 bps quarter on quarter. Operating profit for the Bank increased by 51% YOY and 20% QOQ in Q3FY23 to 9,277 crores. Core operating profit for the quarter climbed by 53% YOY and 13% QOQ to 8,850 crores, while net profit for Q3FY23 grew by 62% YOY and 10% QOQ to 5,853 crores.

In comparison to the 4,700 domestic branches and extension counters located in 2,665 centres as of December 31, 2021, the bank maintained a network of 4,849 domestic branches and extension counters located in 2,734 centres as of December 31, 2022. The bank had 15,674 ATMs and cash recyclers scattered around the nation as of December 31, 2022. In Q3FY23 the bank's Axis Virtual Center has approximately 1,500 Virtual Relationship Managers spread across six locations.

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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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Published: 11 Feb 2023, 02:45 PM IST
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