Home / Money / Personal Finance /  Axis bank hikes FD rates twice in a month, this time by up to 20 bps
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On November 15, 2022, Axis Bank, one of the top public sector lenders, increased interest rates once again on fixed deposits worth less than 2 Cr. The bank has already increased interest rates on deposits with maturities ranging from 46 days to 10 years by up to 115 bps on November 5, 2022. However, the bank has increased FD rates this time, for the second time in a month, by up to 20 bps on a variety of tenors. Based on the recent hike announced on Tuesday, the bank has lifted the interest rate on fixed-deposits (FDs) maturing in the next 15 to 18 months by 15 basis points to 6.40% and in the next 18 to 3 years by up to 20 basis points to 6.50%.

Axis Bank FD Rates

On FDs maturing in 7 days to 45 days the bank will continue to offer an interest rate of 3.50% and on those maturing in 46 days to 60 days, Axis Bank will continue to offer an interest rate of 4.00%. Deposits maturing in 61 days to 6 months will continue to fetch an interest rate of 4.50% and those maturing in 6 months to 9 months will fetch an interest rate of 5.25%.

Axis Bank will continue to offer an interest rate of 5.50% on FDs maturing in 9 months to 1 year and an interest rate of 6.25% on those maturing in 1 year to 15 months. On FDs maturing in 15 months to 18 months, the bank has hiked the interest rate by 15 basis points from 6.25% to 6.40% and on those maturing in 18 Months to 3 years, Axis Bank has hiked the interest by 20 bps from 6.25% to 6.50%. Deposits maturing in 3 years to 10 years will continue to fetch an interest rate of 6.50%.

On deposits with maturities ranging from six months to 10 years, Axis Bank provides senior citizens with additional interest rate incentives. On deposits maturing in the specified tenor slab, Axis Bank is now offering senior citizens an interest rate band of 5.50% to 7.25%. Deposits maturing in 18 Months to 10 years will now offer a maximum interest rate of 7.25% to senior citizens at Axis Bank.

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

The bank also revised its interest rates on its "Fixed Deposit Plus" which is a non-callable FD scheme where premature withdrawals are not allowed. On this scheme, the bank is now offering an interest rate ranging from 5.00% to 6.80% on FDs of less than 2 Cr maturing in 30 days to 10 years. "Fixed Deposit Plus" of 1 year to1 year 5 days tenor will now offer a maximum interest rate of 7.20%.

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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